CICC: Maintaining a Outperform Rating on Ctrip (02643.HK) with a target price of HKD 70.

Wisdom Financial APP learned that Zhongjin released a research report stating that it is optimistic about Cao Cao Travel (02643.HK) relying on the full-chain support formed by Geely's ecology, having mature travel service experience and a perfect operating system, and possessing core elements for the development of autonomous driving. The bank maintains its revenue forecast for the years 2025 and 2026 at RMB 21 billion and RMB 25.4 billion, respectively, and maintains an outperform industry rating using the PE method. Based on a 35x forward price-earnings ratio discounted to 2025 (equity cost coefficient of 9.5%), the bank maintains its target price of HK$70, with an upside potential of 53%.