Citigroup has released a research report indicating minor adjustments to the profit forecasts for TONGCHENGTRAVEL (00780) for the current and next fiscal years. The firm maintains a "Buy" rating with a target price of HKD 28, citing the group's valuation at only 10 times the projected 2026 price-to-earnings ratio and its robust financial prospects. Management at TONGCHENGTRAVEL has observed no significant changes in the industry's regulatory environment and plans to explore collaboration opportunities with AI chatbot applications to strengthen its market position in the artificial intelligence era. The report noted that the company's fourth-quarter performance last year was largely in line with expectations. Looking ahead to 2026, the bank anticipates that hotel room nights will continue to maintain a healthy high single-digit year-on-year growth rate. Average daily room rates are also expected to see a favorable industry-wide recovery. Growth in the transportation ticketing business is projected to benefit more from value-added services and optimized subsidy policies, thereby enhancing profitability. Revenue from other business segments is expected to achieve strong growth, driven by the integration of Wanda Hotels and further expansion of the hotel management chain network.