Sealand Securities Co.,Ltd. released a research report stating that TONGCHENGTRAVEL (00780), as a leading OTA platform in lower-tier markets, continues to benefit from the release of demand for domestic short and long-haul travel, increased penetration in lower-tier markets, international business expansion, and user growth driven by deep cultivation of online and offline traffic. The firm forecasts the company's revenue for 2026-2028 to be RMB 21.1 billion, RMB 23.6 billion, and RMB 26.3 billion, respectively. Net profit attributable to the parent company is projected to be RMB 3.3 billion, RMB 3.8 billion, and RMB 4.4 billion for those years, corresponding to a diluted EPS of RMB 1.4, RMB 1.6, and RMB 1.9. The corresponding P/E ratios are estimated at 9.1x, 7.9x, and 6.8x. The firm assigns TONGCHENGTRAVEL a target market capitalization of RMB 48.2 billion for 2026, corresponding to a target price of HK$24, and maintains a "Buy" rating.