---
title: "Daiwa Securities raises Trip.com target price to 727 yuan, maintains \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266468481.md"
description: "Daiwa Capital Markets released a report stating that Trip.com’s Q3 2025 performance exceeded expectations, with revenue increasing by 15.5% to RMB 18.4 billion and net profit reaching RMB 19.2 billion. After excluding non-recurring items, net profit increased by 8% to RMB 5.9 billion. The forecast for Q4 revenue growth is 15% to 20%, reaching RMB 16.7 billion. The \"Buy\" rating is maintained, with the target price raised to HKD 727"
datetime: "2025-11-19T02:27:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266468481.md)
  - [en](https://longbridge.com/en/news/266468481.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266468481.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/266468481.md) | [繁體中文](https://longbridge.com/zh-HK/news/266468481.md)


# Daiwa Securities raises Trip.com target price to 727 yuan, maintains "Buy" rating

Daiwa Capital Markets published a report stating that Trip.com (09961.HK) will outperform expectations in its Q3 2025 performance. Revenue is expected to increase by 15.5% year-on-year to RMB 18.4 billion, in line with market expectations. The non-GAAP net profit for Q3 2025 is projected to reach RMB 19.2 billion. Excluding the RMB 17 billion investment income from MakeMyTrip (a non-recurring item), the non-GAAP net profit is expected to increase by 8% year-on-year to RMB 5.9 billion, exceeding market expectations by 4%.

The report indicates that Trip.com forecasts Q4 2025 revenue to grow by 15% to 20% year-on-year to RMB 16.7 billion, in line with market expectations. The rating is maintained at "Buy," with the target price slightly adjusted from HKD 725 to HKD 727

### 相关股票

- [Trip.com (TCOM.US)](https://longbridge.com/zh-CN/quote/TCOM.US.md)
- [TRIP.COM-S (09961.HK)](https://longbridge.com/zh-CN/quote/09961.HK.md)

## 相关资讯与研究

- [11:05 ETTCOM Investor Alert: Kessler Topaz Meltzer & Check, LLP Encourages TCOM Investors with Losses to Contact the Firm](https://longbridge.com/zh-CN/news/280882210.md)
- [ZAWYA-PRESSR: Trip.com teams up with Checkout.com to simplify payments for global travelers](https://longbridge.com/zh-CN/news/280602132.md)
- [Here's How Much $100 Invested In abrdn Physical Silver Shares ETF 10 Years Ago Would Be Worth Today](https://longbridge.com/zh-CN/news/281394387.md)
- [BREAKINGVIEWS-SpaceX IPO will gauge market moxie more than depth](https://longbridge.com/zh-CN/news/281406751.md)
- [Palantir vs. Oracle: 1 AI Stock Looks Cheap](https://longbridge.com/zh-CN/news/281400403.md)