December 9，Morgan Stanley (referred to as Morgan Stanley) releases the latest report，Optimistic about Tuniu’s rapid growth and aggressive expansion strategy，Upgrade Tuniu’s rating to overweight。Organizational Analysis，Tuniu has launched a series of new products such as financial products and incentive services，Establishing a strategic partnership with HNA 188bet login will bring powerful synergy effects，The utilization of HNA 188bet login’s resources will effectively improve Tuniu’s bargaining power in the industry chain，Tuniu’s revenue will continue to accelerate growth。

188bet login actively invests to gain more market share

DaMo report shows，China’s online leisure travel market is developing rapidly，188bet login growth rate is higher than its peers，Having been taking market share from competitors over the past few years。Benefit from the rapid growth of market demand、Increasing acceptance of online leisure travel and gaining more market share，188bet login transaction volume grew strongly。Market consolidation earlier than expected、Profit margin improvement、New services and products、Revenue growth is better than expected, etc.，is the potential driving force for 188bet login subsequent rapid development。

Tuniu’s rapid growth is mainly due to brand marketing、Product Innovation、Continuous investment in offline service center expansion and competitive pricing strategy。Tuniu continues to maintain strong growth in outbound 188bet login business，At the same time, domestic 188bet login has also achieved growth beyond expectations，This is mainly due to the company’s offline regional expansion plan and active market strategy，Contributions from second- and third-tier cities continue to increase。Daily Morgan is optimistic about Tuniu’s long-term development trend，Because Tuniu has a first-mover advantage in second- and third-tier cities，Their product portfolio is also developing towards more diversification。

The institution expects HNA 188bet login Group’s investment to further enhance Tuniu’s leading position in the online leisure travel market，Form strong synergy and help Tuniu long-term development。

HNA 188bet login invests in Tuniu, accelerating synergy effects

Da Mo thinks，After the two parties established a strategic cooperative relationship，First，Hainan Airlines can directly provide air tickets and hotel products to Tuniu，This can effectively increase Tuniu’s direct purchasing ratio and help the company increase its long-term profit margin；Secondly，Tuniu can use HNA in financial services、Meeting and Incentive Services、Resources on wholesale of packaged travel products，Further expand the upstream industry chain and increase market share；Again，Comparison of packaged travel products with other areas of China’s 188bet login industry，Online penetration rate is still not high，Outbound 188bet login is on a structural upward trend，Tuniu has rich experience in this field，In addition, we received cash investment from HNA，Tuniu’s revenue is expected to maintain rapid growth，And continues to gain market share from its competitors。

HNA 188bet login Group is one of the three strategic businesses under HNA Group。Many subsidiaries，Includes hotels、Air tickets、Packaged travel product wholesaler、Offline travel agency、Consumer Credit、Financial services and cruise lines, etc.，This will create great synergy with Tuniu。After strategic alliance，Tuniu will be able to directly purchase air tickets, hotels and other resources from HNA at preferential prices。The resources directly opened by HNA 188bet login to Tuniu will include Hainan Airlines、Capital Airlines、Multiple hotel resources under Deer Airlines and HNA Travel。Tuniu will be able to take advantage of these resources，Better connect 200 departure cities in China and 140 destination countries around the world，Provide consumers with better quality travel products。

In addition，HNA 188bet login Group’s subsidiaries are also engaged in consumer credit and other financial services，Can provide valuable experience to Tuniu，And help Tuniu develop financial services faster。

188bet login also recently announced the launch of conference awards (conferences)、Incentive travel、Large corporate conferences and event exhibitions) services，This will also receive further support from Grand China International Exhibition Co., Ltd., a subsidiary of HNA。

After 188bet login received support from HNA，Have more capital and resources to expand market share，Especially the market share in second and third tier cities。

Based on the above，Daily Morgan is optimistic about the cooperation between 188bet login and HNA and the long-term development of 188bet login。

“Due to diversification of income sources，Including online financial services and incentive services, etc.，We raise our future revenue forecast by approximately 8%。At the same time，Due to the higher profit margin of the direct procurement model，Its contribution to revenue will also continue to increase，We expect long-term gross profit margin to increase from 9% to 12%。”Daily Morgan raised 188bet login target price to ，Raise the rating to overweight。

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