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Trip.com Group reported 3Q22 net revenue of Rmb6.9bn (+29% YoY, +72% QoQ), recovering to 66% of 3Q19 level, and adjusted EBITDA of Rmb1.4bn, in line with our expectation. We lower 22E non-GAAP EPS forecast from Rmb1.8 to Rmb0.9 (-53% YoY), lower 23E forecast from Rmb7.8 to Rmb6.6 (+637% YoY), and raise 24E forecast from Rmb9.6 to Rmb9.7 (+48% YoY). We raise target price from US$30 to US$42, and with 21% upside potential, we maintain Buy rating.　　Domestic business recovered steadily. In 3Q22, the company’s domestic hotel bookings basically recovered to the level of 2019, and domestic hotel revenue increased 25% YoY. Short-haul hotel bookings increased by c.60% compared to 2019, while the relaxation of pandemic controls also led to a rapid rebound in long-haul hotel bookings, which increased by more than 130% QoQ.　　Strong recovery of the international business. In terms of international air ticketing business, the company’s international platform saw overall air ticketing bookings grew by more than 100% YoY, with double-digit YoY growth continuing in EMEA and the Americas, and more than 400% YoY growth in Asia Pacific. In terms of international hotel business, the company’s overseas hotel bookings increased by more than 45% compared with 2019, among which domestic hotel bookings in overseas markets increased by 300% compared with 2019.　　Outlook. We forecast 4Q22E revenue to be 4.9bn (+4% YoY, -30% QoQ), recovering to 58% of 2019 level. We forecast 4Q22E non-GAAP operating profit of -Rmb175m.　　Maintain Buy. We continue to like Trip.com Group’s leading position in China’s online travel industry and its potential to gain market shares in international market. We raise target price from US$30 to US$42, and with 21% upside potential, we maintain Buy rating.　　Risks: slower-than-expected recovery due to resurgence of Covid-19; increased travel restrictions【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。