3Q prelim rev ／ np + 28% ／ 93% ； 估计值不变

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CTGDF reported preliminary 3Q financial data with revenue increasing by +27.9% YoY to RMB15.0bn, gross margins expanding to 34.3% (1Q/2Q: 28.8%/32.5%), and net profits growing +93.1% to RMB1.3bn. Despite a slightly lower pre-tax margin of 10.8% (2Q: 11.9%), earnings risk is incrementally contained, and our implied 4Q revenue/net profits of RMB21bn/1.7bn should look intact on a seasonally stronger festival travelling and spending. The major 10.1 Golden week indicators were a mixed bag, with a total of 826mn people travelling domestically between the 8 days of 29 Sep to 6 Oct, 104% of pre-COVID but below the government target of 113%. However, those of Hainan looked well-expected, with a total of 4.3mn tourists to the Island during the holiday, up 25% YoY.