投资亮点首次覆盖亿客行(EXPEDIA)(EXPE)给予中性评级,目标价193.00 美元,Expedia 是北美市场OTA 龙头,其业务涵盖零售、B2B、元搜索等。理由如下:公司具备较强的供应链壁垒,且股东回报丰厚;但疫后,公司在北美的市场份额有所收缩,虽然公司开始聚焦重点品牌以及一站式会员策略,但是回报周期或较长,现阶段未见业绩显著修复,且营销费用依旧在高位。规模进入平稳增长阶段,北美市占有所...
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