金吾财讯 | 光大证券发研指，24Q3同程旅行(00780)营收49.91亿元，同比+51%；实现经调整净利润9.1亿元，同比+46.6%；营收与经调整净利润均超公司此前指引。核心OTA营收达到40.13亿元，同比+22%；度假业务营收达到9.79亿元，环比+36%，亦超公司此前指引。24Q3公司的经调整净利润率环比增长2.7pcts至18.2%；核心OTA利润率达到31.3%，同比+5.9cpts，环比+6.8pcts。该行预计24Q4公司的核心OTA业务营收将保持同比双位数增长。考虑到公司的用户策略改变，后续重点关注公司通过优化费投效率，提升用户价值，驱动盈利能力增长的进展。该行表示，基本维持公司24-26年营收分别为172.63、201.95、231.34亿元，经调整归母净利润分别为27.40、32.52、38.72亿元，当前股价对应24-26年经调整PE分别为15/13/11倍。维持“买入”评级。
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