金吾财讯 | 交银国际研报指，携程集团(09961)2024年4季度业绩：总收入同比增24%，其中住宿+33%/交通+16%/旅游度假+24%/商旅+11%。调整后净利率同比下降2个百分点，因Trip.com海外品牌营销增加投入。展望2025年1季度，该行预计：1）内地酒店收入保持双位数增长，机票收入因单票收入下降抵消量的增长；2）出境机酒量增20-30%；3）Trip.com机酒收入保持高速增长。增加海外新市场投放以及海外业务人员拖累公司利润率提升，预计调整后运营利润率同比降4个百分点。该行预计2025年公司收入增17%，高于指引的14-15%，较该行此前上调约3%，主要因该行对出境业务及Trip.com增长前景更为乐观。基于短期海外地区投入的影响，该行下调2025年利润预测3%。该行仍看好出游需求释放潜力，国内运营杠杆效应、AI响应率提高带来的成本节约空间将部分缓释利润率短期压力，维持目标价605港元/78美元及买入评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.