智通财经APP获悉，野村发布研报称，携程集团-S(09961)(TCOM.US)公布去年业绩后，今日股价受压，盘中曾低见459.4港元一度下挫12.4%，最新报467港元下滑10.9%，成交额35.96亿港元，为跌幅最大蓝筹股。该行指携程给予今年管理层指引逊市预期，非美国通用会计准则营运毛利率指引为约28%，低于市场普遍预期的28.5%。
野村表示，携程去年第四季业绩优预期，收入同比升23%至127亿元人民币，比市场共识和该行的预期分别高出3%和4%。由于强劲的营收成长和经营杠杆，其2024年第四季非美国通用会计准则营业利润率同比减4个百分点至21.7%，高于市场同业估计和该行原预期各17.8%和21.4%。
该行指，携程给予2025财年营收增长的指引为同比升14至15%，该范围的中位数(14.5%)低于市场共识预测15.7%。该公司亦预计非美国通用会计准则营运毛利率约为28%，低于市场同业原预期的28.5%。对于今年首季，携程预计营收年同比增14至19%，该范围的中位数(16.5%)与市场共识值16.3%大致一致。不过，该公司预计2025年第一季的非美国通用会计准则营业利润率为27.5%，低于市场预期的28.6%。
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