携程集团-S(9961.HK):海外业务高增长 股东回报持续改善

国泰君安
25 Feb

本报告导读:24Q4 业绩符合预期,国际业务高增长,且股东回报力度和方式均改善。但公司将加大对海外业务投入和规模扩张,对利润率构成潜在影响。投资要点:维持“增持” 评级。考虑公司将加大国际业务投入,短期对利润率构成影响,下调公司2025/26 年经调整归母净利润至183.25/206.60(-24.74/-37.85)亿元人民币,给予25 年行业平均20xPE 估值,对应目标市值3.665 亿...

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