金吾财讯 | 招商证券表示，2月25日，携程集团(09961)发布2024年Q4财报，报告期内实现营业收入127.4亿元/+23.4%，实现NON-GAAP归母净利润30.4亿元/+13.6%，收入及利润均略好于市场预期。该行指，2025年Q1以来公司国内&出境业务稳步增长，预计25年收入增长14%-15%，由于公司海外业务投入加大&利润率较低的trip.com占比提升，利润率或短期小幅下调；长期来看，公司在海外市场依旧具备广阔的前景空间，随着海外市场业务逐渐成熟及trip.com盈利能力改善，依旧看好未来业绩持续增长。预计2025-2027年公司实现经调整归母净利润199/223/255亿元，维持“强烈推荐”评级。
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