智通财经APP获悉,携程集团-S(09961)再跌超4%,截至发稿,跌4.63%,报433港元,成交额24.07亿港元。
交银国际预计,2025年公司收入增17%,高于公司指引的14%至15%,较该行此前上调约3%,主要因对出境业务及Trip.com增长前景更为乐观,部分出境地区的扰动,出境需求将被分流至其他目的地;在增加新地区投入的带动下,Trip.com收入有上调空间。基于短期海外地区投入的影响,下调2025年利润预测3%。
该行指,海外投放增加虽扰动短期利润率提升的趋势,但仍看好出游需求在政策刺激下的释放潜力,国内营运杠杆效应、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。此外,大和重申携程集团“买入”评级,目标价由780港元降至705港元,并指携程是其首选之一。该行下调公司今明两年的每股盈利预测11%,以反映其较低的毛利率预测。
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