金吾财讯 | 招银国际发表报告指，携程网(TCOM)上季总收入128亿元人民币(下同)，按年增长23%，超出市场预估4%。non-GAAP营业利润28亿元，同样超出市场预估4%，因为改善营运费用。全年计，收入按年增长20%，达到534亿元；non-GAAP营业利润和净利润分别增长23%和38%。该行表示，考虑到目前仍处于亏损阶段的国际平台Trip.com业务收入增长超出预期，以及2025年国际航班运力恢复慢于预期可能导致出境旅游业务收入增长放缓的综合影响，将2025年的收入预测上调1%，但将non-GAAP净利润预测下调1%。该行须知，业绩公布后，携程股价下跌11%，该行认为已充分反映了市场对2025年因国际扩张增量投资可能导致利润率收缩的短期担忧。目标价从71美元小幅下调至70美元，维持“买入”评级。
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