里昂发表报告，指携程(TCOM.US) 积极的全球扩张可能继续压低今年的利润率表现。公司去年第四季业绩稳固，总收入按年增长23%至127亿元人民币(下同)，经调整EBIT升4.3%至28亿元，较该行预测高出4%。
报告指，收入表现强劲主要来自国内和出境旅游具韧性，以及国际业务市占加速增长。国际收入按年上升70%，占集团收入14%。海外销售费用因获取用户而增加，令利润率按年跌4个百分点。国内酒店房价及国际机票价格下跌，以及积极的全球扩张，可能仍是今年的障碍。
该行调低携程2025经调整纯利预测8%，并预期收入和经调整EBIT分别按年增长13%和7%，至分别600亿元和170亿元。美股目标价由77美元降至71.5美元，评级“跑赢大市”，并指国际业务Trip.com竞争力及潜力仍稳固。(ha/da)(美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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