交银国际发表报告指，携程-S(09961.HK) 去年第四季总收入128亿元人民币(下同)，按年增24%，高于该行和市场预期各4%，经调整净利润按年增14%至30亿元，超过该行和市场预期分别7%及6%，对应净利润率24%，按年下降2个百分点，因国际平台Trip.com海外品牌营销增加投入。经调整营销费用按年增45%，占收比26%，按年提升约4个百分点，主要因Trip.com增加海外地区投放，符合预期。
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，维持H股目标价605港元及“买入”评级。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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