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　　大和发布研报称，重申携程集团-S（09961）“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。该行指，虽料Trip.com的贡献毛利今年会同比持平，但将收入组合纳入到集团的经营收入，并料今年首季的非通用会计准则经营利润为28%，全年为30%。

　　大和指，相信携程今年的指引低过预期是受到Trip.com的收入增长快过预期，以及因去年高基数令出境旅游同比收入增长放缓的影响。该行建议投资者在股价出现任何疲软时进行趁低吸纳，因为内地酒店每间可出租客房收入的逐步改善，将推动内地业务的经营杠杆，从而有助于抵销Trip.com对毛利的拖累，而股价今年上半年的催化剂包括五一假期及股份回购速度快过预期。

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