金吾财讯 | 中信建投研报指，2024Q4携程集团(09961)实现营收127.68亿元人民币，同比增长23.51%，实现Non-GAAP净利润30.38亿元人民币，同比增长13.57%，收入和净利润均超彭博一致预期。公司作为国内OTA龙头，竞争壁垒稳固，2025年有望受益于扩内需相关政策，同时跨境业务修复仍有兑现空间。受国际业务占比提升影响，25年利润指引有所压降，也或为未来季度预留buffer，建议关注国内酒旅中观景气变化、国际运力恢复进度以及公司利润释放节奏。该行预计携程2025-2026年营业收入分别为611.20亿元和709.61亿元，同比增长14.68%和16.10%，Non-GAAP净利润分别为166.42亿元和204.23亿元，对应净利率分别为27.23%和28.78%。维持“买入”评级，目标价583.03港币，对应2025年18XPE。
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