携程集团-S壁垒深厚,国内、海外双轮驱动增长

中泰证券
19 Mar

核心观点:依靠对供给的锁定与完善的服务体系,携程构建了较为显著的竞争优势。酒店集中度提升趋势对OTA份额与take rate影响较为有限,考虑互联网生态的差异后携程产业话语权或高于海外龙头。受益于国内居民需求结构变化与出海加速,携程中长期的成长性要好于多数交易平台。首次覆盖,给予“买入”评级。我们预计公司2025-2027年收入分别为612.6/697.3/787.0亿元,同比增长14.8%/...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10