智通财经APP获悉，同程旅行(00780)再涨超3%，截至发稿，涨3.56%，报19.8港元，成交额9830.78万港元。
中信建投证券发布研报称，公司2024年实现收入173.41亿元，同比+45.8%。归母净利润19.74亿元，同比+27.0%。24Q4公司营收42.38亿元，同比+34.8%。经调整净利润6.60亿元，同比+36.8%，经调整利润率为15.6%，同比+0.2pct，核心OTA经营利润率+4.8pct。用户价值持续提升，ARPU+44%，人均消费频次升至8.1次。首款旅游专属生成式AI“程心”已接入DeepSeek，预计持续助力多元业务发展与降本增效。海外业务持续高增且预计盈利逐步改善。
瑞银认为，同程2024年第四季度收入和利润，均好于预期。和第三季类似，公司积极加强数字化，通过收窄用户补贴及增值服务(VAS)加强，该行预计公司酒店以及交通电商货币化率(takerate)9.5%和4%，好于去年第三季度。2025年第一季，该行预计国内航空乘客量将有稳健增长。此外，该行认为，同程凭借稳定的ADR以及酒店房间入住天数的双位数增长，依旧能跑赢行业，预计2025年公司可以继续专注于货币化，从而支持核心OTA高双位数增长。
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