智通财经APP获悉，交银国际发布研报称，维持同程旅行(00780)目标价24港元及买入评级。该行称，公司2024年4季度收入/利润较预期高5%/7%。预计2025年OTA业务增16%，运营利润率同比持续提升确定性强，公司在业务稳定增长的前提下，不断优化营销效率，通过交叉销售、提升老用户运营精准度拉动频次和ARPU增长。国际业务收入占比有望在年底达到高单位数，并实现盈亏平衡，对整体利润影响甚小。
报告指，2024年4季度收入同比增35%至42亿元(人民币，下同)，高于该行/彭博市场预期5%，其中核心OTA业务收入增20%(住宿/交通+29%/17%)。机票票量增长快于行业，持续获取市场份额，国际票量全年同比增130%+。酒店ADR同比持平，营销效率优化带动变现率提升，国际间夜量全年同比增110%+。核心OTA调整后运营利润率28%，营销费用占收比同比降低至30%，好于该行预期的33%。整体调整后净利润6.6亿元，同比增37%，高于该行/彭博市场预期7%。
该行提及，2024年同程appDAU翻倍增长，年度付费用户2.4亿新高，截至4季度末，ARPU同比增44%，人均消费频次提升至8.1次(对比2019年5.5次)，用户粘性显著提升。此外公司自研旅游大模型“程心AI”接入DeepSeek，提供智能化旅行解决方案。
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