智通财经APP获悉，瑞银发布研报称，上调同程旅行(00780)目标价2.3%，从22港元升至22.5港元，维持“买入”评级。该行预计，公司今年首季度核心旅游电商(OTA)收入增长17%，经调整纯利增17%。
瑞银表示，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(take rate)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。
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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