金吾财讯 | 招银国际研报指，预计同程旅行(00780)1Q25将实现收入43.5亿元人民币，同比增长12%，实现non-GAAP净利润7.37亿元人民币，同比增长32%，均符合彭博一致预期。鉴于同程旅行强劲的盈利增长前景，且其业务增长主要由国内需求驱动，相对不受关税和地缘政治冲突的影响，该行重申对同程旅行的积极看法。
该行对同程2025年核心在线旅游业务运营利润/集团整体non-GAAP净利润同比增长25%/18%的预测保持不变，且该行认为支撑因素来自：1）国内游和出境游的旅游需求具有韧性，以及同程旅行有能力通过精细化的营销策略和优化用户补贴来进一步提高运营效率；2）国际业务从亏损阶段实现扭亏为盈并开始贡献利润。
该行对2025-2027年的财务预测和基于现金流折现法得出的24.0港元目标价均保持不变。维持“买入”评级。
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