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《大行報告》瑞銀上調同程藝龍(00780.HK)目標價至20元 評級「買入」
阿思達克 03-25 10:29
瑞銀發表研究報告指,對內地本地遊活動恢復有信心,預期同程藝龍(00780.HK)增長可超越行業表現。

同程藝龍預期3月份酒店及機票預訂量較2019年同期增長80%及40%,將帶動收入增長10%至15%。該行預期,第二季度將迎來不少公眾假期,將會有更多旅遊需求被釋放,長遠而言短期旅行及本地遊將帶動同程藝龍酒店及旅遊景點業務,因此將未來幾年總成交額連複合增長預測提升至20%,將目標價由17元上調至20元。

該行指出,同程藝龍付費用戶量增長趨勢正面,在去年市況疲弱下用戶人數仍按年增長1.8%至1.55億,去年第四季來自非騰訊(00700.HK)渠道每月活躍用戶佔比超過20%,公司今年將加大營銷投入,用戶目標維持在2億人,預期可支持未來業務增長,但料對盈利空間有影響。

瑞銀將今年首季及全年收入預測上調1%,認為公司在酒店廣告、提升用戶數量及其他營銷開支上投入增加,預期與2019年相比,今年收入可增長約15%,但淨利率料受壓,預測降至17.6%,維持「買入」評級。

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