大行評級|中銀國際:上調同程旅行目標價至23.3港元 重申“買入”評級
中銀國際發表報吿,指同程旅行2024年第四季度調整後淨利潤為6.6億元,按年增長36.8%,稍勝預期,這反映穩健的旅遊需求和有利競爭環境所帶來的益處。該行預計,在線旅遊機構的競爭格局將繼續支持公司專注於變現和新業務開發,尤其是利潤率更高的出境旅遊業務。
該行認為,同程旅行相較於其主要競爭對手處於更有利的位置,因為它仍然享有憑藉低線城市大量黏性用户提升每用户平均收入;出境業務從極低的基數開始增長;以及對海外平台的投資非常有限,這意味着利潤率的拖累幾乎可以忽略不計。
中銀國際重申同程旅行“買入”評級,並將目標價由21.9港元上調至23.3港元。
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