《大行報告》富瑞升同程旅行(00780.HK)目標價至18.5元 評級「買入」
富瑞發表研究報告指,受惠於本地旅遊和穩健的成本控制,同程旅行(00780.HK)住宿板塊表現向好,預測第二季總收入按年下跌約41%至12.7億元人民幣,接近指引上限。
按業務細分,該行估計住宿預訂收入按年下降約34%,GMV料下降約35%。在交通票務服務方面,預計收入將按年下降約50%,當中機票收入料下降約51%,陸路出行訂單總額則預期下降約48%。
富瑞預計,由於疫情導致收入疲軟,第二季毛利率預期按季下跌約5個百分點至68%;非國際會計準則下盈利料達到約9,600萬元人民幣,亦接近指引上限。
惟該行指,公司於低線城市的線上滲透率不斷提升,加上強大的執行能力,看好長期前景,維持「買入」評級,目標價由16.8元調升至18.5元。
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