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《大行報告》中金:攜程-S(09961.HK)國內業務快速恢復 國際業務或驅動長期增長
中金發表報告指,攜程-S(09961.HK)第二季業績收入按年增180%至113億人民幣,超出市場預期4.5%,主要因休閒渡假遊需求快速修復;非通用準則淨利潤為34億人民幣,大幅超出市場預期37%,主要因收入超預期產生的經營槓桿。 該行指,攜程預計7至8月國內酒店預訂量較2019年同期增長超70%,高峰期預訂較疫前增長超100%;但由於低星酒店佔比提升,以及旺季的營銷補貼提升,佣金率或低於疫前。中金預計第三季國內酒店收入較2019年增長50%左右,並預計第三季國內交通收入較2019年增長50%左右。至於國際業務或驅動長期增長。 中金指,由於旅遊業回暖公司受益,且公司降本增效成果顯著,上調攜程今年收入和非通用準則淨利潤預測5%和12%至446億元和102億人民幣,上調明年收入和非通用準則淨利潤預測3%和3%至519億和112 億人民幣。維持「跑贏行業」評級,維持攜程目標價387.5港元。
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