《大行報告》美銀證券上調攜程(09961.HK)目標價至393元 第三季度前景如預期強勁
美銀證券發表報告指出,攜程-S(09961.HK)第二季業績穩健,淨收入按年增長1.8倍,較2019年水平高出29%;非通用會計準則(non-GAAP)經營利潤率31%,相對於2019年同期為20%,主要受惠於國內被壓抑的強勁需求,以及海外市場穩定復甦等。管理層展望,公司第三季受惠於暑假和即將到來的國慶黃金周的旺季影響,以及主要由休閒旅遊驅動的需求持續強勁。
該行預期,攜程第三季淨收入較2019年同期增長30%,全年預測淨收入達450億元人民幣,non-GAAP經營利潤達120億元人民幣,相對於2019年同期分別為360億及70億元人民幣。該行對公司2023至2025年收入預測上調3%至4%,以反映強勁的國內需求,至於non-GAAP淨利潤上調21%至22%。
此外,該行對攜程目標價由385元上調至393元,重申「買入」評級,認為公司下半年盈利增長可見度較高,看好其中國長期旅遊增長的敞口,以及中高端和出境旅遊領域穩固的市場領導地位。
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