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《大行報告》高盛上調攜程-S(09961.HK)目標價至433元 次季業績勝預期
高盛發表研究報告指,在市場對中國旅遊公司業績抱有期望的情況下,攜程-S(09961.HK)今年第二次業績仍超出該行及市場預期,期內收入及息稅前利潤率均超越預期,推動業績表現向好,非通用會計準則下經營利潤按季增長33%,達到2019年同期的兩倍。 高盛指出,攜程經過今年首季大力節省銷售和營銷費用後,預期未來幾個季度逐步加大營銷力度。管理層預期在暑假期間旅遊復甦帶動下,第三季經營情況可持續改善,而高盛則估計中國當局近期宣布再放寬「跟團遊」國家及地區限制後,預期可推動出境游增長15%至20%,意味著集團整體收入將可增加4%至5%。 該行又指,10月國慶黃金周假期市況將於第三季業績中反映,估計攜程第三季收入將較2019年同期水平增長約28%至33%,達到134億至139億元人民幣,當中國內業務及出境遊料增長148%及近70%。 高盛預測攜程第三季度非通用會計準則下經營利潤達到41.7億元人民幣,全年收入預測達444億元人民幣,非通用會計準則下經營利潤達117億元人民幣;2024財年收入維持增長16%至510億元人民幣的預測。該行將攜程目標價由395元提升至433元,維持評級「買入」。
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