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研報掘金|中信證券:維持同程旅行“買入”評級 目標價24港元
中信證券發佈研究報吿稱,維持同程旅行“買入”評級,目標價24港元,23Q3收入利潤符合預期。旺季公司主業延續高增,國內酒店間夜量較2019年同期增長100%,機票預定量較19Q3提高30%,廣吿、酒店管理、PMS、商旅等新業務提速,其他收入較19Q3增加115%。疫情加速旅遊行業在線化率提升,OTA企業增速顯著快於旅遊行業,同程深耕低線市場、增速持續快於行業,且廣吿、酒管、PMS、會員等多項新業務高速增長,成為重要增量。該行提到,Q4中秋國慶假期期間,公司酒店間夜量較2019年同期增長100%以上,機票銷量較2019年同期增長超過30%(國內航空行業客運量較2019年同期增長13%),增長持續快於行業、份額提升。Q4出行淡季公司持續挖掘考試房、賞秋景、滑雪等細分市場需求。流量端公司持續探索多元流量,23Q3公司新接入支付寶小程序。酒店管理業務網絡持續擴張,截至9月底,已運營的特許經營酒店超過1200家。國際業務持續發力、明年公司計劃投入加大。目前公司已經收購了同程國旅、同程旅業等旅行社公司,明年打包遊業務望提供利潤增量。
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