《大行報告》里昂微降同程旅行(00780.HK)目標價至20元 季績勝預期本地旅遊強勁復甦
里昂發表研究報告指,同程旅行(00780.HK)受到強勁的本地旅遊復甦所帶動,第三季業績勝於預期。總收入按年增61%至33億元人民幣,並較2019年第三季高出60%;經調整淨利潤為6.21億元人民幣,經調整利潤率18.5%。雖然第四季是旅遊淡季,但該行相信集團仍能夠提高線上滲透率、擴張價值鏈和推動利潤率增長。
該行維持集團2023及24財年收入預測,並上調經調整淨利潤預測分別3%及0.5%,惟下調估值基礎,由原先預測明年經調整市盈率由17倍降至16倍,目標價相應由20.9元下調至20元,維持「買入」評級。
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