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《大行報告》美銀證券上調攜程-S(09961.HK)盈測 季績如預期強勁
美銀證券發表報告指,攜程-S(09961.HK)第三季業績一如預期強勁,淨收入按年增長99%,較疫情前2019年第三季高出31%;非通用會計準則(non-GAAP)下經營利潤率為32%,對比疫情前同期為25%,相信主要來自於旅遊旺季效應、被抑制的需求得以釋放,以及出境遊穩步恢復的推動。 管理層預測第四季酒店及航空數據略為轉弱,反映暑假及黃金周後的季節性疲軟情況。惟美銀認為,攜程平台數據顯示國內外旅遊需求都仍然保持韌性,預計2023 年淨收入將達到440億元人民幣,non-GAAP經營利潤料達到120億元人民幣,較2019年的360億及70億元提升。全年度non-GAAP經營利潤率料28%,亦高於2019年的19%。 美銀將攜程2023至2025年non-GAAP淨利潤預測上調12%至14%,重申「買入」評級及H股目標價393元,指現價計估值吸引,並看好該公司可鞏固中高端及出境遊細分市場的領導地位,認為旗下的Trip.com是中國旅遊風潮發展的主要受益者。
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