《大行》高盛:同程(00780.HK)首季毛利率略勝預期 升目標價至28.7元
高盛研究報告,指同程旅行(00780.HK)今年首季淨利潤增長加速,按年升41%至7.88億元人民幣,較該行預期高7%,當中毛利率由去年同期的65%升至68.8%,略勝預期,在持續貨幣化努力推動下,提成率升至5.9%,彌補了商品交易總額(GMV)的低單位數按年跌幅,服務開發費用比率亦降低至11.3%。
管理層對業務前景表示審慎樂觀,強調次季至今國內機票價格穩定,酒店價格有低單位數增長,GMV趨穩定,指引次季在高基數下收入料按年升7%至12%,當中核心在線旅遊平臺(OTA)收入升10%至15%,度假業務跌5%至10%;全年則維持指引核心OTA收入升15%至20%,度假業務跌單位數,整體收入升12%至17%。
該行對其2025至27財年經調整每股盈測上調1%至2%,並將目標價由28港元升至28.7港元,維持「買入」評級,因國內旅遊需求持續。
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