《大行》中銀國際首次覆蓋同程旅行(00780.HK) 予「買入」評級
中銀國際發表報告表示,同程旅行(00780.HK)作為國內下沈市場的OTA(線上旅行社)龍頭企業,有望享受大眾旅遊的時代紅利,背靠騰訊(00700.HK)和攜程(09961.HK)兩大股東,自身流量和供給資源優勢顯著。首次覆蓋,給予「買入」評級。
報告指,公司積極拓展酒管、渡假等業務,並逐步開拓國際市場,有望進一步貢獻業績增量。預計2025至2027年公司將實現淨利潤27.07億、33.69億及40.82億元人民幣(下同),經調整淨利潤33.12億、39.79億及47.97億元,對應市盈率分別為16.1倍、12.9及10.7倍,經調整市盈率分別為13.1倍、10.9倍及9.1倍。
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