You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》方正證券料同程旅行(00780.HK)短期受航旅縱橫影響不大 維持全年業績指引
方正證券發表研究報告指出,中航信(00696.HK)旗下民航資訊服務平台航旅縱橫App正式上線「民航官方直銷平台」功能,並採用航司直銷模式,承諾「無捆綁銷售」,令同程旅行(00780.HK)股價昨日(28日)收市下跌10.9%。該行認為,有關消息令市場擔心機票業務競爭加劇,OTA(線上旅行社)有受創可能,但認為價格優勢並非一切,又指航旅縱橫雖承諾無抽傭、無捆綁銷售,但經實測查詢,其航班班次少於OTA平台,且票價優勢並不明顯,品牌認知還需培育;該行又認為OTA優勢在於有生態、有規模效應、可以組合拳應對競爭。 方正證券維持同程旅行全年業績指引,指2024年同程機票業務收入貢獻約為23%(國內機票更低),利潤貢獻則更低,即使商品交易總額(GMV)層面有擾動,對最終利潤的影響也相對有限。疊加前文對OTA及航旅縱橫業務的比較,該行認為同程機票業務量短期受航旅縱橫影響不大,2025年維持全年33億至34億元人民幣(下同)經調整利潤預期。 該行又指,同程旅行為國內一梯隊OTA平台,具備低成本獲客優勢,而長尾流量變現力持續增強,預計公司2025至2027年營收分別為206億、231億及259億元,分別按年增長19%、12%與12%;預計公司公認會計原則(GAAP)下淨利潤分別為26億、31億與36億元,按年增加30%、19%及18%(分別對應市盈率為17倍、14倍及12倍);非公認會計準則(NON-GAAP)淨利潤分別為33億、39億與45億元,按年增長20%、18%及15%(分別對應市盈率為13倍、11倍與10倍)。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account