HSBC Research upgraded TONGCHENGTRAVEL's rating to "Buy" with a target price raised to 24 yuan

阿斯達克財經網
2025.08.19 01:58

滙豐研究發表報告，將同程旅行 (00780.HK) 評級由「持有」升至「買入」，目標價由 21 元升至 24 元，指次季利潤率勝預期，受惠精準的市場推廣及成本效益，管理層重申對 OTA 的重視料緩解憂慮。

該行指，由於同程旅行第二季利潤率較佳，上調 2025 至 2027 年純利預測 1% 至 2%。同時預期第三季核心 OTA 收入按年增長 13%，經調整核心 OTA 經營利潤率為 31.5%，按年增加 0.4 個百分點，經調整淨利潤為 10.3 億元人民幣。該行對同程旅行 2025 至 2027 年淨利預測較市場預測高 2% 至 5%。

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