瑞银表示，携程集团(09961.HK) (TCOM.US) 第一季收入为138亿元人民币，基本符合该行及市场预期，按年增长16.2%。总营运支出低于瑞银预期3.9%，主要因营销支出降低(销售与市场推广费用比率为21.4%，低于瑞银预期的24%)，抵销略低于预期的毛利率80.4%(瑞银/市场预期为81%)。非公认会计原则(Non-GAAP)经营利润达到40亿元人民币，非公认会计原则经营利润率为29.2%，优于瑞银/市场预期的27.5%。非公认会计原则净利润为42亿元人民币，超出瑞银/市场预期2.2%/9.2%。
瑞银预计市场对财报的反应将为中性，同时期待有关第二季及2025年增长前景的更多细节，鉴于近期劳动节期间的稳健旅游需求。该行对其美股评级“买入”，目标价76美元。(ad/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-19 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.