携程集团(9961.HK):1季度超市场预期 休闲出游需求依然坚挺

交银国际
21 May

1 季度收入符合预期,利润超市场预期9%。预计2 季度收入增14%,调整后运营利润同比持平。休闲旅游需求仍然快速增长,考虑因2 季度关税扰动对商旅出境需求的影响,我们微调收入及利润预测,目标价从605 港元/78 美元(TCOM US)下调至591 港元/76 美元,维持买入评级。2025 年1 季度业绩:收入138 亿元(人民币,下同),同比增16%,与我们/彭博市场预期基本一致,其中住宿+...

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