携程公布1Q25业绩，收入139亿元，yoy+16.2%，符合VA一致预期138亿元(简称预期)。经调整归母净利润42亿元，yoy+3.3%，超预期9.2%，主要来自费用端管控，销售、研发、管理费用率合计54.6%，优于预期的57%。1Q国内旅游需求维持韧性，跨境/国际业务维持高增长趋势，我们看好携程国内旅游基本盘的稳健，并依靠国际OTA平台打开新增长曲线，而营销侧的必要投入后续或因效率改善仍存在...
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