智通财经APP获悉，高盛发布研报称，携程集团-S(09961)2025年第一季度收入符合预期，但利润率超预期，予买入评级，对于2025年，公司预计收入同比增长12%-17%。该行将携程2025-2027财年的每股收益预期下调5%-4%。12个月目标价为78美元/608港元。
该行称，集团收入同比增长16%(符合14%-19%的指引)，主要得益于携程业务的强劲momentum(同比增长55%，而2024年下半年为60%)和国内旅游需求的韧性(同比增长10%)，部分抵消了国际旅游的疲软(同比增长419%，而2024年为25%-40%)。由于疫情后两年的低基数效应消退，且部分旅客因安全担忧取消了前往泰国/东盟的行程。息税前利润(EBIT)比市场预期高6%(与高盛预期一致)，同比增长7%至40亿元人民币，这意味着利润率同比收缩2.4个百分点至29.2%，尽管高于指引的27.5%，这得益于销售和营销费用低于预期，占收入的21.4%。
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