同程旅行:1Q25利润好于预期 补贴效率继续提升

中金公司
25 May

同程旅行1Q25 利润超市场预期同程旅行1Q25 收入同增13%至44 亿元,高于市场预期1%,主要系交通收入超预期;Non-IFRS 归母净利润7.8 亿元,超市场预期6%,对应18% Non-IFRS 净利润率,系良好费控带来的经营杠杆。发展趋势旅游消费继续维持韧性,预计2Q 核心OTA 业务收入维持10-15%同比增速。1)住宿:1Q25 间夜量符合指引,其中国际业务间夜同增超50%,变现率...

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