同程旅行(0780.HK):利润率持续优化 核心业务内容及运营效率持续提升

中信建投证券
26 May

核心观点25Q1 实现收入43.77 亿元,同比+13.2%,实现经调整净利润7.88亿元,同比+41.1%。25Q1 盈利能力明显改善,在降本增效方面持续取得进展,预计核心OTA 业务规模效应持续增强、国际业务减亏、精选营销等仍持续带来优化空间。用户价值持续深耕,月均付费用户、年度付费用户再创新高。持续加强大众市场解决方案和销售效率,AI 等应用落地助力运营效率。此前公告计划收购万达酒管增强酒管...

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