金吾财讯 | 交银国际研报指，同程旅行(00780)1季度总收入同比增13%至44亿元（人民币，下同），与该行/彭博市场预期基本一致。核心OTA收入同比增18%，其中，1）住宿收入同比增23%，中国内地酒店间夜量增10%+，ADR稳定，国际酒店间夜量增50%+；2）交通收入同比增15%，中国内地机票票量低个位数增长，国际票量增40%+，贡献交通收入中个位数。核心OTA调整后运营利润率29%，同比上升约7个百分点。整体调整后净利润同比增41%，高于该行/彭博市场预期4%/7%，净利率18%，同比改善约4个百分点。该行指，得益于谨慎的补贴及投放策略，OTA业务利润率同比提升7个百分点。预计2季度OTA收入同比增14%，利润率保持同比提升趋势，中国内地酒店间夜量同比高个位数增长，ADR转正及补贴率缩减带动收入增长，预计下半年中国内地酒店收入主要增长推动力来自间夜量和ADR。度假业务受战略调整影响收入下降但对利润影响甚微。该行微调预测，维持目标价25.5港元及买入评级。
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