1季度业绩基本符合预期,利润超预期8%,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。我们微调预测,维持目标价25.5港元及买入评级。2025年...
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