高盛研究报告，指同程旅行(00780.HK) 今年首季净利润增长加速，按年升41%至7.88亿元人民币，较该行预期高7%，当中毛利率由去年同期的65%升至68.8%，略胜预期，在持续货币化努力推动下，提成率升至5.9%，弥补了商品交易总额(GMV)的低单位数按年跌幅，服务开发费用比率亦降低至11.3%。
管理层对业务前景表示审慎乐观，强调次季至今国内机票价格稳定，酒店价格有低单位数增长，GMV趋稳定，指引次季在高基数下收入料按年升7%至12%，当中核心在线旅游平台(OTA)收入升10%至15%，度假业务跌5%至10%；全年则维持指引核心OTA收入升15%至20%，度假业务跌单位数，整体收入升12%至17%。
该行对其2025至27财年经调整每股盈测上调1%至2%，并将目标价由28港元升至28.7港元，维持“买入”评级，因国内旅游需求持续。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-27 16:25。)
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