中银国际发表报告表示,首次覆盖同程旅行,给予“买入”评级。同程旅行作为国内下沉市场的OTA(在线旅行社)龙头企业,有望享受大众旅游的时代红利,背靠腾讯和携程两大股东,自身流量和供给资源优势显著。 报告指,公司积极拓展酒管、渡假等业务,并逐步开拓国际市场,有望进一步贡献业绩增量。该行预计2025至2027年公司将实现净利润27.07亿、33.69亿及40.82亿元,经调整净利润33.12亿、39.79亿及47.97亿元,对应市盈率分别为16.1倍、12.9及10.7倍,经调整市盈率分别为13.1倍、10.9倍及9.1倍。
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