金吾财讯 | 招银国际研报指，预计同程旅行(00780)2Q25营收将达到46亿元人民币，同比增长9.3%，non-GAAP净利润为7.38亿元人民币，同比增长12.4%；均与该机构预测前值基本一致，且符合一致预期。在2Q25，该机构预计住宿预订业务的营收增长将相较此前预期更为稳健，得益于抽成率扩张有望好于预期，但该机构认为这将被以下因素所抵消：1）短期内机票预订量增长略逊预期，导致交通票务服务营收增速相较预期更为缓和；2）线下旅游业务的营收复苏速度可能慢于该机构此前的预期。由于该机构预计这一影响将在2025年下半年持续，因此该机构将2025年的营收预测下调1.7%，但因考虑到销售和营销支出的优化程度好于预期或有望带来超出预期的利润率扩张，该机构上调non-GAAP净利润预测1.3%。调整后，该机构预计2025年集团层面的营收/non-GAAP净利润同比增速为10%/20%（前值：12%/18%）。该机构对2025年non-GAAP净利润的预测较市场预期高1.6%。该机构维持基于DCF方法得出的目标价24.0港币不变，维持“买入”评级。
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