金吾财讯 | 交银国际研报指，携程集团(09961)2季度业绩超预期，酒店业务增长好于预期，市占率持续提升。当前内地市场竞争环境中公司处于有利地位，营销投入投放效率提升趋势将持续。虽海外部分市场竞争加剧增加投入，对整体公司利润影响可控。展望未来，预计3季度收入同比增15%，酒店增18%，主要受到间夜量增长驱动，中国内地市占率继续扩大。Trip.com保持高速增长，海外市场投入增加应对部分地区更为激烈的价格竞争，但中国内地更为精准的营销投入将在一定程度上弥补海外投入。该机构将估值滚动至2026年，基于20倍2026年市盈率，将公司目标价从591港元/76美元（TCOM US）上调至653港元/84美元，维持买入评级。
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