【券商聚焦】国证国际维持携程集团(09961)买入评级看好公司稳健的财务前景及海外业务的中长期潜力

金吾财讯

Sep 03, 2025

金吾财讯 | 国证国际发研报指，携程集团(09961)2Q25净收入148亿元(人民币，下同，列明除外)，同比增16%，略超该机构/市场预期2%/1%，其中住宿预订同比增21%，交通票务收入同比增11%，占总收入的42%、36%，贡献收入净增量的53%、25%。毛利同比增15%，毛利率81%，同比及环比基本稳定。经调整归母净利润50亿元，同比降5%，较一致预期(42亿元)高15%，主要因收入超预期及营销效率优于预期，净利润率33.7%。该机构表示，暑期出游数据呈恢复趋势：据业绩会信息，暑期国内酒店 ADR同比降幅收窄至中低个位数；出境游价格同比下降(因供给增加)，但仍高于2019年同期水平，出境游酒店价格同比稳定。据航班管家数据，7-8月，民航国内经济舱客单价同比下降6%至846元，但较上半年均价(740元)上涨。该机构续指，参考海外OTA平台及公司历史估值水平，当前海外OTA龙头Booking(携程2024年GMV规模与之相当)估值为25.2x2025E市盈率，该机构给予携程2025年21倍市盈率估值，目标价659港元/84美元，前值为591港元/76美元。2季度公司已回购约700万ADR(约4亿美元)，宣布50亿美元新回购计划，股东回报加码。该机构看好公司稳健的财务前景及海外业务的中长期潜力，维持买入评级。

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