周末花了两天时间,研究了一下同程旅行。还没到深研的阶段,先从商业底层逻辑出发,聊聊这家公司的特点与投资可能性。毕竟看一家公司,先看懂它“凭什么活下来”,再谈“能长多大”,才是比较稳妥的投研思路。1、公司核心特征在竞争激烈的OTA市场,同程能站稳脚跟,甚至跑出自己的增长曲线,核心不是靠“硬拼”,而是在于股权带来的资源协同,以及差异化定位。①两大股东赋能同程的股权结构里,携程持股约27%作为第一大股东...
Source Link周末花了两天时间,研究了一下同程旅行。还没到深研的阶段,先从商业底层逻辑出发,聊聊这家公司的特点与投资可能性。毕竟看一家公司,先看懂它“凭什么活下来”,再谈“能长多大”,才是比较稳妥的投研思路。1、公司核心特征在竞争激烈的OTA市场,同程能站稳脚跟,甚至跑出自己的增长曲线,核心不是靠“硬拼”,而是在于股权带来的资源协同,以及差异化定位。①两大股东赋能同程的股权结构里,携程持股约27%作为第一大股东...
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