金吾财讯 | 招银国际研报指，携程集团（09961）公布2Q26业绩，总收入同比增长5.4%至人民币157亿元，符合彭博一致预期。剔除反垄断罚款影响后，非公认会计准则（Non-GAAP）经营利润为人民币37亿元，亦符合市场一致预期。携程的业务整改仍在推进，同时，能源价格及机票价格高企、极端天气以及消费信心走弱带来短期阻力。考虑到上述不利因素及罚款影响，该机构分别下调2026至2028年收入及Non-GAAP净利润预测2%–3%和8%–11%，并将基于DCF估值的目标价下调10%至64.6美元，对应2026年及2027年预测Non-GAAP市盈率分别为18.0倍和15.6倍。该机构认为，携程相较同业的竞争优势依然稳固，但估值修复或仍有赖于宏观逆风缓解，以及运营优化完成后盈利增长的可见度提升。维持“买入”评级。
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