金吾财讯 | KeyBanc发布研报，将爱彼迎（ABNB）股票评级由“与行业持平”上调至“增持”，并给出191美元的目标价。KeyBanc分析师塞尔吉奥·塞古拉在研报中指出，得益于产品体验优化、市场渗透率提升及品牌粘性增强，爱彼迎核心业务的增长展现出极强韧性。研报重点强调了爱彼迎两大新增盈利点：1）酒店业务成为第二增长引擎：酒店预订间夜量的增速已达传统民宿的三倍，能够在不分流核心民宿业务的前提下提供可观的增量空间。2）AI技术显著提升转化效率：人工智能在产品研发方面的应用正持续拉动转化率与用户参与度。考虑到出行预订对可靠性与服务保障的高度依赖，爱彼迎具有抗AI颠覆的行业壁垒。此外，KeyBanc补充强调，爱彼迎目前估值水平不仅低于其三年历史中位数，亦折价于传统住宿同行，呈现出良好的风险收益比。
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