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《大行報告》中金上調攜程-S(09961.HK)目標價至387.5元 評級「跑贏行業」
中金髮表研究報告指,攜程-S(09961.HK)去年第四季收入按年增長7.5%至50億元人民幣(下同),超出市場預期3.5%;非通用準則淨利潤爲5億元,大幅超出市場預期的虧損1.5億元。公司預計,國內業務有望恢復到2019年疫前水平。該行認爲,在暑期長假休閒遊推動下,公司國內和出境業務有望在今年第三季迎來同步釋放。 該行提到,目前跨境航班容量僅恢復至2019年同期的15至20%,假設跨境航班容量在年底回升至2019年同期的70%至80%,預計公司出境業務收入有望在今年全年恢復至2019年的50%,又認爲隨着高利潤率的出境業務逐漸恢復、國內和國際業務利潤率提升,經營效率提高,集團的經營利潤率有望達到20至30%。 該行表示,由於公司受惠於旅遊業回暖及降本增效成果,上調集團今年的收入和非通用準則淨利潤預測14%和26%,至343億元和60億元,又上調明年的收入和非通用準則淨利潤預測7%和12%,至434億元和90億元,維持「跑贏行業」評級,上調目標價15.7%至387.5港元。
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