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《大行报告》瑞信上调携程(TCOM.US)目标价至54美元 评级「跑赢大市」
瑞信发表报告指,携程(09961.HK)(TCOM.US)首季业绩远胜预期,预期第二季业务增长将由强劲的国内旅游趋势所主导,而海外及国际旅游仍然受到出境航班运力恢复所限制,预期要到明年及2025年国际旅游业务收入增幅才会恢复至十数个百分点的水平。 该行预测今年全年携程经营利润率将达到25%;在经营杠杆支持下,经调整经营利润率预期至2025财年将提高至26.4%。报告指出虽然市场竞争加剧,但在定价上竞争格局仍相当稳定。 瑞信指出携程估值水平不高,基於首季业绩表现,将2023至2025年各年收入预测上调22%、18%及18%,经调整每股盈利预测调升31%、17%及16%,美股目标价由47美元上调至54美元,并维持「跑赢大市」评级。
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