大行評級|傑富瑞:上調攜程ADR目標價至60美元 管理層料今年全球旅遊業鞏固和擴張
傑富瑞指,攜程集團去年第四季非美國通用會計準則(non-GAAP)純利27億元,高於市場預期和富瑞預期的16億元及13億元。考慮到最新的業務趨勢,富瑞現預計2024年全年總收入將同比增長約17%,非GAAP營業溢利率約27.5%。管理層在電話會議指,2024年將是全球旅遊業鞏固和擴張的一年。富瑞升攜程美股目標價7%,由56美元升至60美元,港股目標價479港元,評級“買入”。展望2024年的首季和2024年全年,預計首季總收入將同比增26%至116億,其中住宿收入料同比增27%至44億元,交通收入同比增約20%至50億元;料旅行團收入同比增121%至約8.5億元,商務出差收入同比增13%至5.01億元,其他收入增15%至約8.52億元。運營費用方面,料季度銷售及市場推廣成本率將佔收入約22%,非GAAP運營利潤31億元;非GAAP營業獲利率預計將達27%,主要歸功於營銷效率的提高、轉化率的提高和內部交叉銷售計劃。
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