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瑞银:升携程集团-S目标价至660港元 评级“买入”
Zhi Tong Cai Jing· 2025-08-29 08:43
Core Viewpoint - UBS reports that Trip.com Group Ltd (09961) exceeded expectations in both revenue and profit margin for Q2, while announcing a new round of stock buyback plan [1] Group 1: Financial Performance - The company is expected to see strong growth in room nights for Q3, supporting a steady domestic revenue growth of approximately 10% [1] - UBS maintains its Q3 revenue and non-GAAP operating profit estimates, projecting a year-on-year growth of 14% and 32.5% respectively [1] - The target price for the company has been raised from HKD 588 to HKD 660, with a "Buy" rating [1] Group 2: Market Trends - The recovery of cross-border flight capacity and a high base effect are expected to normalize outbound travel revenue growth in Q3 to low teens [1] - The overseas business revenue growth for Trip.com is expected to maintain a strong momentum of over 50% [1]
大和:微升携程集团-S目标价至750港元 次季盈利胜市场预期
Zhi Tong Cai Jing· 2025-08-29 08:27
Core Viewpoint - Daiwa's report indicates that Ctrip Group-S (09961) exceeded market expectations for Q2 profits by 8%, driven by higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The company announced a new $5 billion share buyback plan [1] - For Q3, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential upside in operating profit margins due to lower-than-expected marketing expenses [1] - The group is anticipated to see a rebound in operating profit margins next year after completing investments in international business this year [1] Group 2: Price Target and Rating - Daiwa raised the target price from HKD 745 to HKD 750, reflecting a projected price-to-earnings ratio of 25 times [1] - The firm reiterated a "Buy" rating for the stock [1]
大和:微升携程集团-S(09961)目标价至750港元 次季盈利胜市场预期
Zhi Tong Cai Jing· 2025-08-29 08:25
Core Viewpoint - Daiwa has raised the target price for Trip.com Group Ltd (09961) to HKD 750, following a second-quarter profit that exceeded market expectations by 8% due to higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The second-quarter profit surpassed market expectations by 8% [1] - Revenue from accommodation and other services was higher than anticipated [1] Group 2: Future Outlook - For the third quarter, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential for upward movement in operating profit margins due to lower-than-expected marketing expenses [1] - The company is expected to complete its investment in international business this year, with operating profit margins likely to rebound next year [1] Group 3: Share Buyback and Valuation - Trip.com Group announced a new share buyback plan worth USD 5 billion [1] - Daiwa has increased the target price from HKD 745 to HKD 750, corresponding to a projected price-to-earnings ratio of 25 times, while reiterating a "buy" rating [1]
大行评级|花旗:上调携程目标价至85美元 上调2025至27年盈测
Ge Long Hui· 2025-08-29 07:38
Core Viewpoint - Citigroup's research report indicates that Trip.com exceeded expectations in its second-quarter performance, with resilient domestic revenue growth anticipated for the second half of the year [1] Group 1: Financial Performance - Citigroup expects Trip.com's domestic revenue growth to remain robust, with a significant number of room nights still being booked [1] - The strong momentum of Trip.com is likely to continue into the third quarter [1] Group 2: Earnings Forecast and Target Price - The earnings estimates for Trip.com for the years 2025 to 2027 have been raised by 2%, 2%, and 3% respectively [1] - The target price for Trip.com has been increased from $78 to $85, maintaining a "Buy" rating [1]
大行评级|瑞银:携程第二季收入和利润率均超预期 目标价上调至660港元
Ge Long Hui· 2025-08-29 07:17
Core Viewpoint - UBS reported that Ctrip Group's Q2 revenue and profit margins exceeded expectations, alongside the announcement of a new stock buyback plan [1] Group 1: Financial Performance - The company is expected to see strong growth in room nights for Q3, supporting a domestic revenue growth rate of approximately 10% [1] - The anticipated recovery in cross-border flight capacity and a high base effect will lead to a normalization of outbound travel revenue growth, projected to reach low single digits in Q3 [1] Group 2: Future Projections - UBS maintains its Q3 revenue and non-GAAP operating profit estimates for Ctrip, forecasting a year-on-year growth of 14% and 32.5% respectively [1] - The target price for Ctrip has been raised from HKD 588 to HKD 660, with a "Buy" rating [1]
携程集团-S(09961):利润略超预期,新增回购提振市场信心
CMS· 2025-08-29 05:05
Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company's Q2 2025 financial results slightly exceeded expectations, with revenue of 14.83 billion yuan, representing a year-on-year growth of 16.2%, and a NON-GAAP net profit of 5.01 billion yuan, up 0.5% [1][7]. - Domestic travel demand has steadily released since Q2 2025, and the inbound and international business continues to show high growth, supported by optimized marketing expenses and effective personnel cost control [1][7]. - The new large share buyback authorization has effectively boosted market confidence, and the outbound and international business is expected to be a core growth driver in the long term [1][7]. Financial Performance Summary - For the fiscal year 2023, the company is projected to achieve a main revenue of 44.51 billion yuan, with a year-on-year growth of 122% [2][9]. - The net profit attributable to shareholders is expected to reach 9.92 billion yuan, reflecting a significant year-on-year increase of 632% [2][9]. - The adjusted EPS for 2025 is estimated at 27.35 yuan, with a PE ratio of 18.5 [2][10]. Business Segment Performance - Revenue from accommodation bookings, transportation tickets, vacation travel, business travel management, and other services for Q2 2025 was 6.23 billion, 5.40 billion, 1.08 billion, 690 million, and 1.47 billion yuan respectively, with year-on-year changes of +21.2%, +10.8%, +5.3%, +9.3%, and +31.0% [7]. - The overall gross margin for the period was 81.0%, a slight decrease of 0.9 percentage points, primarily due to the increasing proportion of lower-margin international business [7]. Market Outlook - The report indicates that the outbound and international business is expected to continue driving growth, with international OTA platform bookings increasing by over 60% year-on-year and inbound tourism bookings more than doubling [1][7]. - The company has approved a new share buyback plan with a total repurchase scale not exceeding 5 billion USD, which, along with dividends, is expected to provide continuous investment returns to shareholders [1][7].
携程集团-S午前涨超5%,股价刷新年内新高!公司二季度业绩超预期,净利润48.46亿,同比增加26.43%
Ge Long Hui· 2025-08-29 04:50
Core Insights - Ctrip Group's stock price increased over 5%, reaching a new high of 584.5 HKD, with a current price of 580.5 HKD and a trading volume of 1.241 billion HKD [2] Financial Performance - For Q2 2025, Ctrip reported a net revenue of 14.843 billion RMB, a year-on-year increase of 16.22% [2] - The net profit attributable to Ctrip Group was 4.846 billion RMB, reflecting a year-on-year growth of 26.43% [2] Business Growth - The company's international business segments showed strong growth, with total bookings on the international OTA platform increasing by over 60% year-on-year [2] - Inbound tourism bookings more than doubled, with a year-on-year growth exceeding 100% [2] - Outbound hotel and flight bookings surpassed 120% of the levels seen in the same period in 2019, prior to the pandemic [2] Market Position and Valuation - According to CMB International, the Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to increase [2] - The target price for Ctrip has been raised from 591 HKD/76 USD to 653 HKD/84 USD, based on a 20x P/E ratio for 2026, while maintaining a "buy" rating [2] - The firm anticipates a 15% year-on-year revenue growth for Q3, with hotel revenue expected to grow by 18%, driven by increased overnight stays and expanding market share in mainland China [2]
携程集团-S再涨超5% 股价刷新年内新高 公司二季度业绩超预期
Zhi Tong Cai Jing· 2025-08-29 04:04
Core Viewpoint - Ctrip Group's stock price has increased over 5%, reaching a new high of 584.5 HKD, following the release of its Q2 2025 earnings report, which showed strong growth across various business segments [1] Financial Performance - Ctrip Group reported a net revenue of 14.843 billion RMB for Q2 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was 4.846 billion RMB, reflecting a year-on-year growth of 26.43% [1] Business Segments Growth - The international OTA platform's total bookings increased by over 60% year-on-year [1] - Inbound tourism bookings saw a remarkable growth of over 100% year-on-year [1] - Outbound hotel and flight bookings have surpassed 120% of the levels seen in the same period before the pandemic in 2019 [1] Market Position and Valuation - According to CMB International, the Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] - The target price for Ctrip has been raised from 591 HKD/76 USD to 653 HKD/84 USD, based on a 20x P/E ratio for 2026, while maintaining a "buy" rating [1] - The firm anticipates a 15% year-on-year revenue growth and an 18% increase in hotel revenue for Q3, driven primarily by an increase in room nights [1]
港股异动 | 携程集团-S(09961)再涨超5% 股价刷新年内新高 公司二季度业绩超预期
智通财经网· 2025-08-29 03:55
Group 1 - Ctrip Group's stock price increased over 5%, reaching a new high of 584.5 HKD, with a current price of 580.5 HKD and a trading volume of 1.227 billion HKD [1] - For Q2 2025, Ctrip reported a net revenue of 14.843 billion RMB, a year-on-year increase of 16.22%, and a net profit attributable to Ctrip of 4.846 billion RMB, up 26.43% year-on-year [1] - The company's international business segments showed strong growth, with total bookings on the international OTA platform increasing over 60% year-on-year, inbound tourism bookings more than doubling, and outbound hotel and flight bookings exceeding 120% of pre-pandemic levels [1] Group 2 - According to CMB International, Ctrip's Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] - The target price for Ctrip was raised from 591 HKD/76 USD to 653 HKD/84 USD based on a 20x P/E ratio for 2026, while maintaining a buy rating [1] - The firm anticipates a 15% year-on-year revenue growth and an 18% increase in hotel revenue for Q3, driven by increased room nights and expanding market share in mainland China [1]
中金:维持携程集团-S跑赢行业评级 上调目标价至588.5港元
Zhi Tong Cai Jing· 2025-08-29 03:52
Group 1 - The core viewpoint of the report is that Ctrip Group's revenue expectations for 2025 and 2026 are maintained, with an 8% increase in the 2025 non-GAAP net profit forecast to 17.7 billion yuan, and the 2026 non-GAAP net profit forecast remaining at 18.9 billion yuan [1] - The company reported a 16% year-on-year increase in revenue for Q2 2025, reaching 14.9 billion yuan, which exceeded market expectations by 1%, primarily due to better-than-expected accommodation revenue [2] - The company achieved a non-GAAP net profit of 5 billion yuan in Q2 2025, surpassing market expectations by 15%, attributed to controlled marketing expenses and higher-than-expected government subsidies [2] Group 2 - Domestic hotel booking revenue for Q2 2025 was 6.2 billion yuan, a 21% year-on-year increase, exceeding market expectations by 3%, driven by higher hotel booking volumes [3] - The company expects a low double-digit year-on-year growth in domestic hotel night volumes for Q3 2025, despite a generally weak performance in the industry during the summer [3] - The company’s outbound travel bookings for Q2 2025 recovered to over 120% of 2019 levels, continuing to outperform the industry’s flight recovery rate of 84% [4] Group 3 - The international OTA booking volume increased by over 60% in Q2, with Trip.com’s revenue share rising to 14%, and inbound travel bookings more than doubling [5] - Despite increased hotel price subsidies from international competitors in Thailand and South Korea, Trip.com maintained over 70% growth in hotel revenue, indicating effective execution of its differentiated strategy [5] - The company is expected to maintain over 50% year-on-year growth in Q3 2025, supported by continued investment in the Asia-Pacific region and expansion in the Middle East [5]