[Table_Title] 同程旅行深度报告：造梦大鱼，乘势腾盈 港股研究丨公司深度丨同程旅行（0780.HK） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 当下旅游经济蓬勃发展，居民旅游消费相对韧性，具备精神属性的旅游行业成长性显著，同时 OTA 行业经营生态显著改善，竞争格局趋于良性。同程两大股东分别为腾讯及携程，前者贡献 低成本微信流量入口，后者共享旅游资源供应及销售合作，其与大股东的战略合作双赢且稳定 性高。公司通过外延收购向上纵深旅游产业链，酒管业务打造第二成长曲线，旅行社业务享出 境游恢复红利。公司盈利能力在用户营销策略优化和出境游 ROI 提升下，进入上行通道。看好 公司随着下沉市场旅游出游习惯养成，渗透率和 ARPU 持续提升。预计同程 2025-2027 年整 体营收 197、227 和 260 亿元，经调整净利润分别为 33、39 和 46 亿元，给予"买入"评级。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 2 / 33 %% %% SAC：S0490517020001 SA ...

Core Viewpoint - The article emphasizes the transformation of rural tourism in China from "extensive development" to "refined operation," highlighting the need for deeper integration of culture and tourism to enhance the uniqueness and quality of rural tourism offerings [1]. Group 1: Infrastructure Improvement - There are significant shortcomings in rural tourism infrastructure, including narrow roads, inadequate network coverage, and poor hygiene conditions in accommodations, which affect visitor experiences [2]. - A multi-faceted investment mechanism involving government leadership and social capital participation is recommended, with listed companies encouraged to invest in public service facilities at rural tourism sites [2]. - Companies can collaborate with local governments to enhance digital infrastructure, such as developing WeChat mini-programs for timely tourism information updates, and explore modern technologies like 5G and VR for immersive cultural tourism projects [2]. Group 2: Promotion of Cultural Tourism - The current rural tourism landscape suffers from a lack of differentiation, with many areas offering similar attractions, neglecting local cultural elements [3]. - Differentiation through cultural IP development is essential, as exemplified by the case of Yuanjia Village in Shaanxi, which focuses on local cuisine and cultural heritage [2]. Group 3: Development of the Tourism Industry Chain - The vitality of rural tourism lies in the deep integration of agriculture, culture, and tourism, with a focus on including local communities in the tourism value chain [3]. - A multi-dimensional evaluation system covering ecological protection, cultural preservation, and economic benefits is suggested at the policy level to guide rural tourism development [3]. - Companies are encouraged to leverage their operational management and brand marketing capabilities to lower the barriers for rural tourism entrepreneurship, while fostering partnerships with educational and research institutions for knowledge transfer and innovation [3].