便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增。Q3 公司整体住宿预订营业收入同比增长 18%、环比增长 29%，主要得益于强劲的旅游需求，尤其是夏季及国庆假期期间表现突出。国内消费者 旅游需求依然旺盛，游客追求新奇、沉浸式体验，旅游需求日益多样化，北京、上海、成都等主要城市 及拉萨等偏远地区、小城市预订量均呈现增长态势。酒店价格方面，Q3 酒店价格同比降幅收窄至低个 位数，黄金周期间国内酒店价格呈上涨趋势。入境游方面， Q3 携程平台上入境游预订量同比增长超过 100%，亚太地区为主要客源地，欧洲和美国也实现强劲增长。我们继续看好政策及市场需求驱动入境 游单量保持高增。 盈利预测与投资评级：考虑到Q3 处置投资对业绩的积极影响，我们将2025 年公司经调整净利润预测从 183 亿元上调至323 亿元，维持2026/2027 年预测200/220 亿元，对应2025-2027 经调整口径PE 为 11/17/16 倍，我们继续看好公司海外业务成长，维持"买入"评级。 风险提示：短期投入增加影响盈利能力，海外份额提升不及预期，旅游需求不及预期 机构：东吴证券 研究 ...

(1)出境游：Q3携程的出境酒店和机票预订量攀升至2019年同期水平的140%，同比增长近20%，继续好 于市场表现;黄金周期间同比增长约30%。日本、韩国及东南亚为热门目的地，欧洲成为关键增长区 域，冰岛、挪威等目的地预订量大幅增长。机票价格方面，受航班运力恢复影响，跨境机票价格较去年 有所回落，但仍高于疫情前水平;酒店价格基本保持稳定，Q3出境游业务收入继续保持较快的同比增 长。 (2)国际业务：Q3Trip.com总预定量同比增长约60%，其中亚太地区仍是运营重点，同比增长逾50%，中 东、欧洲等新市场也展现出亮眼增长。公司近几个季度实现快速的市场份额增长，并将继续在全球范围 内投资，特别是在亚太地区。根据sensor tower数据，trip.com APP10-11月在全球市场(不含中国大陆地 区)双端MAU同比增长69%，其中亚洲市场(不含中国大陆地区)同比增长64%，增长亮眼。该行看好公司 基于高标准服务及便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增 东吴证券发布研报称，继续看好携程集团-S(09961)海外业务成长，维持"买入"评级。公司通过深 ...

Core Viewpoint - Dongwu Securities maintains a "Buy" rating on Trip.com Group (09961), highlighting strong growth potential in its overseas business and an upward revision of adjusted net profit forecast for 2025 from 18.3 billion to 32.3 billion RMB [1] Recent Events - Trip.com Group has deepened its strategic partnership with the Turkish Tourism Promotion and Development Agency, aiming to position Turkey as a "super destination" for global travelers. Data shows that inbound flight bookings to Turkey increased by 38% year-on-year in the first half of 2025, with hotel bookings up by 16%. Notably, Indonesia's bookings surged by 178% year-on-year, contributing to the rising popularity of inbound tourism in Turkey [1] International Business Growth - Outbound travel: In Q3, Trip.com's outbound hotel and flight bookings reached 140% of the same period in 2019, with a year-on-year growth of nearly 20%. During the Golden Week, bookings increased by approximately 30%. Popular destinations included Japan, South Korea, and Southeast Asia, with significant growth in Europe, particularly in Iceland and Norway. Despite a decrease in cross-border flight prices compared to last year, prices remain above pre-pandemic levels, while hotel prices remained stable [2] - International business: Trip.com reported a 60% year-on-year increase in total bookings in Q3, with the Asia-Pacific region as a key operational focus, growing over 50%. New markets in the Middle East and Europe also showed impressive growth. The company has achieved rapid market share growth and plans to continue investing globally, especially in the Asia-Pacific region. According to Sensor Tower data, the Trip.com app's monthly active users (MAU) outside mainland China grew by 69% year-on-year, with a 64% increase in the Asian market [2] Domestic Market Performance - Domestic hotel prices have shown signs of stabilization, with Q3 overall accommodation booking revenue increasing by 18% year-on-year and 29% quarter-on-quarter, driven by strong tourism demand, particularly during the summer and National Day holiday. There is a growing diversity in tourism demand, with increased bookings in major cities like Beijing, Shanghai, and Chengdu, as well as in remote areas. Hotel price declines narrowed to low single digits in Q3, with an upward trend during the Golden Week. Inbound travel bookings on Trip.com increased by over 100% year-on-year in Q3, with the Asia-Pacific region as the main source market, alongside strong growth from Europe and the U.S. [3]

证券研究报告·海外公司点评·旅游及消闲设施(HS) 携程集团-S（09961.HK） 海外市场持续拓展，看好国际业务份额提升 及利润空间 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 44,510 | 53,294 | 61,878 | 69,635 | 76,171 | | 同比（%） | 122.12 | 19.73 | 16.11 | 12.54 | 9.39 | | 归母净利润（百万元） | 9,918 | 17,067 | 32,267 | 19,109 | 21,221 | | 同比（%） | 606.91 | 72.08 | 89.06 | (40.78) | 11.05 | | Non-GAAP 净利润（百万元） | 13,071 | 18,041 | 32,263 | 20,009 | 22,023 | | 同比（%） | 910.12 | 38.02 | 78.83 | (37.98) | ...