携程集团 - 2025 年第三季度业绩因利润率超预期表现优异。EBIT 增长回升将助力股价重估。买入

19 November 2025 | 7:01AM HKT Equity Research Trip.com Group (TCOM) 3Q25 results above on margin beat. EBIT growth re-acceleration ahead to help re-rate the stock. Buy | TCOM | 12m Price Target: $91.00 | Price: $72.44 | Upside: 25.6% | | --- | --- | --- | --- | | 9961.HK | 12m Price Target: HK$706.00 | Price: HK$564.50 | Upside: 25.1% | On the back of healthy leisure travel demand during 3Q25 and Golden Week holidays for which booking revenue tends to be recognized in 3Q (see our report on Oct 10), we had a ...