--- title: "《大行》大摩：监管不确定下携程业务仍稳健 目标价 75 美元续吁「增持」" description: "摩根士丹利发布报告称，携程集团业绩稳健，收入超预期，展望良好。农历新年期间国内酒店预订和出境旅游均录得双位数增长。尽管对交通票务的变现持审慎态度，但认为收入增长指引的上限可达。目标价由 87 美元下调至 75 美元，维持「增持」评级。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/277135662.md" published_at: "2026-02-27T02:40:25.000Z" --- # 《大行》大摩：监管不确定下携程业务仍稳健 目标价 75 美元续吁「增持」 > 摩根士丹利发布报告称，携程集团业绩稳健，收入超预期，展望良好。农历新年期间国内酒店预订和出境旅游均录得双位数增长。尽管对交通票务的变现持审慎态度，但认为收入增长指引的上限可达。目标价由 87 美元下调至 75 美元，维持「增持」评级。 摩根士丹利研究报告指，携程集团 (09961.HK) 业绩稳健，收入好过预期，展望亦健康。同时，今季至今需求强劲，农历新年期间国内酒店预订录得双位数增长，平均每日房价 (ADR) 按年上升；出境旅游亦录得双位数增长，携程国际平台预订量增长 60%。 管理层指引今年首季收入增长 12% 至 17%；该行虽然对交通票务变现看法较审慎，但认为达到指引中至高位的可能性甚高。不过，业务组合迅速转向携程国际平台，导致经营利润率略为下降，但市场推广开支效率亦正在提升。 该行认为监管调查的结果将重置股价，并相信公司可证明 AI 行程规划对线上旅行平台并非负面因素；上调 2026 及 27 年收入预测 1%，同时基於营运开支上升，下调每股盈利预测 3% 至 4%。携程 (TCOM.US) 美股目标价由 87 美元降至 75 美元，维持「增持」评级。 ### Related Stocks - [BEDZ.US - AdvisorShares Hotel ETF](https://longbridge.com/zh-CN/quote/BEDZ.US.md) - [AWAY.US - 旅游科技 ETF -ETFMG](https://longbridge.com/zh-CN/quote/AWAY.US.md) - [TCOM.US - 携程网](https://longbridge.com/zh-CN/quote/TCOM.US.md) - [09961.HK - 携程集团-S](https://longbridge.com/zh-CN/quote/09961.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Trip.com Group Posts Strong 2025 on Surging International and Inbound Travel | Trip.com Group Ltd. reported strong fourth-quarter and full-year 2025 results, with international bookings up 60% year-o | [Link](https://longbridge.com/zh-CN/news/276958051.md) | | Trip.com Group Q4 Non-GAAP Earnings, Revenue Rise | 05:29 PM EST, 02/25/2026 (MT Newswires) -- Trip.com Group ( TCOM ) reported Q4 non-GAAP net income late Wednesday of 4.9 | [Link](https://longbridge.com/zh-CN/news/276951645.md) | | 23:08 ETTrip.com Partners with JR Companies to Offer Nationwide Shinkansen Tickets to International Travellers | Trip.com has partnered with major Japanese railway companies to offer Shinkansen tickets to international travellers. Th | [Link](https://longbridge.com/zh-CN/news/276980475.md) | | 18:36 ETTCOM Investor News: Rosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM | Rosen Law Firm is investigating potential securities claims for shareholders of Trip.com Group Limited (NASDAQ: TCOM) du | [Link](https://longbridge.com/zh-CN/news/276285607.md) | | Analysts see over 50% upside to Booking Holdings Inc. (BKNG) | Analysts have identified Booking Holdings Inc. (NASDAQ:BKNG) as one of the 10 Best Magic Formula Stocks for 2026, with a | [Link](https://longbridge.com/zh-CN/news/277134308.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。