---
title: "《大行》高盛下调携程集团目标价至 650 元  评级「买入」"
description: "高盛下调携程集团目标价至 650 元，评级为「买入」。报告指出，携程去年第四季业绩超出预期，非通用会计准则净利润达 35 亿元人民币，受益于住宿和其他业务的强劲增长。息税前利润率略降至 20.8%。高盛调整 2026 财年和 2027 财年净利润预测，分别下调 2% 和上调 5%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/277139946.md"
published_at: "2026-02-27T04:03:42.000Z"
---

# 《大行》高盛下调携程集团目标价至 650 元  评级「买入」

> 高盛下调携程集团目标价至 650 元，评级为「买入」。报告指出，携程去年第四季业绩超出预期，非通用会计准则净利润达 35 亿元人民币，受益于住宿和其他业务的强劲增长。息税前利润率略降至 20.8%。高盛调整 2026 财年和 2027 财年净利润预测，分别下调 2% 和上调 5%。

高盛发表研究报告指，携程集团 (09961.HK) 去年第四季业绩表现达到公司及市场预期上限，非通用会计准则净利润达 35 亿元人民币，受惠高於预期的收入增长，尤其住宿业务 (增 21%) 和其他业务 (增 54%)。息税前利润率按年减 0.9 个百分点至 20.8%，符合预期，反映收入结构转移到亏损的国际平台 (占收入 18%，相对第三季 13%)，主要是集团将黄金周旅游预订的季节性因素计入了第三季。

该行将集团 2026 财年和 2027 财年经调整后非通用会计准则净利润预测分别下调 2% 及上调 5%，同时将其目标价由 676 港元下调至 650 港元，其评级为「买入」。

### Related Stocks

- [09961.HK - 携程集团-S](https://longbridge.com/zh-CN/quote/09961.HK.md)

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