---
title: "《大行》德银维持携程「买入」评级 料旅游需求持续稳健"
description: "德银维持携程「买入」评级，预计旅游需求将持续稳健。报告指出，携程去年第四季业绩超出预期，国际业务平台年增长约 60%。然而，德银警告政策风险仍存，因市场监管局的调查可能影响运营，故将 2026 及 2027 财年收入预测下调 1%，净利润预测分别下调 4% 及 5%，目标价由 724 元降至 630 元。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/277399502.md"
published_at: "2026-03-02T02:56:52.000Z"
---

# 《大行》德银维持携程「买入」评级 料旅游需求持续稳健

> 德银维持携程「买入」评级，预计旅游需求将持续稳健。报告指出，携程去年第四季业绩超出预期，国际业务平台年增长约 60%。然而，德银警告政策风险仍存，因市场监管局的调查可能影响运营，故将 2026 及 2027 财年收入预测下调 1%，净利润预测分别下调 4% 及 5%，目标价由 724 元降至 630 元。

德银发表研究报告指，携程 (09961.HK) 去年第四季业绩表现胜预期，反映各业务板块的需求均稳健，国际业务平台录得约 60% 按年增长，主要受惠於亚太区在线渗透率提升，国内酒店平均每日房价亦恢复按年增长。

但德银亦提醒，来自政策层面的风险尚未消除，国家市场监督管理总局的调查及其潜在营运调整仍是当前主要风险，因应潜在影响，将 2026 及 2027 财年收入预测下调 1%，经调整净利润预测分别下调 4% 及 5%，目标价由 724 元下调至 630 元，维持「买入」评级。

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