---
title: "《大行》滙豐研究上調同程旅行評級至「買入」目標價升至 24 元"
description: "滙豐研究將同程旅行評級由「持有」上調至「買入」，目標價從 21 元升至 24 元。報告指出，次季利潤率超出預期，得益於精準市場推廣及成本效益，管理層重申對 OTA 的重視以緩解市場憂慮。預計第三季核心 OTA 收入同比增長 13%，調整後核心 OTA 經營利潤率為 31.5%。2025 至 2027 年淨利預測較市場高出 2% 至 5%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/253550000.md"
published_at: "2025-08-19T01:58:35.000Z"
---

# 《大行》滙豐研究上調同程旅行評級至「買入」目標價升至 24 元

> 滙豐研究將同程旅行評級由「持有」上調至「買入」，目標價從 21 元升至 24 元。報告指出，次季利潤率超出預期，得益於精準市場推廣及成本效益，管理層重申對 OTA 的重視以緩解市場憂慮。預計第三季核心 OTA 收入同比增長 13%，調整後核心 OTA 經營利潤率為 31.5%。2025 至 2027 年淨利預測較市場高出 2% 至 5%。

滙豐研究發表報告，將同程旅行 (00780.HK) 評級由「持有」升至「買入」，目標價由 21 元升至 24 元，指次季利潤率勝預期，受惠精準的市場推廣及成本效益，管理層重申對 OTA 的重視料緩解憂慮。

該行指，由於同程旅行第二季利潤率較佳，上調 2025 至 2027 年純利預測 1% 至 2%。同時預期第三季核心 OTA 收入按年增長 13%，經調整核心 OTA 經營利潤率為 31.5%，按年增加 0.4 個百分點，經調整淨利潤為 10.3 億元人民幣。該行對同程旅行 2025 至 2027 年淨利預測較市場預測高 2% 至 5%。

### Related Stocks

- [00780.HK - 同程旅行](https://longbridge.com/zh-HK/quote/00780.HK.md)

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