同程旅行：下沉市场OTA龙头增长

新浪财经01-12

来源：朝阳永续1. 同程旅行第四季度业绩预期怎么样？截至2026年01月12日，根据朝阳永续季度业绩前瞻数据：预测营业收入45.70~48.44亿元，同比增长7.9%~14.3%；预测净利润4.15~7.95亿元，同比增长18.3%~126.7%；预测经调整净利润7.24~7.58亿元，同比增长9.6%~14.8%。关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩...

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同程旅行第四季度业绩预期怎么样？截至2026年01月12日，根据朝阳永续季度业绩前瞻数据：预测营业收入45.70~48.44亿元，同比增长7.9%~14.3%；预测净利润4.15~7.95亿元，同比增长18.3%~126.7%；预测经调整净利润7.24~7.58亿元，同比增长9.6%~14.8%。关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112223535a712073b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999001226.SGD","symbol_name":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112223535a712073b&s=b","article_id":"2603706965","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112223535a712073b&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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同程旅行最新卖方观点国盛证券认为：同程旅行作为下沉市场OTA龙头，通过强强联合和优势互补，实现了快速发展。公司由同程网络和艺龙合并而成，得到腾讯和携程的深度赋能，共享微信、QQ支付界面及携程酒店库存。业绩方面，2025年前三季度收入、归母净利、经调利润均实现同比增长，收入构成多元化。费率稳中有降，经调利润率提升。同程旅行聚焦下沉市场，在线旅游渗透率提升空间大，消费潜力充沛，通过多渠道流量拓展和客群消费需求挖掘，推动用户价值提升，MPU值和客均收入贡献持续增长。公司积极布局产业链延展，收购万达酒管、定增入主大连圣亚，有望贡献增量。预计2025-27年收入、归母净利、经调净利润均实现较快增长。分业务来说：1)下沉市场拓展：同程旅行聚焦下沉市场，在线旅游渗透率提升空间大，消费潜力充沛，有望把握增长红利。2)多渠道流量拓展：同程旅行积极拓展APP端等多渠道流量，深度挖掘客群消费需求，推动用户价值提升。3)产业链延展布局：同程旅行今年以来收购万达酒管、定增入主大连圣亚，有望在后续贡献增量。银河证券认为：同程旅行2025年三季报显示，公司营收和净利润均实现同比增长，其中核心OTA平台营收增长14.9%，归母净利润增长23.0%。住宿预定业务增速领先行业，交通票务服务和酒管业务也表现强劲。公司用户运营策略由追求数量转向提升质量，自有APP推广效果良好。盈利能力持续优化，毛利率和净利率均有所提升，未来盈利空间广阔。（注：本文内容基于朝阳永续AI技术生成，文中相关盈利预测数据均来自朝阳永续盈利预测数据库）风险提示：本文所示数据或案例仅供参考之用，不能作为未来投资依据。投资股票有风险，市场波动、公司业绩、政策因素等都可能导致股票价格波动。请您在投资前充分了解相关信息，并根据自身的风险承受能力做出投资决策。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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