同程旅行(00780)2024Q2业绩点评：补贴收紧关注利润，盈利能力有望改善

国泰君安08-22

本报告导读：业绩符合预期，收益管理补贴收紧支撑业绩逆势稳定增长，盈利能力有望环比改善。投资要点：维持“增持”评级。考虑行业景气度，下调公司24/25/26年经调整归母净利润至26.17/30.93/36.17(-0.98/-1.98/-4.09)亿元人民币(下同)，给予2025年行业平均17.6xPE估值，维持目标市值543亿元人民币，维持目标价25.97元港币，增持。业绩简述：24Q2公司实现...

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