BOOKING：全球领先的一站式在线旅游平台

中金公司12-13

投资亮点首次覆盖BOOKING（BKNG）给予跑赢行业评级，目标价5700.00 美元，对应2025e EV/EBITDA 20 倍，我们认为，Booking 作为全球领先的在线旅游平台，具有优质Alpha 的属性。理由如下：卡位产业链格局更优的欧洲住宿预订市场，上游资源积累深厚。对OTA 平台而言，欧洲住宿预订市场竞争格局较分散，是高佣金、高附加值的优质赛道。公司通过Booking.com 等...

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