Malaysia Aviation Group, the operator of national carrier Malaysia Airlines, on Monday announced a collaboration with Adobe, Google, Skyscanner and Visa for its online travel booking services. ...

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>16 Sep 2025 11:43:21 ET │ 12 pages China OTAs Gov't Measures to Boost Travel Consumption and Upcoming Holiday Demand Likely Decent CITI'S TAKE The Ministry of Commerce and other departments jointly issued Several Policies on Expanding Service Consumption. In the document, we see attracting more inbound visitors and optimizing students' holiday arrangements directly related to travel industry, especially for optimizing holiday arrangement which includes exploring establishment of spring and autumn vacations for primary and secondary schools students with shorter winter and summer vacation, and this could decently enhance frequency of long-haul family travel if implemented. Also, we see travel demand likely being decent during the upcoming Golden Week, which will be a 8-day holiday, 1 more day than in 2024, likely benefiting long-haul and outbound travel more. China State Railway Group estimated railway passenger throughput could reach 219mn during the 12-day transportation period with daily average at 18.25mn vs. total of 177mn and daily average of 17.7mn during last year's 10-day transportation period. Maintain Buy on TCOM and Tongcheng.</doc> <doc id='2'>Details of the latest document – On 16 Sep, the Ministry of Commerce and other departments jointly issued the Several Policies on Expanding Service Consumption, which includes 5 areas and 19 detailed measures. Related to the travel industry, the document encourages attracting more international visitors by expanding visa-free policies and improving payment conveniences, exploring adding spring and autumn vacations for primary and secondary school students while shortening summer and winter vacations, adjusting the academic calendar without reducing total vacation days, extending operating hours of museums and scenic spots, promoting introducing int'l sports events and host local sports events, and providing consumption credit supports.</doc> <doc id='3'>Govt's estimates on railway passenger throughput during upcoming holiday – Per People's Daily on 16 Sep, China State Railway Group estimated railway passenger throughput could reach 219mn during the 12-day transportation period from 29 Sep to 10 Oct (ie, two days before the holiday, the 8-day holiday, and two days after the holiday) with average daily passenger throughput at 18.25mn, higher than the daily average of 17.74mn (or total 177mn) during last year's 10-day transportation period. That said, although daily average railway passenger throughput was estimated to increase 3%, we think a 24% yoy increase in total passenger throughput also matters since the longer holiday could make the daily average number dilute the real increase in the number of travelers.</doc> <doc id='4'>Preliminary booking data from OTA platforms – Qunar: Qunar has seen more diversified travel destination and earlier bookings this year given the longer holiday Brian GongAC +852-2501-2747 brian.gong@citi.com Alicia Yap, CFA +852-2501-2773 alicia.yap@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are available only on Citi's portals.</doc> <doc id='5'>with 30% yoy growth on domestic travel willingness and >40% yoy growth on outbound travel willingness (link, STCN, 16-Sep). Tongcheng: With train tickets for 29 Sep available for sale on 15 Sep, lots of tickets in higher-tier cities have been sold out (link, JFdaily, 15-Sep). Fliggy: Fliggy has seen average booking volume per user on flights, and train and car rentals were up ~4.3% yoy (link, JFdaily, 15-Sep).</doc> <doc id='6'>More long-haul travel this year – Per Ctrip data, top destinations during 2024 Golden Week were Japan, Thailand, South Korea, and Malaysia. Qunar's data show this year's top destinations remain the same but also see increasing long-haul outbound travel destinations like Australia and Europe. With a longer holiday this year, we expect more long-haul travel for the domestic market during the Golden Week as well, which could benefit OTAs more.</doc> <doc id='7'>Tongcheng Travel Holdings (0780.HK; HK$22.98; 1; 16 Sep 25; 16:10) Valuation We believe PE is appropriate to value Tongcheng to capture strong growth momentum and is consistent with our valuation methodology for its peers. Our target price of HK$28 is based on 16x non-IFRS 2026E EPS, set at a discount to the historical average of 21x before the pandemic given a slower revs growth profile.</doc> <doc id='8'>Risks Key risks that may prevent the share price from reaching our target price include: 1) greater-than-expected competition from OTA peers or other traveling booking channels; 2) heavy reliance on hotel supply from Trip.com; 3) heavy reliance on Tencent's platforms; and 4) worsening macro.</doc> <doc id='9'>Trip.com Group Ltd (TCOM.O; US$74.12; 1; 15 Sep 25; 16:00) Valuation Our target price of US$85 for Trip.com is based on SOTP. We value the core business at ~US$78/sh based on a 2026E P/E of 20x, applying a 20% premium to the average P/E of other vertical leaders given TCOM's decent growth momentum with structural overseas expansion story. We apply the target multiple to TCOM's 2026E adj. earnings excluding the profits from equity investments. We value the major equity investments at ~US$7/sh based on the market caps of the listed names. We employ an SOTP approach to better factor in the value of the investments.</doc> <doc id='10'>Risks Downside risks that could prevent the shares from reaching our target price include: 1) a further softening of the China macro environment that affects travel demand; 2) travel demand taking longer than expected to recover; 3) spending and margins turning worse than expected; 4) an intensification of domestic competition; and 5) any significant new outbreaks of Covid-19 or other epidemics.</doc> <doc id='11'>If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788</doc> <doc id='12'>Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designated by "AC" in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple AC analysts are designated in the author block, each analyst is certifying with respect to the entire research report other than (a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solely with respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or rating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report for which they are responsible: (1) that the views expressed therein accurately reflect their personal views about each issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in this report.</doc> <doc id='13'>IMPORTANT DISCLOSURES</doc> <doc id='16'>The Firm has made a market in the publicly traded equity securities of Tongcheng Travel Holdings Ltd on at least one occasion since 1 Jan 2024. The Firm has made a market in the publicly traded equity securities of Trip.com Group Ltd on at least one occasion since 1 Jan 2024.</doc> <doc id='17'>Citigroup Global Markets Inc. owns a position of 1 million USD or more in the debt securities of Trip.com Group Ltd. Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking services from Tongcheng Travel Holdings,Trip.com Group Ltd in the past 12 months.</doc> <doc id='18'>Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Trip.com Group Ltd.</doc> <doc id='19'>Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Tongcheng Travel Holdings,Trip.com Group Ltd. Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Trip.com Group Ltd. (For an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.) Analysts' compensation is determined by Citi Research management and Citigroup's senior management and is based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the "Firm"). Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between institutional clients and the management teams of covered companies. Typically, company management is more likely to participate when the analyst has a positive view of the company.</doc> <doc id='20'>For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions in such instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been recommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm may engage in securities transactions in a manner inconsistent with the Product and, with respect to securities covered by the Product, will buy or sell from customers on a principal basis.</doc> <doc id='21'>The Firm is a market maker in the publicly traded equity securities of Tongcheng Travel Holdings,Trip.com Group Ltd. Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of the Companies for which an investment view has been provided within the past 12 months.</doc> <doc id='22'>For important disclosures (including copies of historical disclosures) regarding the companies that are the subject of this Citi Research product ("the Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013, Attention: Legal/Compliance [E6WYB6412478]. In addition, the same important disclosures, with the exception of the Valuation and Risk assessments and historical disclosures, are contained on the Firm's disclosure website at https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures. Valuation and Risk assessments can be found in the text of the most recent research note/report regarding the subject company. Pursuant to the Market Abuse Regulation a history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) will be provided upon request.</doc> <doc id='23'>Citi Research Equity Ratings Distribution | | | 12 Month Rating | | | Catalyst Watch | | | --- | --- | --- | --- | --- | --- | --- | | Data current as of 01 Jul 2025 | Buy | Hold | Sell | Buy | Hold | Sell | | Citi Research Global Fundamental Coverage (Neutral=Hold) | 58% | 32% | 9% | 36% | 47% | 17% | | % of companies in each rating category that are investment banking clients | 36% | 39% | 25% | 39% | 34% | 35% | Guide to Citi Research Fundamental Research Investment Ratings: Citi Research stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks. Risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk rating assigned.</doc> <doc id='24'>Investment Ratings: Citi Research investment ratings are Buy, Neutral and Sell. Our ratings are a function of analyst expectations of expected total return ("ETR") and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating and target price and assign "Rating Suspended" status for regulatory and/or internal policy reasons. Citi Research may also suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of information critical to the analyst's thesis, trading suspension) affecting the company and/or trading in the company's securities. In both such situations, the rating and target price will show as "—" and "-" respectively in the rating history price chart. Prior to 11 April 2022 Citi Research assigned "Under Review" status to both situations and prior to 11 Nov 2020 only in exceptional circumstances. As soon as practically possible, the analyst will publish a note re-establishing a rating and investment thesis. Investment ratings are determined by the ranges described above at the time of initiation of coverage, a change in investment and/or risk rating, or a change in target price (subject to limited management discretion). At times, the expected total returns may fall outside of these ranges because of market price movements and/or other short-term volatility or trading patterns. Such interim deviations will be permitted but will become subject to review by Research Management. Your decision to buy or sell a security should be based upon your personal investment objectives and should be made only after evaluating the stock's expected performance and risk.</doc> <doc id='25'>Catalyst Watch/Short Term Views ("STV") Ratings Disclosure: Catalyst Watch and STV Upside/Downside calls: Citi Research may also include a Catalyst Watch or STV Upside or Downside call to indicate the analyst expects the share price to rise (fall) in absolute terms over a specified period of 30 or 90 days in reaction to one or more specific near-term catalysts or events impacting the company or the market. A Catalyst Watch will be published when Analyst confidence is high that an impact to share price will occur; it will be a STV when confidence level is moderate. A Catalyst Watch or STV Upside/Downside call will automatically expire at the end of the specified 30/90 day period. The Catalyst Watch will also be automatically removed if share price performance (calculated at market close) exceeds 15% against the direction of the call (unless over-ridden by the analyst). The analyst may also remove a Catalyst Watch or STV call prior to the end of the specified period in a published research note. A Catalyst Watch/STV Upside or Downside call may be different from and does not affect a stock's fundamental equity rating, which reflects a longer-term total absolute return expectation. For purposes of FINRA ratings-distribution-disclosure rules, a Catalyst Watch/STV Upside call corresponds to a buy recommendation and a Catalyst Watch/STV Downside call corresponds to a sell recommendation. Any stock not assigned to a Catalyst Watch Upside, Catalyst Watch Downside, STV Upside, or STV Downside call is considered Catalyst Watch/STV No View. For purposes of FINRA ratings distribution-disclosure rules, we correspond Catalyst Watch/STV No View to Hold in our

技术指标分析 - 公司股价近期触及重要支撑位后出现黄金交叉技术形态 50日移动平均线上穿200日移动平均线[1] - 黄金交叉预示潜在看涨突破信号 通常由短期均线突破长期均线形成 其中50日与200日均线组合因时间周期较长而更具突破强度[2] - 该技术形态包含三个阶段 股价下跌触底、短长期均线交叉形成趋势反转、股价持续上涨动力[3] 股价表现与评级 - 过去四周股价上涨22% 且获Zacks买入评级（第2级） 显示突破潜力[4] - 当前季度盈利预期呈积极态势 过去两个月无下修记录且出现3次上修 共识预期同步调升[4] 投资建议 - 基于关键技术指标与盈利预期上修 建议投资者将公司纳入观察名单[6]

财务业绩 - 第二季度调整后每股收益4.24美元 超出预期2.42% 同比增长20.8% [1] - 总收入37.9亿美元 超出预期1.94% 同比增长6.4% [1] - 调整后EBITDA 9.08亿美元 同比增长15.5% 利润率24% 提升190个基点 [3] - 调整后EBIT 5.83亿美元 同比增长22.7% 利润率15.4% 提升200个基点 [4] - 经营现金流11.2亿美元 自由现金流9.21亿美元 [6] 业务表现 - 总预订量304亿美元 同比增长5% [2] - B2B业务收入12.1亿美元 同比增长15% B2C业务收入24.8亿美元 同比增长2% [1] - B2B总预订量连续16个季度实现双位数增长 本季同比增长17% [2] - 住宿预订量220.7亿美元 同比增长6% 其中酒店预订量增长8% [2] - 预订间夜量1.055亿间 同比增长7% [2] - 广告收入同比增长19% [1] 成本结构 - 直接销售与营销费用19.2亿美元 占收入比例50.7% 同比增长7.1% [3] - 管理费用6.37亿美元 占收入比例16.8% 同比增长5.1% [3] 资产负债状况 - 现金及短期投资67亿美元 较第一季度61亿美元增加 [5] - 长期债务44.66亿美元 与上季度基本持平 [5] - 总杠杆率2倍 符合目标水平 [5] 业绩展望 - 第三季度总预订量预计增长5-7% 收入预计增长4-6% [7] - 第三季度调整后EBITDA利润率预计提升50-100个基点 [9] - 2025全年总预订量和收入预计增长3-5% [9] - 2025全年调整后EBITDA利润率预计提升超过100个基点 [9]

业绩预告 - Expedia Group (EXPE) 计划于2025年8月7日公布第二季度财报 [1] - 市场预期第二季度营收为37.1亿美元 同比增长4.39% [1] - 每股收益预期为4.14美元 过去30天调高1美分 同比增长17.95% [1] - 过去四个季度中有三个季度盈利超预期 平均超出幅度达5.48% [2] 业绩驱动因素 - 美国市场持续面临挑战 但国际业务展现韧性 成本优化措施持续推进 [3] - 预计总预订量增长2-4% 营收增长3-5% 其中复活节假期带来1个百分点的正面影响 汇率因素造成2个百分点的负面影响 [3] - 美国国内旅游需求疲软 入境客流减少 对B2C业务造成压力 [4] - B2B业务保持双位数增长 主要得益于亚太地区表现强劲 新增供应合作伙伴和产品整合 [5] - 广告收入增长强劲 得益于合作伙伴参与度提升和新视频广告解决方案 AI驱动的竞价优化工具提高了平台采用率和广告主回报率 [6] 盈利能力 - 调整后EBITDA利润率预计同比提升75-100个基点 [7] - 运营效率提升措施包括员工优化和忠诚度计划改进 [7] - 成本控制措施持续推进 包括影响约4%员工的架构调整 [7] 其他公司业绩预告 - Central Garden & Pet (CENTA) 预计第三季度盈利超预期概率高 年内股价上涨8.2% [10] - Accel Entertainment (ACEL) 预计第二季度盈利超预期概率高 年内股价上涨15.3% [11] - Amer Sports (AS) 预计第二季度盈利超预期概率高 年内股价上涨38.4% [11]

Booking Holdings Inc (BKNG) 资金流入事件分析 核心观点 - Booking Holdings Inc (BKNG) 在5月22日09:50AM出现显著的资金流入信号(Power Inflow)，价格为5296.03美元，该信号被交易员视为机构资金("聪明钱")进场的重要指标，可能预示股价上行趋势 [3][5] - 资金流入信号发生后，BKNG股价最高达5351.80美元(较信号触发价上涨1.1%)，收盘价5341.91美元(上涨0.87%)，验证了信号的短期有效性 [7] 资金流入信号特征 - 该信号发生在开盘后两小时内，通常反映机构当日交易方向，对判断全天趋势具有参考价值 [5] - 属于订单流分析(Order Flow Analytics)范畴，通过分解零售与机构订单流的速度、规模、时间等特征识别交易机会，被活跃交易者视为看涨信号 [4] 市场影响 - 资金流入信号触发后，BKNG股价呈现持续上涨动能，最高涨幅与收盘涨幅均超过0.8%，显示机构买入压力 [7] - 订单流分析工具可帮助市场参与者更精准识别交易机会，但需结合其他分析工具形成完整交易策略 [6] 数据来源 - 行情数据由Benzinga API及合作机构(如tradepulse.net)提供，包含实时期权交易警报功能 [6][7]

报告公司投资评级 - 报告对Trip.com的投资评级为“BUY” [1] 报告的核心观点 - Trip.com 2025年第一季度总营收139亿人民币，同比增长16%，非GAAP运营收入40亿人民币，比预期高7%，整体旅游需求有韧性，国内外业务预订量增长超行业，海外扩张步入正轨，虽短期投资影响盈利增长，但长期有价值，维持2025 - 2027年营收和盈利预测，基于DCF的目标价70美元，对应20倍2025年非GAAP市盈率 [1] 根据相关目录分别进行总结 公司概况 - Trip.com市值450.466亿美元，3个月平均成交额1.68亿美元，52周最高价75.06美元，最低价39.32美元，总发行股份7.107亿股 [2] - 百度实体持股10.8%，摩根士丹利持股5.8% [3] 股价表现 - 1个月绝对涨幅14.7%，相对涨幅 - 4.9%；3个月绝对涨幅 - 5.4%，相对涨幅 - 3.5%；6个月绝对涨幅 - 2.7%，相对涨幅 - 3.6% [4] 业务展望 - 预计2025年第二季度国内业务预订量持续增长，酒店预订量同比增长10 - 15%，交通票务量个位数增长，国内住宿ADR同比降幅收窄；出境机票和酒店预订量一季度超2019年水平120%，二季度有望延续，下半年业务收入增长面临高基数；纯国际业务一季度占集团收入13%，同比增长超50%，下半年有望加速增长，二季度预计营收146亿人民币，同比增长15% [7] 盈利情况 - 2025年第一季度非GAAP运营利润率29.2%，比预期高1.7个百分点，主要因销售和营销支出优化，但Trip.com收入贡献增加致毛利率低于预期；预计维持投资计划实现国际扩张，成熟市场贡献利润率有望提升，快速增长市场目标是扩大份额，新市场进行早期基础设施投资，虽短期影响盈利增长，但长期有益；预计2025年第二季度/2025年非GAAP运营利润44亿/180亿人民币，同比增长3%/11% [7] 财务数据 |项目|2023A|2024A|2025E|2026E|2027E| |----|----|----|----|----|----| |营收（人民币百万元）|44562|53377|61507|68908|75378| |同比增长（%）|122.2|19.8|15.2|12.0|9.4| |净利润（人民币百万元）|9918.0|17067.0|16339.1|17510.4|19454.3| |调整后净利润（人民币百万元）|13071.0|18041.0|17799.8|19612.1|21564.9| |同比增长（%）|910.1|38.0|(1.3)|10.2|10.0| |每股收益（调整后，人民币）|19.48|25.84|25.04|27.59|30.34| |市盈率（倍）|30.1|17.6|18.4|17.2|15.4| [8] 业绩对比与预测变化 - 2025 - 2027年营收和非GAAP盈利预测基本不变，2025年第一季度盈利超预期为海外扩张投资提供更多灵活性 [9] 估值情况 - 基于DCF的目标价维持70美元，对应20.1倍2025年非GAAP市盈率 [10] 财务摘要 - 提供2022 - 2027年损益表、资产负债表和现金流量表数据 [13][14]

财务表现 - 公司2025年第一季度营收达29 9亿美元 同比增长3 4% [1] - 每股收益0 40美元 较去年同期的0 21美元显著提升 [1] - 营收低于Zacks共识预期3 03亿美元 偏差-1 27% [1] - 每股收益低于共识预期0 42美元 偏差-4 76% [1] 运营指标 - 总预订量314 5亿美元 低于八位分析师平均预估的318 5亿美元 [4] - 实际入住间夜数/预订间夜数为108 超过七位分析师平均预估的106 [4] - 入住间夜数增长率6% 低于分析师预估的8 1% [4] - 商家模式预订量182 1亿美元 低于七位分析师平均预估的188 3亿美元 [4] 区域收入 - 国际收入11 6亿美元 低于三位分析师平均预估的12 2亿美元 但同比增长5 6% [4] - 美国收入18 3亿美元 略低于三位分析师预估的18 5亿美元 同比增长2 1% [4] 业务线表现 - B2C收入19 6亿美元 低于六位分析师预估的20 4亿美元 [4] - B2B收入9 47亿美元 高于五位分析师预估的9 2459亿美元 同比大增13 7% [4] - 住宿服务收入22 9亿美元 低于四位分析师预估的23 6亿美元 但同比增长2 7% [4] - Trivago收入8500万美元 远超四位分析师预估的7476万美元 同比激增21 4% [4] - 航空服务收入1 07亿美元 低于三位分析师预估的1 1441亿美元 同比下降7% [4] - 其他服务收入3 33亿美元 低于两位分析师预估的3 526亿美元 微增0 6% [4] 市场表现 - 公司股价过去一个月上涨3% 落后于Zacks标普500指数11 3%的涨幅 [3] - 当前Zacks评级为3级(持有) 预示短期表现可能与大盘持平 [3]

核心观点 - Expedia预计季度每股收益为0.42美元 同比增长100% 营收预计达30.3亿美元 同比增长4.8% [1] - 过去30天内分析师将每股收益预期下调4.9% 反映对初始估值的集体重新评估 [2] - 分析师预测B2B营收达9.2459亿美元 同比增长11% 住宿服务营收达23.6亿美元 同比增长6.1% Trivago营收达7476万美元 同比增长6.8% [5] - 国际营收预计达12.2亿美元 同比增长11.3% 美国营收预计达18.5亿美元 同比增长3.3% [7] - 总预订量预计达318.5亿美元 高于去年同期的301.6亿美元 [7] 财务指标预测 - 航空服务营收预计达1.1441亿美元 同比下降0.5% 广告媒体及其他营收预计达2.7737亿美元 同比增长12.3% [6] - 入住间夜数/预订间夜数预计为106 高于去年同期的101 入住间夜数增长率预计为8.1% 高于去年同期的7% [8] - 商家模式预订量预计达188.3亿美元 高于去年同期的168.6亿美元 代理模式预订量预计达138.1亿美元 高于去年同期的133亿美元 [8][9] 市场表现 - Expedia股价过去一个月上涨14.1% 同期标普500指数仅上涨0.4% [9]

旅游行业复苏 - Trip com在即将到来的五一假期入境旅游订单数量同比增长173% [1] 研究机构优势 - Astrada Advisors在投资研究领域拥有全球领先投行的强劲业绩记录 [1] - 研究机构专注于科技、媒体、互联网和消费行业，覆盖北美和亚洲市场 [1] - 结合严格的基本面分析和数据驱动洞察，提供对关键趋势、增长动力和竞争格局的细致理解 [1] - 通过及时研究和全面行业动态分析，帮助投资者把握波动市场和新趋势 [1]