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携程takerate对比海外国际巨头
携程takerate对比海外国际巨头
其它
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所属报告:
携程集团-港股公司研究报告-出境复苏拐点已至海外长期前景广阔重申强烈推荐-240417(20页).pdf
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fCDnsbvliKsgfCBUaWtUb2sgU2hvcCBUYWtlLVJhdGUgfCDlj5jljJYgfAp8IC0tLSB8IC0tLSB8IC0tLSB8CnwgRk1DRyB8IDIwJSB8IOS4iuWNhyB8CnwgRWxlY3Ryb25pY3MgfCAxOCUgfCDkuIrljYcgfAp8IEZhc2hpb24gfCAxNiUgfCDkuIrljYcgfAp8IExpZmVzdHlsZSB8IDE0JSB8IOS4iuWNhyB8CgrotYTmlpnmnaXmupDvvJpjdWJlLmFzaWEsIOW5v+WPkeivgeWIuOWPkeWxleeglOeptuS4reW/gw==
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fCDlubTku70gfCDkuqTmmJPpop1HTVbvvIjkur/vvIkgfCB0YWtlIHJhdGUgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS18CnwgMjAxOCB8IDI0ICAgICAgICAgICAgIHwgMC40OCUgICAgIHwKfCAyMDE5IHwgODMgICAgICAgICAgICAgfCAyLjQzJSAgICAgfAp8IDIwMjAgfCAxNTAgICAgICAgICAgICB8IDQuMDklICAgICB8CnwgMjAyMSB8IDI0NiAgICAgICAgICAgIHwgNC41NyUgICAgIHwKfCAyMDIyIHwgMjY3ICAgICAgICAgICAgfCA0LjQ3JSAgICAgfAp8IDIwMjMgfCAyNDMgICAgICAgICAgICB8IDUuMzklICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzmsJHnlJ/or4HliLjnoJTnqbbpmaI=
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fCDpobnnm64gICB8IOS6mumprOmAiiAgfCDkuqzkuJwgICB8IOmYv+mHjCAgIHwKfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IOW5v+WRiiAgIHwgMTIlICAgIHwgNC43NSUgIHwgMy40MCUgIHwKfCDplIDllK7kvaPph5EgfCAxNCUgICAgfCAxLjAwJSAgfCAgICAgICAgfAp8IOWxpee6piAgIHwgMTAlICAgIHwgNC4yMSUgIHwgMC41NSUgIHwKfCDotKfluIHljJbnjocgfCAzNiUgICAgfCA5JSAgICAgfCA1JSAgICAgfAoK6LWE5paZ5p2l5rqQ77ya6a2U5pa544CB5Zu95rOw5ZCb5a6J6K+B5Yi456CU56m2
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图表172022年各平台takerate构成
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移卡:Takerate和毛利率
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拼多多的takerate快速提升
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图27、360数科净Takerate变化
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其它
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行业数据
2022-12-26
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及竞价方面相比同业本就更具优势;另一方面,不同于国内其他 ota 供应商在出境领域多集中于当地批发商及第三方 ota 平台采购,携程在出境供应链拓展方面采用直采+合作的方式,目前约 50%的出境/海外酒店已经实现了直采,约 40%来自于当地的批发商,剩下少数则来自于Booking 及 Expedia 等国际第三方 ota 巨头。随着疫情期间国内出境游产业链大规模出清,而携程于过去三年期间持续深化海外布局,纯海外业务与出境游业务可共享供应商协同互利,目前公司已与多地供应商形成长期合作关系,使得公司在出境产品端议价能力及产品多样性方面领跑国内同业;而对比于品牌及规模效应同样强大的 Booking/Expedia 等国际 ota 龙头,携程得益于交通与住宿业务平衡发展带来的交叉销售优势(23 年携程交通、酒旅收入占比 41.4%/38.8%,而 Expedia 为3.2%/79.9%,booking 预计交通占比不足 10%),以及相对较低佣金抽成(携程酒店预订 take rate 约为 8%-10%,Booking 约为 12%-14%),在获取境外/海外产品及订单上也具备一定优势区间。
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