在线旅游代理商（OTA）营销效率分析支持Booking Holdings（BKNG）的利润率扩张

USA | InternetEquity ResearchJune 17, 2025 John Colantuoni *  | Equity Analyst1 (212) 778-8634 | jcolantuoni@jefferies.comChristopher Suchecki *  | Equity Associate+1 (212) 778-8402 | csuchecki@jefferies.comVincent Kardos *  | Equity Associate+1 (212) 778-8569 | vkardos@jefferies.comSeth Cho *  | Equity Associate+1 (917) 344-1856 | scho4@jefferies.comBrent Thill *  | Equity Analyst(415) 229-1559 | bthill@jefferies.comAnalysis of OTA Marketing Efficiency SupportsMargin Expansion at BKNGMarketing strategy will play an increasing role in determining the trajectory ofOTA margins, especially as Gen AI continues to evolve the digital advertisinglandscape. Our deep dive suggests marketing efficiency is a tailwind to marginsfor BKNG and a headwind for EXPE, driven primarily by differing trajectories formerchandising. We remain Hold on both names, given conclusions from ourmarketing efficiency analysis appear reflected in current multiples.Not all marketing strategies are created equal: We defi