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《大行報告》中銀國際首予中國中免(01880.HK)「買入」評級 目標價221元
中銀國際發表報告,首予中國中免(01880.HK)H股「買入」評級,目標價221元。報告指,考慮到離岸海南分店擴張,即使內地維持防疫措施,料其市場領導地位仍未受挑戰。 報告料中免持續在海南的投資未來將獲得豐厚回報,並可抵禦來自周邊地區的競爭,因內地政府大力支持海南自貿區發展。考慮所有因素,該行料中國居民對在海南購買免稅品的需求仍佳,甚至在2025年及以後更強。考慮其在出行零售上的自然優勢,該行料中期而言投資中免是迎接旅遊業全方位復甦的最佳選項。 報告稱,今年因內地疫情反彈,中免面對具挑戰性的經營環境。不過,隨著內地放寬防疫限制,該行料其離岸免稅品銷售管線屬旅遊業全方位復甦的最先受惠者。在基本情境下,該行料其今年盈利跌54%,但中期而言,在2024年純利料達140億元人民幣,意味在2020至2024年間純利年均複合增長料達24%,如果中國旅遊業快速復甦,該估算有進一步上行空間。 該行補充,即使內地開關,料海南仍可吸引更多消費者,相反,香港及南韓料流失市佔向海南,特別是2025年以後。
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