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《大行報告》花旗:中國中免(01880.HK)末季純利遜預期 維持「買入」看277元
花旗發表研究報告指,中國中免(01880.HK)日前公布去年度業績快報,淨利潤預期將按年下跌48%至50億元人民幣,收入下降20%至545億元人民幣,換言之2022年第四季公司淨利潤按年跌66%至3.97億元人民幣,收入則跌17%至150億元人民幣。 花旗指出,雖然中免的收入自去年第三季低位有所恢復,但第四季收入表現仍低於該行及市場預期,初步預期是由於毛利率較預期低,以及營運支出和資產減值損失高於預期所致。 展望2023年,海南政府將大力推動免稅行業發展,預期隨著被壓抑的旅遊需求回歸海南,中免將持續復甦,相信機場免稅業務反彈及市中心免稅政策將成為下一個催化劑。 因應業績快報,該行相應下調2022年預測,每股盈利預測由3.56元人民幣下調至2.499元人民幣,並基本維持今明兩年預測不變,目標價277元,評級「買入」。
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