中國中免(01880.HK)續跌逾3%創逾一個月低 高盛指業績遜預期料短期承壓
中國中免(01880.HK)上周五(3日)收市後公布去年業績快報,營業總收入544.6億元人民幣,按年下跌19.5%;淨利潤50.2億元人民幣,按年倒退48%。該股(01880.HK)四連跌,今日(6日)低開2.2%,報224元後,最低見220元創近一個半月低;現報220.6元,跌3.67%,成交57.8萬股,涉資1.28億元。
高盛發表報告,指中國中免去年純利遜該行及市場預期的介乎65億至70億元人民幣(下同),意味去年末季純利僅3.97億元,按季跌43%,主因去年10月海口國際免稅店開幕帶來額外經營開支;在年底旺季更大定價折扣及推廣活動,即使公司指毛利率按季穩定;以及類同較早年份的潛在庫存減值。正面來說,即使內地去年末季疫情反彈,公司末季收入按季增29%至151億元,與2020末季及2021年相差不遠。
旅業股過去兩至三個月升勢強勁,該行料鎖定利潤活動持續,公司股價短期承壓,但長遠展望正面,因邁向五一黃金周,海南銷售復甦料進一步加快,更多一般旅客將會到訪;更多出境國外旅遊料帶來免稅店額外收入,不一定蠶食海南收入。該行維持予中國中免「買入」評級,續列確信買入名單,H股目標價維持288港元不變;另對其2023至2025財年每股盈測大致不變。
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