《大行報告》高盛下調中國中免(01880.HK)目標價至263元 首季業績符預期
高盛發表報告指,中國中免(01880.HK)首季純利按年下跌10%,達到23億元人民幣,符合該行及市場預期。期內收入按年增長近24%至208億元人民幣,創歷史新高,高盛認為是受到海南DFS門店銷售增長進一步加速所推動。該行又指,去年下半年毛利率大幅下滑後,今年起已見到有所改善,首季毛利率按季顯著回升9個百分點至29%,惟未完全恢復至去年上半年水平。
管理層解釋主要由於美元兌人民幣走強,導致產品採購成本增加,以及期內有推出不少促銷折扣,預期營銷活動於今年首季末開始逐漸減少,加上最新出境旅遊數據,以及利潤率指引,高盛將中國中免2023至2025財年每股盈利預測下調6%至10%,目標價則由280元下調至263元。
高盛稱,該股今年以來累跌約25%,市場對中國居民出國旅遊需求提升感到擔憂,預期未來DFS銷售將因此放緩,該行認為市場或對此過份悲觀;管理層對未來利潤率回升充滿信心,或有助於緩解投資者短期內市場盈測進一步下調的憂慮,維持「買入」評級。
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