《大行報告》中金下調中國中免(01880.HK)目標價至170元 離島免稅銷售仍有所承壓
中金發表報告指,由於端午假期海南離島免稅銷售仍有所承壓,主要是居民消費力恢復仍處於爬坡期以及打擊代購,料中國中免(01880.HK)4月、5月毛利率按月回升,主因2022年12月至2023年2月人民幣匯率壓力按季有所緩解(採購成本對毛利率的影響通常滯後約1-2個季度),不過近期人民幣匯率再次出現波動,預計對公司後續毛利率或仍將產生一定影響;及產品折扣收窄趨勢延續。該行並建議投資者持續關注面積擴容及潛在市內政策、租金重談、封關政策等帶來的邊際影響。
該行將公司今年盈利預測分別下調12%至80億元人民幣,明年則下調15%至110億元人民幣,同時將其目標價下調21%至170元,維持其評級為「跑贏行業」。(ca/k)
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