《大行報告》匯豐研究降中國中免(01880.HK)目標價至135元 下調今年盈測
匯豐研究發表研報指,以中國企業會計準則計,中國中免(01880.HK)(601888.SH)第三季純利達到13.41億元人民幣,低於市場預測的16.35億元人民幣,指出集團的利潤一直受到銷售及成本壓力的影響。
因應最新業績表現,該行將2023至2025年各年收入預測下調6%、11%及19%;以中國企業會計準則計,A股盈利預測則下調20%、26%及30%,現時預期今年度收入將增長28.5%至699.64億元人民幣,亦降今年盈測20%,今年淨利潤料錄63.67億元人民幣,H股目標價由163.4港元降至135港元。
不過匯豐研究認為,盈利預測下調周期可能已完結,相信集團面對的租金壓力或於今年第四季見頂,隨著機場的免稅店恢復營運,公司支付租金建基於出境客量復甦,但實際出境流量轉換為銷售的情況則依然較預期差。
匯豐研究預計,集團對代購的打擊措施,以及自2023年下半年起會員積分政策的調整,可對明年全年毛利率產生正面影響,預測明年收入將增長16%至813億元人民幣,淨利潤料達到84.64億元人民幣,維持「買入」評級。
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