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A股異動丨中國中免AH股均升超5%,與兩大機場簽訂補充協議,優化盈利
中國中免A股盤中拉昇升超5%報82.6元,H股升超6%報73.25港元。公司與上海機場、首都機場分別簽訂機場免税店經營合同補充協議。主要條款為:1)通過升級改造,打造免税業務集聚區,吸引優質、有競爭力的品牌/單品入駐,提升購物體驗及便利性;2)提升免税業務宣傳力度;3)依託公司渠道優勢,增加口岸免税店核心商品品類,提升門店吸引力;4)租金條款:實際銷售額與保底銷售提成兩者取其高。機構點評稱:保底租金及扣點比例均有下調,新年度費率有望下行。根據此前協議,合同期限內虹橋機場總保底銷售額為20.7億,2019年浦東機場年保底銷售提成為35.3億,首都機場首年保底銷售額為30.3億,兩大機場實際銷售額扣點率在24.1%-47.5%之間不等。比照原協議,本次補充協議將大幅調減機場租金,2024年公司銷售費用率有望較疫情前顯着下降(疫情期間有機場租金返還),盈利空間將擴大。渠道深化綁定,合作共贏做大機場免税。市場對於線上業務、機場與市內店聯動、提貨等早有討論,本次補充協議落地,明確了雙方後續合作的各項細節;同時,建立激勵機制和競爭力新品獨立計算提成等條款提升了合作的靈活性,將進一步鼓勵機場門店加速走貨,從而激發經營活力,實現做大機場免税的目標,也是公司與核心渠道合作深化的具體表現。

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