《大行報告》中信証券:中國中免(01880.HK)補充協議落地 機場渠道盈利優化
中信証券發表報告指,中國中免(01880.HK)與上海、北京核心機場免稅店補充協議落地,保底租金及扣點率均較此前合同為低,機場渠道租金壓力減輕、未來業績確定性增強,並強化與機場方的利益綁定,有助於共克時艱。
中信証券指,當前免稅行業短期仍受挑戰,判斷隨海南旺季到來、出入境客流恢復進度提升等因素,公司經營數據有望企穩回升。伴隨股價下跌,負面情緒持續出清,公司估值落入歷史低位,建議積極關注公司經營拐點。
該行預計近期有望開業的三亞國際免稅城一期二號地、未來與太古將強強聯手打造的旅遊零售新地標將為公司中長期維度發展奠定增長動能。由於離島免稅銷售額弱於預期,該行下調2023至2025年淨利預測分別至65.40/80.20/95.71億元人民幣,原預測為72.77/96.18/115.18億元。考慮匯率及流動性,給予H股目標價115港元,維持「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.