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《大行報告》匯豐研究降中國中免(01880.HK)目標價至116.5元 新機場合約提升盈利能見度
匯豐研究發表報告指,中國中免(01880.HK)與上海、北京核心機場免稅店補充協議落地,提升今年盈利能見度。但海南島增長的不確定性可能仍會限制盈利的上升空間,將2023年和2024年的銷售額預測分別下調約3%。H股目標價由135元下調至116.5元,評級「買入」。 報告指,考慮到與2019年相比,更多樣化的免稅渠道帶來的人均銷售額貢獻較低,以及相對於完稅渠道的價格優勢縮小,目前假設其線下機場免稅店銷售額在2024年和2025年可恢復到2019年水平的40%和50%。不過,新合同應為集團提供更合理的成本基礎,以提高其在機場免稅店的價格競爭力,並推動銷售。這將使機場免稅店的淨利潤率從2023年的盈虧平衡回歸到2024年的低單位數正值。
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