You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨銀河證券:中國中免業績符合預期 24年關注租金費用優化、政策催化
銀河證券研報指出,中國中免(601888.SH)2023年業績符合預期,Q4需求恢復較為平穩,盈利改善預計受益費用優化、管理提效參考海口海關數據,Q4海南離島免税銷售額89億元/同比+14%,購物人次151萬人次/同比+74%,人次增長與海南機場客流增長趨勢一致,整體表現平穩。24年銷售增長有望保持穩健,租金優化、市內店政策有望提供增量整體看,考慮元旦假期國內遊、出境遊人次均出現環比改善,公司機場、海南離島免税渠道增長預計仍將保持平穩增長。該行認為中國免税行業底層邏輯未變,中國中免卡位國內核心免税流量渠道,伴隨消費復甦推進,公司離島+機場+線上+市內多維佈局將打開長期空間。預計2023-25年歸母淨利至67、88、113億元,對應PE各為23X、18X、14X,維持“推薦“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.
uSMART
Wealth Growth Made Easy
Open Account