研報掘金丨國泰君安:維持中國中免“增持”評級,機場免税業務持續向好
國泰君安研報指出,中國中免(601888.SH)24Q4利潤率繼續下探,期待消費回暖。公司鞏固拓展機場渠道,機場免税業務持續向好,北京機場(含首都國際機場、大興國際機場)免税門店收入同比增長超過115%,上海機場(含浦東國際機場、虹橋國際機場)免税門店收入同比增長近32%。優化市內店業務佈局,積極拓展新增城市市內店項目,已先後中標深圳、廣州、西安、福州4 家市內免税店項目,大連市內免税店煥新開業。推進海外業務佈局,實現新加坡樟宜機場、香港國際機場精品店開業,東京銀座珠寶類品牌免税專櫃及斯里蘭卡免税店開業。參考同行業可比公司估值,考慮中國中免行業龍頭地位穩固,給予2025年略高於行業平均的32 倍PE,下調公司目標價至78.08元,維持“增持”評級。
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