業績全線下滑，Q4淨利跌超七成，“免稅茅”增長故事結束？
昨日，“免稅茅”中國中免發佈了2024年財報，公司營收、淨利潤雙雙下跌。
截至昨日收盤，中國中免A股股價報61.61元/股，總市值1275億元。
Q4淨利跌超7成
2024年，中國中免的各項業績指標全線下滑。
受市場環境及行業週期等多重因素影響，中國中免實現營收564.74億元，同比下滑16.38%；歸母淨利潤爲42.67億元，同比下滑36.44%；扣非淨利潤爲41.44億元，同比下滑37.7%。
期間，由於銷售收款減少，中國中免經營活動產生的現金流量淨額同比下降47.51%。
單看第四季度，中國中免實現營收爲134.53億元，同比下滑19.46%；淨利潤爲3.48億元，同比下滑76.93%；扣非淨利潤爲2.71億元，同比下滑81.42%。
具體來看，中國中免的免稅商品銷售收入爲386.66億元，同比下降12.58%；有稅商品的收入爲170.95億元，同比下降23.49%。
分析來看，中國中免業績惡化主要是因爲免稅行業不景氣。
2024年，全球免稅及旅遊零售市場仍處於復甦進程中。根據Generation研究機構的預測數據，2024年全球免稅及旅遊零售市場預計實現銷售額737.3億美元，同比增長2.5%，恢復到2019年的86.2%。
中國中免業務主要所在的海南免稅市場銷售承壓。
海口海關數據顯示，2024年海南離島免稅購物金額309.4億元，同比下降29.3%；
購物人數568.3萬人次，同比下降15.9%；購物件數3308.2萬件，同比下降35.5%。
受此影響，中國中免來自海南地區的收入爲288.92億元，同比大幅下滑27.13%。
此外，中國中免擬向全體股東每10股派發現金紅利人民幣10.5元，共計派發現金紅利21.72億元。
股價暴跌
過去5年，除了2022年淨利潤大幅下滑47.89%外，中國中免的淨利潤始終保持增長態勢，今年卻出現了大幅下滑，頗讓人意外。
而且，基本面惡化的同時，中國中免的股價跌跌不休，目前較2021年2月高點暴跌79%，回到了2019年2月的水平。
股價一路走低，最爲痛苦的還是中國中免的股東。截至今年2月28日，中國中免的股東總數爲29.77萬戶。
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