研報掘金丨太平洋證券:予中國中免“增持”評級,靜待消費復甦
太平洋證券研報指出,中國中免(601888.SH)24年實現歸母淨利潤42.67億元,同比下降36.44%;其中Q4實現歸母淨利潤3.48億元,同比下降76.93%。營收淨利雙降,多重因素影響下消費疲軟。從收入構成看,免稅商品銷售收入約386.66億元,同比減少12.58%;有稅商品銷售收入約 170.95億元,同比減少23.49%,跨境電商、海淘的競爭下,中免線上業務進一步收窄。受益於免籤國家範圍擴大、過境免籤政策優化以及國際客運航班量增加,公司在境內出入境免稅業務取得了較好成績。關注政策催化下的需求回暖以及中免市內免稅店運營情況,給予“增持”評級。
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