研報掘金丨中銀證券:維持中國中免“買入”評級,短期內建議關注口岸店的恢復
中銀證券研報指出,中國中免(601888.SH)24年歸母淨利潤42.67億元,同比-36.44%,公司整體業績承壓。離島渠道市佔率穩步提升,近期免稅銷售額降幅收窄。海南島封關臨近,公司持續推進海南地區的重點物業建設,有望享受島內零售市場的紅利。25M1-2 海南離島免稅銷售額爲84.1 億元,同比-13.3%,近期銷售額降幅有所收窄,且整體客單價有所提升。國際航班持續恢復,口岸免稅銷售實現大幅增長。另外,公司積極佈局市內免稅,有望貢獻業績增量。短期內建議關注口岸店的恢復,中長期建議關注公司市內店逐步落地貢獻業績,並仍看好公司作爲龍頭企業在各渠道的完善佈局。當前公司估值已基本消化,維持“買入”評級。
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