研報掘金丨長江證券:維持中國中免“增持”評級,海南離島免稅銷售額或可期待企穩回升
長江證券研報指出,中國中免(601888.SH)24年實現歸母淨利潤42.67億元,同比-36.44%;Q4實現歸母淨利潤3.48億元,同比-76.93%。2024年公司利潤基本盤離島免稅銷售額下滑明顯,儘管機場口岸店線下銷售額修復,但盈利能力較弱,難以抵消海南市場的拖累。展望後市:海南離島免稅銷售額跌幅收窄,或可期待企穩回升,機場口岸等銷售額有望繼續隨着出境遊人次增加而增長。看好公司作爲免稅行業龍頭,憑藉核心渠道位置和規模化採購優勢,以及正品保障、產品組合的豐富度及消費者服務水平提升等經營優化,逐步走過需求低谷,重新進入業績穩步增長期。維持“增持”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.