研報掘金丨五礦證券:維持中國中免“持有”評級,市內免稅有望帶來新增長點
五礦證券研報指出,中國中免(601888.SH)24年收入564.7億元,yoy-16.4%;歸母淨利潤42.7億元,yoy-36.4%。消費需求放緩影響營收及利潤增長:整體來看中國中免24年營業收入與淨利潤下滑仍然受到消費需求恢復不及預期影響。2024年中免積極拓寬渠道,中標廣州白雲國際機場、昆明長水機場等10個機場及口岸免稅項目經營權。另外,市內免稅有望帶來新增長點。公司市場地位較爲穩固,在政策扶持、消費恢復的總趨勢下有望恢復原增速,但也需考慮出境遊分流等客觀壓力。預計公司25/26/27年歸母淨利潤49/55/63億元,當前股價對應PE爲26倍/23倍/20倍,維持“持有”評級。
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