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研報掘金丨申萬宏源研究:中國中免Q1業績符合預期,維持“買入”評級
格隆匯 05-12 15:39
申萬宏源研究指出,中國中免(601888.SH)公佈2025年第一季度報吿,期內業績雖同比下滑,但降幅較2024年第四季度有所收窄,業績符合預期。公司通過推動三亞國際免税城下沉花園改造、優化門店佈局、打造海口威士忌博物館及利用演唱會經濟等方式提升購物體驗和吸引客流。同時,公司成立海南區域運營中心以優化資源配置,並持續進行供應鏈優化,將提貨準備時間縮短至4小時。公司通過供應鏈整合、會員體系貫通、商品結構優化等措施,提升市內免税店的運營效率和客户體驗。中長期看好封關後海南離島免税商務客流的增長,市內免税業務作為新增長點,有望在後續季度逐步貢獻業績增量。考慮到線上銷售佔比預計有所提高,小幅下調公司盈利預測,預計25-27年歸母淨利潤為47.45/56.46/63.98億元(原值49.76/61.08/68.02億元),對應25-27年PE為27/23/20倍,維持“買入”評級。
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