You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨東方證券:維持中國中免“買入”評級,目標價67.24元
格隆匯 07-11 14:46
東方證券研報指出,離境退稅和市內店紛紛落地,中國中免2Q25銷售有望築底回暖。公司在三亞國際免稅城一期的有稅商店,已開通境外旅客辦理離境退稅。同時6月開業的廈門市內免稅店,增設了國潮專區,精選國潮香化、醇香美酒、生活美學等核心品類,也成功落地離境退稅“即買即退”。未來來華的境外旅客,有望在公司更多線下門店享受免稅+離境退稅的一站式購物便利。另外,公司天津雙店落地在即,渠道擴張持續兌現。未來,公司將進一步通過“實體場景+IP聯動+社交運營”三軌並行來發掘市場消費潛力,打造沉浸式、社交型體驗。由於離島免稅銷售恢復節奏偏慢、客流復甦不及預期,下調了收入增速預期,同時調整了毛利率假設並上調了費用率假設。採用DCF絕對估值法,給予公司目標價67.24元,維持“買入”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.
uSMART
Wealth Growth Made Easy
Open Account