《大行》花旗:中國中免(601888.SH)中期業績預告遜預期 料將受惠海南增長前景
花旗發表研究報告指,中國中免(01880.HK)(601888.SH)近日發出盈警,預計上半年收入按年跌10%至281億元人民幣,淨利潤降21%至26億元人民幣,意味着第二季的淨利潤爲6.62億元人民幣,跌幅擴大至32%。
該行表示,中國中免次季盈利遜於預期,主因可能是由於收入增長回升速度低於預期、產品組合變動令毛利率下降,以及品牌補貼減少。考慮到較低基數,該行預計公司今年下半年或會恢復增長。另外,海南自由貿易港將於今年12月18日正式啓動封關運作。長期來看,中國中免可能會受惠於海南的增長前景。不過,展望未來,由於競爭加劇,零售能力應比許可證更爲重要。
該行予公司A股目標價71元人民幣,評級爲「買入」。
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.