《大行》瑞銀:中國中免(601888.SH)次季盈利遜預期 料投資者反應負面
瑞銀發表研究報告指,中國中免(01880.HK)(601888.SH)上半年初步業績顯示收入及盈利將分別按年下跌10%及21%,淨利潤率下降1.3個百分點至9.2%。單計第二季,中國中免收入及盈利按年下跌8%及32%,淨利潤率降至6%,低於該行及市場預期。
瑞銀預期,中國中免第二季線上及線下免稅銷售分別下跌約20%及6%,主要由於化妝品產品受到多渠道競爭加劇的持續影響。海南免稅銷售第二季按年下降4%,較第一季改善,該行指出,海南業務盈利受壓,相信是由於促銷活動、政府消費券主要用於消費電子產品,及奢侈品銷售疲軟。瑞銀預計投資者將對中國中免初步業績作出負面反應,維持「中性」評級,A股目標價64.5元人民幣。
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