《大行》花旗:中國中免(601888.SH)上半年盈警遜預期 目標71元人民幣籲「買入」
花旗研究報告指,中國中免(01880.HK)(601888.SH)發盈警,料上半年收入按年下降10%至281億元人民幣(下同),淨利潤按年下降21%至26億元。反映次季淨利潤為6.62億元,按年跌幅由首季的16%擴大至32%,淨利潤率按年下降2個百分點至5.8%。該行指,次季業績差過預期主要因收入復甦慢於預期、產品結構令毛利率下跌,以及品牌方補貼減少。基於低基數,該行預期公司2025年下半年有望恢復增長。
另外,海南自貿港將於今年12月18日實施全島封關,該行料中國中免長遠而言可受惠於海南的發展前景。不過隨著競爭加劇,零售營運能力比起授權更重要,這亦是公司目前的重點提升方向。現予A股目標價71元及「買入」評級。
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