智通财经APP获悉，中国中免(01880)跌近4%，截至发稿，跌3.98%，报68.8港元，成交额9353.05万港元。 消息面上，大和近日研报指出，中国中免首季收入同比跌9.5%，盈利大致持平，主要因为有效税率下跌，收入受压则受去年同期高基数影响。该行估计，其销售毛利率今年将会继续改善，但人均消费下跌可能拖累整体表现。该行将其今明两年每股盈利预测下调25%至39%，以反映消费市道的市道的压力，将其评级由“买入”下调至“跑赢大市”，目标价由135港元下调至80港元。 此外，中国中免2023年财报显示，公司去年实现营业收入675.4亿元，同比增长24.08%；净利润67.14亿元，同比增长33.46%。尽管去年营收、净利实现双增长，但公司盈利水平与2021年高峰时期相比仍存在一定差距，归母净利润仅为2021年的七成。 ...

[Table_Page] 公告点评|旅游零售Ⅱ 证券研究报告 [中Table_国Title] 中免(601888.SH/01880.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 79.03元/72.50港元 毛利率改善，经营持续优化 合理价值 98.18元/90.07港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-10 ⚫ 业绩概况：公司发布2024年一季度业绩快报，2024Q1实现营收188.1 [相Tab对le_P市icQ场uote表] 现 亿元，同比-9.5%，利润总额29.1亿元，同比-7.8%，归母净利润23.1 亿元，同比+0.3%，扣非归母净利润23亿元，同比+0.2%。 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% ⚫ 利润总额增速和净利润增速差异较大，主要在于所得税税率整体有所 -23% 降低。此外多重因素推动公司盈利能力改善，其中毛利率同比提升 -35% 3.95pp至32.7%，净利率同比提升1.2pp至12.3%，我们预计主要受 -48% 益于：（1） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國•北京 2024年4月11日 （股份代號：1880） 董事會會議召開日期 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於2024 年4月23日（星期二）舉行董事會會議，藉以（其中包括）審議及批准本公司及其附 屬公司截至2024年3月31日止三個月的第一季度業績及其刊發，及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 王軒先生 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） 於本公告日期，董事會成員包括執行董事王軒先生及陳國強先生，及獨立非執行 董事葛明先生、王瑛女士及王強先生。 ...

Business Expansion and Operations - In 2023, the company opened the Sanya International Duty Free City C Zone, becoming the world's first standalone travel retail plaza specializing in fragrance products[12]. - The company successfully secured the operation rights for duty-free shops at Tianjin Binhai International Airport and three outbound duty-free shops in Yunnan, further consolidating its channel advantages in major domestic airports and ports[12]. - The company launched over 30 promotional events, including the Hainan offshore duty-free shopping festival, enhancing product offerings and service quality[12]. - The company established 14 "S Stores" (Super Service) to improve service standards and customer service capabilities, aligning with first-tier brand operations[12]. - The company obtained the operation rights for duty-free shops at Siem Reap Angkor International Airport in Cambodia and opened operations, as well as winning the rights for a boutique store at Singapore Changi Airport[12]. - The company is advancing the Sanya International Duty Free City Phase III project in collaboration with Swire Properties, aimed at enhancing long-term development[12]. - The company expanded its operations to include duty-free shops on cruise ships, such as the "Ida Magic" and "Mediterranean" cruise lines[12]. - The company continues to enhance its brand offerings and service quality in the Hainan offshore duty-free market, contributing to the construction of the Hainan Free Trade Port[12]. - The company is focused on optimizing its business layout to become a world-class travel retail operator[12]. Financial Performance - In 2023, the company achieved a revenue of RMB 67,540 million, an increase of RMB 13,107 million (24.1%) compared to RMB 54,433 million in 2022[14]. - The gross profit for 2023 was RMB 20,853 million, up by RMB 5,993 million (40.3%) from RMB 14,860 million in 2022, resulting in a gross margin of 30.88%[14]. - The net profit attributable to equity shareholders was RMB 6,790 million, representing an increase of RMB 1,676 million (32.8%) from RMB 5,114 million in 2022[14]. - The company’s total assets reached RMB 78,662 million, an increase of RMB 3,043 million (4.0%) from RMB 75,619 million in 2022[14]. - The total liabilities decreased to RMB 19,688 million, down by RMB 2,092 million (9.6%) from RMB 21,780 million in 2022[14]. - Cash and cash equivalents increased to RMB 31,752 million, up by RMB 5,990 million (23.2%) from RMB 25,762 million in 2022[14]. - The equity-to-debt ratio improved to 33.38%, a decrease of 7.07 percentage points from 40.45% in 2022[14]. - The company’s other income, including interest income, increased by 255.48% to RMB 1.49 billion in 2023, primarily due to new large-term deposits[33]. - The sales cost rose by 17.98% year-on-year to RMB 46.69 billion in 2023, driven by the increase in sales revenue[33]. Market Trends and Projections - In 2024, the company aims to strengthen its position as a leading global travel retail operator, focusing on strategic development in the tourism retail sector[13]. - The global duty-free and travel retail market is expected to achieve sales of USD 74.76 billion (approximately RMB 529.5 billion) in 2023, reflecting a year-on-year growth of 16.3%[29]. - The number of domestic tourists is expected to exceed 6 billion and domestic tourism revenue to reach RMB 6 trillion in 2024, recovering to or surpassing 2019 levels[29]. - The implementation of new policies is anticipated to gradually shift tourism consumption from post-pandemic recovery to sustained expansion[30]. Customer Engagement and Membership - The company expanded its membership base to over 32 million members, utilizing AI analysis for targeted promotions[13]. - The number of shoppers in Hainan's duty-free stores was 6.756 million, reflecting a year-on-year increase of 59.9%[26]. - The average shopping amount per person in Hainan was RMB 6,478[26]. Corporate Governance and Leadership - The company reported a significant leadership change with Wang Xuan becoming the Chairman of the Board and General Manager as of October 2023[61]. - Chen Guoqiang transitioned from General Manager to Vice Chairman in February 2023, indicating a strategic shift in management roles[62]. - The company has appointed several independent non-executive directors, enhancing governance and oversight capabilities[63]. - The company has a strong emphasis on human resources management, with Li Hui overseeing the Human Resources Department since September 2019[64]. - The leadership team has extensive experience in finance and management, with members holding advanced degrees and professional qualifications[62][63]. Risk Management and Compliance - The company has established a comprehensive risk management system, including the implementation of risk assessment and monitoring procedures[99]. - The company emphasizes the importance of compliance with legal regulations and has engaged external legal advisors for guidance[101]. - The company has implemented strict internal controls to manage confidential information and ensure accurate information disclosure[102]. - The board confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[106]. Employee Development and Training - The company conducted approximately 1,520 key training programs, with a total of 148,000 participants and 547,000 training hours completed, averaging 32.8 hours per employee[156]. - The online training platform "China Duty-Free Academy" was utilized, with 25 course topics and 15 live training sessions conducted in 2023, totaling over 410,000 participants[155]. - The average training hours per employee reached 32.8 hours in 2023, reflecting the company's commitment to employee development[156]. Shareholder Communication and Dividends - The company proposed a final dividend of RMB 1.65 per share for the year ended December 31, 2023, totaling RMB 3,413.62 million (tax included) based on the total number of shares issued as of the report date[120]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed and reviewed regularly[115]. - The company actively expanded investor communication channels through various formats, including performance briefings and investor reception days, ensuring effective interaction with investors[115]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance its ESG initiatives, having been listed in the "Top 20 ESG Excellence" at the 2023 International Climate Summit[71]. - The company has implemented detailed internal rules regarding environmental protection and has not incurred any additional costs due to environmental compliance as of December 31, 2023[122].

丨证券研究报告丨 公司研究丨点评报告丨中国中免（601888.SH） [Table_Title] 2024Q1 业绩快报点评：收入结构优化，盈利能 力改善 报告要点 [Table_Summary] 2024 年一季度，营业收入 188.07 亿元，同比-9.45%；营业利润 29.10 亿元，同比-7.72%；归 母净利润 23.08 亿元，同比+0.33%。预计 2024-2026 年公司归母净利润分别为 79、91、100 亿，对应当前股价的 PE 分别为 21、19、17X，维持"买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 陈佳 SAC：S0490517020001 SAC：S0490520080013 SAC：S0490513080003 SFC：BQT624 请阅读最后评级说明和重要声明 中国中免（601888.SH） cjzqdt11111 相关研究 01-17 [Table_Title 2024Q1 业绩快报点评：收入结构优化，盈利能 2] 力改善 [Table_Summary2] 事件描述 2024 年一季度，营业收入 188.07 亿元，同比-9.45%；营业利 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国中免（ ） 601888.SH [2T0a2b3le年_T业it绩le]点评：盈利能力改善，高分红回馈 股东 报告要点 [2T0a2b3le年_S是um公m司a各ry业] 态逐步走向常态化的一年，展望后市，海南免税业务，随着公司新店逐步走 向成熟、产品升级、结构多元化的优势持续放大，客流纷至，或将带动海南区域收入实现稳健 增长；机场口岸业务，随着出入境客流高水平修复，新租金合约生效，收入端和业绩端都将有 可期增量。预计2024-2026年公司归母净利润分别为75、91、100亿元，对应当前股价的PE ...

智通财经APP获悉，中国中免(01880)跌超3%，截至发稿，跌3.07%，报72.6港元，成交额1.11亿港元。 银河证券指出，公司1Q24营收下滑，主要因海南免税市场承压，被机场免税销售恢复所对冲。据海口海关数据，1-2月海南离岛免税销售金额同比下滑21%，其中客单价同比下滑19%，高于人次降幅（同比-3%），该行认为这主要反映2023年下半年对代购监管的加强所带来的影响，因代购的客单水平要显著高于散客。如果从客单价的环比变化看，该行预计自24年6月起，由代购监管带来的客单价层面的不利因素将逐步消除。 大和发布研报称，中国中免首季收入同比跌9.5%，盈利大致持平，主要因为有效税率下跌，收入受压则受去年同期高基数影响。该行估计，其销售毛利率今年将会继续改善，主要因为公司尝试避免价格竞争，以及清理库存大致已于去年完成，内部管理效益持续提升。旅游复苏将会推动机场销售增长，但人均消费下跌可能拖累整体表现。该行将其评级由“买入”下调至“跑赢大市”，目标价由135港元下调至80港元。 ...

智通财经APP获悉，大和发布研究报告称，将中国中免(01880)评级由“买入”下调至“跑赢大市”，将其今明两年每股盈利预测下调25%至39%，以反映消费市道的压力，目标价由135港元下调至80港元。 报告中称，公司首季收入同比跌9.5%，盈利大致持平，主要因为有效税率下跌，收入受压则受去年同期高基数影响。该行估计，其销售毛利率今年将会继续改善，主要因为公司尝试避免价格竞争，以及清理库存大致已于去年完成，内部管理效益持续提升。旅游復甦将会推动机场销售增长，但人均消费下跌可能拖累整体表现。 ...

[Table_Page] 年报点评|旅游零售Ⅱ 证券研究报告 [中Table_国Title] 中免(601888.SH/01880.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 82.01元/74.90港元 运营改善+盈利能力优化，增长可持续 合理价值 98.18元/89.67港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-09 ⚫ 业绩概况：2023 年公司实现营收 675.4 亿元，同比+24.1%，归母净 [相Tab对le_P市icQ场uote表] 现 利润67.1亿元，同比+33.5%，扣非归母净利润66.5亿元，同比+35.7%； 其中2023Q4实现营收167.03亿元，同比+10.9%，归母净利润15.1 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% 亿元，同比+274.7%，扣非归母净利润14.6亿元，同比+359%。公司 -23% 拟每10股派发现金股息16.5元（含税），分红比例提升至50.85%。 -35% ⚫ 新海港表现亮眼，机场销售快速恢复。受益于新 ...

公司研究 | 季报点评 中国中免 601888.SH 提升分红凸显价值，把握中免长线配置机 买入 （维持） 股价（2024年04月03日） 84.5元 遇 目标价格 111.49元 52周最高价/最低价 182.13/75.12元 总股本/流通A股（万股） 206,886/206,886 A股市值（百万元） 174,819 核心观点 国家/地区 中国 行业 餐饮旅游 ⚫ 业绩稳健，与预告业绩基本一致。中免23Q4营收167.03亿/+10.85%，归母净利润 报告发布日期 2024年04月10日 15.07亿/+274.72%，基本与此前预告业绩一致。毛利率32.0%，同比+11.1%，环 比-2.4%，同比提升主因折扣力度有效控制、会员积分制度改革、产品结构不断优 1周 1月 3月 12月 化，环比下降预计因低毛利率线上销售占比提升；销售费用率14.9%，同比 绝对表现% 1.59 -2.48 5.06 -53.85 +5.7%，环比-2.9%，虽因机场客流恢复租金开支增加导致费用率提升，但Q4机场 相对表现% -0.27 -3.33 -0.55 -41.07 条款修改后综合扣点率下降，故销售费用率环比回落 ...