智通财经APP讯，中国中免(01880)发布2024年第一季度业绩快报，截至2024年3月31日止叁个月，营业总收入约188.07亿元(人民币，下同)，同比减少9.45%;归属于上市公司股东的净利润23.08亿元，同比增长0.33%;基本每股收益1.1158元。 公告称，本报告期内，随着出入境免税业务的进一步恢复，公司线下业务佔比不断回升，商品销售结构持续优化。本报告期内，公司主营业务毛利率为32.70%，较去年同期增加了3.95个百分点，公司盈利能力稳中有升。 ...

Financial Performance - For Q1 2024, the total operating revenue was RMB 1,880.72 million, a decrease of 9.45% compared to the same period last year[2] - The net profit attributable to shareholders was RMB 230.83 million, reflecting a slight increase of 0.33% year-on-year[2] - The gross profit margin for the main business was 32.70%, an increase of 3.95 percentage points compared to the previous year[4] - Basic earnings per share for the period were RMB 1.1158, a 0.33% increase from RMB 1.1121 in the previous year[2] - The weighted average return on net assets decreased by 0.44 percentage points to 4.20%[2] Assets and Equity - Total assets at the end of the reporting period were RMB 8,025.44 million, up 1.76% from the beginning of the period[3] - Shareholders' equity attributable to the company was RMB 5,615.41 million, an increase of 4.31% from the beginning of the period[3] Business Operations - The company’s offline business has been recovering, leading to an improved sales structure[4] Data and Risks - The financial data presented are preliminary and may differ from the final report[5] - Investors are advised to pay attention to investment risks associated with the preliminary data[5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 2024 performance met expectations, with a gross margin recovery continuing. The company achieved a revenue of 18.807 billion yuan, a year-on-year decrease of 9.45%, and a net profit attributable to shareholders of 2.308 billion yuan, a year-on-year increase of 0.33% [2][3] - The sales proportion of duty-free luxury goods in Hainan has increased, with the average transaction value recovering due to an optimized sales structure [3] - There is significant growth potential for port duty-free sales in 2024, supported by the recovery of international passenger flow and improved cooperation mechanisms with airports [3] - The company maintains a solid market position and is expected to benefit from the gradual recovery of outbound tourism and domestic duty-free policies, with adjusted profit forecasts for 2024-2026 [3] Summary by Sections Financial Performance - For Q1 2024, the company reported a revenue of 18.807 billion yuan, down 9.45% year-on-year, and a net profit of 2.308 billion yuan, up 0.33% year-on-year. The gross margin for the main business was 32.70%, an increase of 3.95 percentage points year-on-year [2][3] - The net profit margin for Q1 was 12.27%, up 1.19 percentage points year-on-year and 3.25 percentage points quarter-on-quarter [3] Sales and Market Trends - The sales of duty-free goods in Hainan for January-February 2024 were 9.7 billion yuan, a year-on-year decrease of 21%, with 1.54 million shopping visits, down 3% year-on-year. The average transaction value was 6,320 yuan, compared to 7,791 yuan in January-February 2023 [3] - The sales structure improved, with luxury goods and cosmetics accounting for 52% and 38% of sales in February 2024, respectively [3] Future Outlook - The company is expected to see significant growth in port duty-free sales in 2024, with international passenger flow recovering to 50%-87% of 2019 levels at major airports [3] - The profit forecasts for 2024-2026 are adjusted to 8.2 billion, 9.56 billion, and 11.23 billion yuan, respectively, with corresponding P/E ratios of 21, 18, and 15 times [3]

公司研 究 证 券研究 报 告 旅游零售 2024年04月08日 中 国中免（601888）2023年报和 2024Q1快报点评 推 荐 （维持） 目标价：97元 分红提升，24Q1 毛利率改善 当前价：81.87元 事项： 华创证券研究所  2023年公司实现营收675.4亿元，同比增长24.1%，归母净利润67.1亿元，同 证券分析师：王薇娜 比增长33.5%，扣非归母净利润66.5亿元，同比增长35.7%；非经常性损益主 要为政府补助 1.5 亿元。经营活动产生的现金流量净额 151.3 亿元，EPS（基 电话：010-66500993 本）3.3元/股，加权平均ROE约13.1%。毛利率31.8%，净利率10.8%，分别 邮箱：wangweina@hcyjs.com 同比+3.4、-0.6pct。公司拟每股派息 1.65元（含税），合计派发现金红利 34.1 执业编号：S0360517040002 亿元，分红比例50.85%，较此前30%+分红率有明显提升。 证券分析师：吴晓婵  23Q4公司实现营收 167.0亿元，同比增长 10.8%，归母净利润 15.1亿元，同 邮箱：wuxiaochan@ ...

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智通财经APP获悉，中银国际发布研究报告称，维持中国中免(01880)“买入”评级，相信公司可受惠于海南的旅游政策和策略发展，目标价由110港元下调至108港元。 报告指出，中国中免早于今年1月时发布业绩快报，然而最新披露的详细业绩中，去年第四季盈利表现仍差过预期，季内经营溢利21.07亿元人民币，基于有4.03亿元人民币财务收入支持，因此仍高于前几个季度的1.44亿元人民币至2.76亿元人民币水平。 不过，该行认为市场欢迎中国中免透过提高股息分派来分享更多利润，相信公司未来重点仍是随着中国更多免签优惠令机场渠道恢复，以及海南的发展。中国中免持续的努力显示其在海南可享一定的竞争优势，从而确保其长期增长。 ...

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 中国中免（601888）公司年报点评 2024年04月02日 [Table_InvestInfo] 投资评级 优于大市 维持 2023 年收入 675 亿同比增 24%，分红比例大幅提升 股票数据 [Table_Summary] 0[4Ta月b0le2_日S收to盘ck价（In元fo）] 85.69 投资要点： 52周股价波动（元） 75.12-184.30 总股本/流通A股（百万股） 2069/1952 公司3月28日发布2023年年报。2023年实现收入675亿元，同比增长24.1%； 总市值/流通市值（百万元） 177281/177281 相关研究 归母净利润 67.1 亿元，同比增长 33.5%，扣非归母净利润 66.5 亿元，同比增 [《Ta 1Qbl 2e 3_利R润ep 2o 3r亿tIn降fo 1] 0.25%，汇率短期扰动 长 35.71%。摊薄 EPS 为 3.2 元；净资产收益率 13.12%，经营性现金流净额 151.3亿元。2023年分红预案：向全体股东每10股派发现金红利 16.50元（含 不改龙头价值 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 67.54 billion yuan, a year-on-year increase of 24.1%, and a net profit of 6.71 billion yuan, up 33.5% year-on-year [2] - The recovery of duty-free business is significant, with duty-free sales revenue reaching 44.23 billion yuan, a 69.9% increase year-on-year [2] - The tourism market is expected to remain strong, with a predicted increase in domestic tourism participation by 24.9% in 2024, which will likely boost the company's sales [2] - The company is accelerating its market layout in Hainan, enhancing its competitive edge by introducing new brands and expanding its product offerings [3] - The company is expanding its international presence through partnerships with major airports and participation in industry events [3] - Earnings per share (EPS) forecasts for 2024-2026 are 3.83 yuan, 4.50 yuan, and 5.19 yuan, with corresponding dynamic price-to-earnings ratios of 22x, 19x, and 16x [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 67.54 billion yuan, with a gross margin of 31.8% and a net margin of 10.8% [2] - The sales expense ratio increased to 14.0%, reflecting higher leasing costs due to post-pandemic recovery in airport traffic [2] - The company’s financial expenses showed a significant decrease, with a financial expense ratio of -1.3% [2] Market Outlook - The company is expected to benefit from a high tourism market, with a 91.48% willingness to travel among residents in early 2024 [2] - The domestic tourism market is projected to grow significantly, which will likely enhance the company's duty-free sales [2] Strategic Developments - The company has added 177 new domestic and international brands in Hainan, strengthening its competitive position in the duty-free market [2] - New projects and expansions in Hainan, including the opening of new duty-free stores, are underway [3] Earnings Forecast - Revenue projections for 2024-2026 are 78.75 billion yuan, 90.29 billion yuan, and 103.24 billion yuan, with growth rates of 16.59%, 14.66%, and 14.34% respectively [4] - Net profit forecasts for the same period are 7.92 billion yuan, 9.30 billion yuan, and 10.74 billion yuan, with growth rates of 18.04%, 17.36%, and 15.44% respectively [4]

公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 RMB | | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 RMB | | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...