商贸零售 | 证券研究报告 — 业绩评论 2024年4月24日 601888.SH 中国中免 买入 毛利率持续提升，口岸渠道修复可期 原评级：买入 市场价格:人民币 71.72 公司发布 2024 年一季度业绩报告。24Q1 公司实现营收 188.07 亿元，同比 板块评级:强于大市 -9.45%；归母净利润23.06亿元，同比+0.25%；扣非归母净利润22.99亿元， 同比+0.15%。公司盈利能力持续优化，短期内建议关注口岸渠道的修复，中 长期仍看好公司在各渠道的完善布局，维持买入评级。 股价表现 支撑评级的要点 4%  Q1营收短期承压，口岸渠道逐步恢复。24Q1公司实现营收188.07亿元， (8%) 同比-9.45%；归母净利润23.06亿元，同比+0.25%；扣非归母净利润22.99 (20%) 亿元，同比+0.15%。我们预计营收下滑主要受离岛免税销售拖累，口岸 (32%) 店受益于客流恢复营收占比预计有所提升。 (44%)  毛利率稳步提升，机场减租改善费用。得益于商品结构及会员体系的优 (56%) rp 3A -2 ya 3M -2 n 3uJ -2 gu 3A -2 pe 3S -2 ...

股 票 研 究 [Table_industryInfo] 社会服务业/社会服务 [ Table_Main[中ITnaf 国bol]e 中_Ti免tle]( 601888) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 毛利率提升，库存水平优化 目标价格： 102.60 上次预测： 102.60 公 ——中国中免2024Q1季报点评 当前价格： 71.72 司 刘越男(分析师) 宋小寒(研究助理) 2024.04.24 更 021-38677706 010-83939087 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 报 证书编号 S0880516030003 mS0 880122070054 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 71.72 1- 41 86 ,3 3. 78 99 告 本报告导读： 总股本/流通A股（百万股） 2,069/1,952 公司毛利率优化，盈利能力改善，机场渠道加速恢复。 流通 B股/H股（百万股） 0/116 流通股比例 100% 日均成交量（百 ...

中国中免（601888.SH）2024年一季报点评 业绩符合预期，盈利能力改善库存优化 2024年04月24日 ➢ 业绩简述：24Q1公司实现收入188.07亿元/yoy-9.45%，营业利润为29.08 推荐 维持评级 亿元/yoy-7.78%，利润总额为29.10亿元/yoy-7.81%，所得税率为16%/yoy- 当前价格： 71.72元 5.6pcts，归母净利润 23.06 亿元/yoy+0.25%，扣非归母净利润为 22.99 亿元 /yoy+0.15%，非经常性损益为736万元。24Q1公司所得税率有所下降，带动 公司归母净利润同比增长。 ➢ 汇率波动管控良好叠加出入境业务恢复，盈利能力同比改善。24Q1公司毛 [Table_Author] 利率为33.31%/yoy+4.3pcts，公司盈利能力稳中有升，我们认为或与人民币汇 率优化，采购成本下降有关，去年同期受到人民币汇率波动公司采购成本有所提 升致使毛利率有所承压，此外24Q1随着出入境免税业务的进一步恢复，公司线 下业务占比不断回升，商品销售结构持续优化，进一步提升公司毛利率；费用端， 24Q1 公司销售费率/管理费率/财务费率分别为 1 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][6]. Core Views - The company's Q1 2024 revenue was 18.807 billion yuan, a year-on-year decline of 9.45%, while net profit attributable to shareholders increased by 0.25% to 2.306 billion yuan [3][4]. - The decline in revenue is attributed to the impact of Hainan's duty-free business, which saw a 24.5% year-on-year decrease in duty-free sales amounting to 12.764 billion yuan [3][4]. - The company's gross margin improved by 4.31 percentage points to 33.41%, and net margin increased by 1.08 percentage points to 12.95% in Q1 [3][4]. - The company is expected to benefit from the recovery of inbound and outbound duty-free business, with sales gradually rebounding as consumer sentiment improves [6][7]. Summary by Sections Financial Performance - Q1 2024 revenue: 18.807 billion yuan, down 9.45% year-on-year - Q1 2024 net profit: 2.306 billion yuan, up 0.25% year-on-year - Q1 gross margin: 33.41%, up 4.31 percentage points - Q1 net margin: 12.95%, up 1.08 percentage points [3][4][6]. Future Outlook - Revenue projections for 2024-2026 are 74.2 billion yuan, 90.4 billion yuan, and 111.6 billion yuan respectively, with corresponding P/E ratios of approximately 20.0, 16.4, and 13.3 [6][7]. - The company is positioned as a global leader in travel retail, with a favorable valuation compared to peers [6][7]. Market Conditions - The recovery of international flights and passenger traffic is significant, with Q1 2024 international and regional flights at 81.92% and 73.49% of 2019 levels respectively [4][6]. - The company has signed supplementary agreements with key airports to optimize commission rates compared to 2019 [4][6].

证券研究报告 | 2024年04月24日 中国中免（601888.SH） 买入 一季度高基数下归母净利润同比持平，毛利率有效提升 核心观点 公司研究·财报点评 2024年一季度公司归母净利润同比持平，与此前业绩快报一致。一季度，公 社会服务·旅游及景区 司实现营收188.07亿元/-9.45%；实现归母净利润23.06亿元/+0.25%；实 证券分析师：曾光 证券分析师：钟潇 现扣非业绩22.99亿元/+0.15%；与此前业绩快报一致。 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 收入分析：海南免税预计高基数下有所承压，机场出境免税收入同比提升。 S0980511040003 S0980513100003 2024Q1海南市场免税总销售额127.64亿元/-24.50%，估算客单价和购物人 证券分析师：张鲁 联系人：杨玉莹 010-88005377 0755-81982942 次各-21%/-5%，客单价拖累明显（2023Q1基数最高，此后受消费环境和香化 zhanglu5@guosen.com.cn ...

证券研究报告 公 2024年04月24日 司 报 告 中国中免(601888) │ 行 业： 商贸零售/旅游零售Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 71.72元 经营效率提升，盈利能力改善 季 目标价格： 94.12元 报 点 事件： 评 基本数据 公司发布 2024 年第一季度报告。24Q1 公司实现营收 188.1 亿元/同比- 总股本/流通股本(百万股) 2,068.86/2,068.86 9.4%，实现归母净利润23.1亿元/同比+0.2%，扣非归母净利润为23.0亿 流通A股市值(百万元) 140,031.55 元/同比+0.2%。与此前快报基本一致。 每股净资产(元) 27.14 ➢ 预计机场免税销售增长对冲海南收入下滑 资产负债率(%) 23.21 一年内最高/最低(元) 166.38/70.82 24Q1公司收入为188.1亿元/同比-9.4%，1）同期海南离岛免税销售额为 127.6亿元/同比-24.5%，消费力疲软+打击代购背景下，客单价仍是主要拖 股价相对走势 累因素。2）从机场出入境客流恢复程度看，Q1浦东机场/首都机场国际旅 中国中免 沪深300 客吞吐量恢复至 19 ...

2024年4月23日 公司研究 销售费用率环比下降，业务潜力有望进一步释放 ——中国中免（601888.SH）2024 年一季度业绩点评 要点 买入（维持） 当 前价：71.72元 中国中免1Q2024营业收入188.1亿元，归母净利润23.1亿元 2024年4月23日,中国中免（601888.SH）公布2024年一季度业绩：1Q2024 作者 公司营业收入188.1亿元，同比下降9.45%；归母净利润23.1亿元，同比增长 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 0.25%，对应基本每股收益1.11元；扣非归母净利润23.0亿元，同比增长0.15%。 CAIA FRM 成本费用管控良好，海南离岛免税阶段性承压 执业证书编号：S0930516050001 021-52523866 公司1Q2024毛利率33.31%，同比提升4.31pct，环比提升1.27pct。得益于公 tangjiarui@ebscn.com 司在优惠控制、价格统一等方面的努力，毛利率实现同环比提升。公司1Q2024 分析师：田然 的销售/管理费用率分别为12.84%/2.53%，同比分别提升2.98/0.38pct，环 ...

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免（601888） 2024 一季报点评：毛利率继续提升，销售费 2024 年 04月 23日 用率改善 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 54,433 67,540 79,544 94,921 110,678 执业证书：S0600522040001 同比（%） (19.57) 24.08 17.77 19.33 16.60 shiyx@dwzq.com.cn 归母净利润（百万元） 5,030 6,714 8,196 9,557 11,233 股价走势 同比（%） (47.89) 33.46 22.07 16.61 17.54 EPS-最新摊薄（元/股） 2.43 3.25 3.96 4.62 5.43 中国中免 沪深300 P/E（现价&最新摊薄） 29.50 22.10 18.10 15.53 13.21 -2% -8% -14% [ [TT aa ...

Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 296,063[2]. - The largest shareholder, China Tourism Group Co., Ltd., holds 1,040,642,690 shares, representing 50.30% of the total shares[2]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 130,933,968 shares, accounting for 6.33%[2]. - The company has not reported any significant changes in the status of pledged, marked, or frozen shares among the top shareholders[2]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for over 62%[2]. - The company has confirmed that there are no undisclosed related party transactions among the top shareholders[3]. - The report indicates that no major shareholder participated in margin financing or securities lending activities during the reporting period[4]. - The company has maintained a stable shareholder structure with no significant changes in shareholding percentages among the top shareholders[3]. Financial Performance - The company's operating revenue for the three months ended March 31, 2024, was RMB 18,807,168,696.39, representing a decrease of 9.45% compared to the same period last year[5]. - Net profit attributable to shareholders of the listed company was RMB 2,306,454,931.34, showing a slight increase of 0.25% year-over-year[5]. - The net cash flow from operating activities decreased significantly by 28.59%, amounting to RMB 5,301,855,586.86[5]. - Total assets as of March 31, 2024, reached RMB 80,252,536,507.12, reflecting a growth of 1.75% from the end of the previous year[5]. - Shareholders' equity attributable to the listed company increased by 4.31% to RMB 56,152,200,758.25 compared to the end of the previous year[5]. - The weighted average return on net assets decreased by 0.45 percentage points to 4.19%[5]. - The company reported a total of RMB 7,363,093.24 in non-recurring gains and losses for the reporting period[6]. Cash Flow and Assets - Cash and cash equivalents increased to RMB 36,385,670,879.44, up from RMB 31,838,425,096.10 at the end of the previous year[7]. - The company's inventory decreased to RMB 17,593,450,843.28, down from RMB 21,056,914,824.36 at the end of the previous year[8]. - Current liabilities totaled RMB 14,240,916,287.69, a decrease from RMB 15,328,502,011.00 at the end of the previous year[9]. - The total assets as of March 31, 2024, amounted to RMB 80,252,536,507.12, an increase from RMB 78,869,406,192.71 as of December 31, 2023[10]. - The total liabilities decreased to RMB 18,628,723,894.60 from RMB 19,687,771,057.47, reflecting a reduction of 5.39%[10]. - The equity attributable to shareholders increased to RMB 56,152,200,758.25 from RMB 53,833,949,495.02, marking an increase of 4.83%[10]. Earnings and Expenses - Basic earnings per share for Q1 2024 were RMB 1.1148, down from RMB 1.3129 in Q1 2023, a decrease of 15.06%[13]. - The company reported a total comprehensive income of RMB 2,444,902,061.57 for Q1 2024, compared to RMB 2,162,078,538.60 in Q1 2023, an increase of 13.06%[13]. - Research and development expenses for Q1 2024 were RMB 355,002.40, significantly lower than RMB 699,056.60 in Q1 2023, a decrease of 49.05%[12]. Cash Flow Activities - Operating cash flow for Q1 2024 was RMB 5,301,855,586.86, a decrease of 28.5% from RMB 7,424,636,587.15 in Q1 2023[14]. - Cash inflow from operating activities totaled RMB 19,479,675,572.83, down 15.8% from RMB 22,896,726,189.80 in the same period last year[14]. - Cash outflow from operating activities was RMB 14,177,819,985.97, a reduction of 8.4% compared to RMB 15,472,089,602.65 in Q1 2023[14]. - Net cash flow from investing activities was -RMB 418,523,186.44, slightly worse than -RMB 408,159,228.50 in Q1 2023[15]. - Cash inflow from investing activities increased significantly to RMB 425,793,309.00 from RMB 109,481.25 year-over-year[15]. - Cash outflow from investing activities rose to RMB 844,316,495.44, compared to RMB 408,268,709.75 in the previous year[15]. - Net cash flow from financing activities was -RMB 256,125,481.32, worsening from -RMB 94,431,487.35 in Q1 2023[15]. - The impact of exchange rate changes on cash and cash equivalents was -RMB 79,764,135.76, an improvement from -RMB 617,894,179.16 in the same quarter last year[16]. - The net increase in cash and cash equivalents for Q1 2024 was RMB 4,547,442,783.34, down from RMB 6,304,151,692.14 in Q1 2023[16]. - The ending balance of cash and cash equivalents reached RMB 36,299,634,567.48, up from RMB 32,066,294,878.78 a year earlier[16].

证券代码：601888 证券简称：中国中免 公告编号：临 2024-014 中国旅游集团中免股份有限公司 第五届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第十一次 会议于 2024 年 4 月 9 日以电子邮件方式发出通知，于 2024 年 4 月 23 日在公司会议 室召开。本次会议应参加表决董事 5 人，实际参加表决董事 5 人：王轩、陈国强、 葛明、王瑛、王强。会议由董事长王轩主持，公司监事和部分高级管理人员列席了 会议。本次会议的召开符合《公司法》等法律、行政法规、部门规章、规范性文件 以及《公司章程》的有关规定。 二、董事会会议审议情况 具体内容详见公司于同日在《证券日报》《上海证券报》、上海证券交易所网 站（www.sse.com.cn）披露的《公司 2024 年第一季度报告》。 2、审议通过《公司 2023 年度内部审计工作报告及 2024 年内部审计工作计划》 提交董事会审议前，该议案已经公司审 ...