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 ...

公司董事会对王轩先生在担任总经理期间为公司发展做出的贡献表示衷心的感 谢！ 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。 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到总经 理王轩先生递交的书面辞职报告。王轩先生因工作调整原因，申请辞去公司总经理 职务。辞职后，王轩先生将继续在公司担任董事长、董事的职务。截至本公告披露 日，王轩先生未持有公司股份。 根据《公司法》等有关法律法规及《公司章程》的规定，王轩先生的辞职报告 自送达董事会之日起生效。 证券代码：601888 证券简称：中国中免 公告编号：临2024-010 中国旅游集团中免股份有限公司 关于总经理辞职的公告 2024 年 4 月 3 日 特此公告。 中国旅游集团中免股份有限公司 董 事 会 ...

证券代码：601888 证券简称：中国中免 公告编号：临2024-012 中国旅游集团中免股份有限公司 关于控股股东向公司提供委托贷款展期的公告 委托贷款展期的公告》（临 2022-005）、《关于控股股东向公司提供委托贷款展期的 公告》（临 2023-013）。 鉴于该项委托贷款将于 2024 年 4 月 3 日到期，且公司暂无增资扩股等计划，公 司拟对上述委托贷款进行展期处理，展期期限为三年，展期利率为 2.8%，不高于贷 款市场报价利率，公司对该项委托贷款无相应抵押或担保。 中国旅游集团为公司控股股东，财务公司为控股股东的控股子公司，根据《上海 证券交易所股票上市规则》等相关规定，该项委托贷款构成关联交易。 根据《上海证券交易所股票上市规则》的相关规定，该项委托贷款展期事项 可豁免按照关联交易方式进行审议和披露，无须提交股东大会审议。 一、委托贷款展期情况概述 2020 年 4 月，中国旅游集团中免股份有限公司（以下简称"公司"、"中国中免"） 控股股东中国旅游集团有限公司（以下简称"中国旅游集团"）将收到的国有资本经 营预算资金人民币 2 亿元通过中旅集团财务有限公司（原港中旅财务有限公司，以下 简称 ...

经与会董事认真讨论，会议审议通过了以下议案： 1、审议通过《关于增选公司第五届董事会非独立董事的议案》 证券代码：601888 证券简称：中国中免 公告编号：临 2024-011 中国旅游集团中免股份有限公司 第五届董事会第十次会议决议公告 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"）第五届董事会第十次会议 于 2024 年 3 月 28 日以电子邮件方式发出通知，于 2024 年 4 月 2 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 中国旅游集团中免股份有限公司 董 事 会 根据《公司法》等相关法律法规及《公司章程》的规定，经公司控股股东提名， 同意增选常筑军先生（简历详见附件）为公司第五届董事会非 ...

[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 ...

[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 ...

公 司 研 证券研究报告 究 ＃industryId＃ 商贸零售 ＃investSuggestion＃ ＃ ＃d 中yCo 国mp 中any＃免 （ 601888 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 全年分红超预期，存货逐季减少 ange＃ ＃ createTime1＃ 2024年 4 月 1 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry ：＃ 1 ）2023年，公司实现营业收入675.40亿元/同比+24.08%，归母净利润67.14亿元/ 司 日期 2024/03/29 同比+33.46%，扣非归母净利润66.52亿元/同比+35.71%；2）2023Q4，公司实现营业收入 点 收盘价（元） 85.42 167.03 亿元/同比+10.85%/环比+11.51%，归母净利润 15.07 亿元/同比+274.72%/环比 评 总股本（百万股） 2068.86 +12.44%，扣非归母净利润14.61亿元/同比+358.90%/环比+9.29%。 报 流通股本（百万股） 2068.86 ⚫ 全年整体来看：2023 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company achieved revenue of 67.54 billion yuan in 2023, a year-on-year increase of 24%, with net profit attributable to shareholders of 6.71 billion yuan, up 33% year-on-year [2] - In Q4 2023, the company's revenue was 16.7 billion yuan, up 11% year-on-year, and net profit attributable to shareholders was 1.51 billion yuan, a significant increase of 275% year-on-year [2] - The company's core sales channels, including Hainan and airport duty-free, showed recovery growth, with Hainan revenue reaching 39.65 billion yuan, up 14% year-on-year [3] - The company's Q4 2023 gross margin was 32%, the best level since Q4 2021, driven by improved management efficiency and optimized marketing strategies [4] - The company proposed a dividend of 1.65 yuan per share, with a dividend payout ratio of 51%, reflecting its commitment to shareholder returns [5] Business Performance and Strategy - The company's Haikou International Duty-Free City achieved revenue of 6.83 billion yuan in 2023, accounting for 24% of the Sanya business, and generated a profit of 33 million yuan [3] - The company's airport duty-free business, particularly in Shanghai, saw revenue of 17.8 billion yuan, up 26% year-on-year, with a net profit margin of 1.4% [3] - The company has expanded its investment in Hainan, including the second phase of Sanya Phoenix Airport Duty-Free Shop and the upgrade of Sanya International Duty-Free City, further solidifying its competitive advantage [3] - The company's gross margin for duty-free and taxable businesses in 2023 was 39.5% and 15.3%, respectively, with a slight increase in duty-free gross margin and a decrease in taxable gross margin [4] Financial Projections - The company is expected to achieve net profit attributable to shareholders of 8.2 billion yuan, 9.8 billion yuan, and 11.4 billion yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22X, 18X, and 16X [5] - The company's revenue is projected to grow by 15.06%, 15%, and 10% in 2024, 2025, and 2026, respectively, reaching 77.71 billion yuan, 89.37 billion yuan, and 98.31 billion yuan [9] - The company's EPS is expected to increase from 3.25 yuan in 2023 to 5.51 yuan in 2026, with a gradual improvement in dividend yield [9] Industry and Market Position - The company is well-positioned in the domestic duty-free market, with a multi-dimensional layout covering island, airport, online, and urban duty-free, which is expected to drive sustained growth [5] - The recovery of international flights and the optimization of airport rental agreements are expected to significantly improve the company's profitability in 2024 [4] - The company's introduction of top luxury brands like LV in Hainan further strengthens its competitive position in the island duty-free market [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company reported a revenue of 67.54 billion yuan for 2023, representing a year-on-year growth of 24.1%. The net profit attributable to shareholders was 6.714 billion yuan, up 33.5% from the previous year, with a net profit margin of 9.9%, an increase of 0.7 percentage points [5]. - The fourth quarter of 2023 saw a revenue of 16.703 billion yuan, a 10.9% increase year-on-year, and a net profit of 1.507 billion yuan, which is a significant growth of 275% compared to the same quarter last year [5]. - The company’s gross profit margin for its main business was 31.8%, up 3.4 percentage points year-on-year, with the fourth quarter gross profit margin reaching 32.0%, an increase of 11.1 percentage points [5]. - The company’s dividend payout ratio exceeded expectations, with a proposed cash dividend of 1.65 yuan per share, totaling approximately 3.414 billion yuan, resulting in a cash dividend ratio of 50.85%, higher than the historical average of around 30% [5]. - The report highlights the successful ramp-up of the Haikou International Duty-Free City project, which achieved profitability ahead of schedule, contributing to the overall positive performance [5]. Financial Summary - For 2023, the company achieved total revenue of 67.54 billion yuan, with a net profit of 6.714 billion yuan. The projected revenues for 2024 and 2025 are 79.713 billion yuan and 93.827 billion yuan, respectively, with corresponding net profits of 7.802 billion yuan and 9.359 billion yuan [7][8]. - The company’s earnings per share (EPS) for 2023 was 3.25 yuan, with forecasts of 3.77 yuan for 2024 and 4.52 yuan for 2025 [7][8]. - The report projects a continuous increase in net profit, with estimates of 10.823 billion yuan for 2026, reflecting a robust growth trajectory [7][8].