2024年4月8日 公司研究 业务表现稳健，毛利率持续提升 ——中国中免（601888.SH）2024 年一季度业绩快报点评 要点 买入（维持） 当 前价：81.87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8日,中国中免（601888.SH）公布2024年一季度业绩快报：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 0.33%，对应基本每股收益1.12元；扣非归母净利润23.0亿元，同比增长0.23%。 CAIA FRM 离岛业务春节表现良好，口岸业务持续扩张 执业证书编号：S0930516050001 021-52523866 2024年春节期间，公司在海南推出一系列活动吸引消费者进店体验，提升消费 tangjiarui@ebscn.com 者购物意愿。CDF海口国际免税城在春节期间在抖音平台上架“千万政府消费 分析师：田然 券”，提供最高立省千元的优惠，促进消费者购物，并在2月与海口希尔顿酒店 执业证书编号：S0930523050001 联合打造中 ...

公[Ta司ble点_H评ead●er] 旅游零售Ⅱ 2024 年 04 月08 日 [Table_Title] 机场免税恢复抵消不利影响，盈利改善 [Table_StockCode] 中国中免(601888) 趋势延续 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 [Table事_S件um：m公ar司y]发 布业绩快报：1Q24 公司实现营收 188.1 亿元/同比-9.5%；归母 [顾 Ta熹 b闽 le_ Authors] 净利 23.1亿元/同比+0.33%，扣非净利 23.0亿元/同比+0.23%。 ：18916370173 ⚫ 机场渠道恢复抵消海南下滑压力，基数压力有望逐步消退 ：guximin_yj@chinastock.com.cn 分析师登记编码：S0130522070001 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%），我们认为这主要反映 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 ...

[Table_Title] 证券研究报告 中国中免（601888.SH）24Q1 快报点评：压力下营 公司研究 收利润表现优秀，重视口岸及盈利能力改善弹性 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年4月9日 [中Ta国bl中e_免Sto(c6k0A1n8d8R8an)k ] [Table_Summary] 投资评级 买入 事件：公司发布 24Q1 业绩快报，压力下营收利润表现优秀：24Q1 实现营 收 188.07 亿元/同比-9.45%，环比+12.6%；归母净利润 23.08 亿元/同比 上次评级 买入 +0.33%，环比+53.1%，归母净利率 12.3%/同比+1.2pct，环比+3.2pct，扣非 归母净利润23.01亿元/同比+0.23%，环比+57.5%。 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 执业编号：S1500522110002 收入端来看：海南板块短期需求承压，口岸店恢复或超预期。24Q1 公司营 联系电话：15000310173 收188.07亿元，拆分来看，我们预计海南板块贡献收入100+亿元，打击代 邮 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported Q1 2024 earnings that exceeded market expectations, with total revenue of 18.807 billion yuan, a year-over-year decline of 9.45%, and a net profit attributable to shareholders of 2.308 billion yuan, a slight increase of 0.33% year-over-year [2]. - The gross margin improved to 32.70%, up 3.95 percentage points year-over-year, indicating enhanced profitability, likely due to optimized procurement costs and a recovery in duty-free business [2]. - The company plans to distribute a cash dividend of 1.65 yuan per share, totaling 3.414 billion yuan, resulting in a cash dividend rate of 50.85%, significantly higher than the previous year's 32.9% [2]. - The company is actively optimizing its business layout and expanding channel resources, including partnerships with major airports and successful bids for duty-free store operations [2]. - Future earnings are expected to benefit from new rental agreements that may lower airport rental costs and a recovery in inbound and outbound passenger flow, contributing to revenue elasticity [2]. Financial Summary - For 2024, the company is projected to achieve total revenue of 67.54 billion yuan, with a growth rate of 24.1% [3]. - The net profit attributable to shareholders is expected to reach 6.714 billion yuan, reflecting a growth rate of 33.5% [3]. - The earnings per share (EPS) is forecasted to be 3.25 yuan, with a price-to-earnings (PE) ratio of 25 [3].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月09日 中国中免（601888.SH/1880.HK） BUY 买进 顾向君 H70420@capital.com.tw 目标价(元) 104 毛利率继续改善，机场店复苏在即 公司基本资讯 结论与建议： 产业别 休闲服务 A股价(2024/4/8) 81.87 业绩概要： 上证指数(2024/4/8) 3047.05 股价12个月高/低 181.53/75.12 公司发布2024Q1业绩预告，预计Q1实现营收188亿，同比下降9.5%， 总发行股数(百万) 2068.86 A股数(百万) 1952.48 录得净利润23亿，同比增0.3%，低于我们预期。 A市值(亿元) 1598.49 点评： 主要股东 中国旅游集团 有限公司  收入结构调整导致Q1收入同比衰退。一方面，出境分流和经济景气低迷 (50.30%) 每股净值(元) 27.14 对海南离岛免税形成冲击，据海口海关，1-2月离岛免税累计购物金额为 股价/账面净值 3.02 97亿，同比下降21.5%，购物人次为153.5万人次，同比下降3%（2 ...

[Table_Industry] 23 年业绩符合预期，需求承压下估值或不低 ---中国中免23 年年报点评 中国中免(601888.SH)/休闲 证券研究报告/公司点评 2024年04月 09日 服务 [Table_Industry] [评Ta级ble：_I买nve入st(]维 持) [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：81.87元 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 54,433 67,540 70,660 83,332 91,252 [分Ta析b师le：_A 张ut骥ho rs] 增长率yoy% -20% 24% 5% 18% 10% 执业证书编号：S0740523060001 归母净利润（百万元） 5,030 6,714 7,333 8,822 9,603 增长率yoy% -48% 33% 9% 20% 9% Email：zhangji01@zts.com.cn 每股收益（元） 2.43 3.25 3.54 4.26 4.64 [基Tab本le_P状rofit]况 每股现金流量 -1.65 7.31 3.23 6.31 5.85 ...

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@ ...