智通财经APP获悉，麦格理发布研究报告称，将中国中免(01880)目标价由116港元降至115港元，同时下调对该股今年至2026年纯利预测0.8%至1%，以反映公司今年首季初步业绩。 该行指出，中国中免今年首季收入同比跌9%，但远胜于海南离岸免税店业销售的同比跌两至三成，反映机场免税店业务显著改善。日上上海纯利率由去年上半年的收支平衡改善至去年下半年的2.6%，相信机场租务合约今年更新、完成去库存、价格调整及货品改善将导致业务强劲复苏。 报告中称，公司今年首季毛利率按季升0.7个百分点至32.7%，渠道调查显示海南化妆品库存较去年减少三分一，与雅斯兰黛(Estee Lauder)及欧莱雅(L'Oreal)对亚洲旅游零售业务今年下半年正面展望相符。随着更多奢侈品牌在海口市国际免税城开店，管理层对该中心的增长潜力持正面看法。 ...

智通财经APP获悉，中国中免(01880)涨超4%，截至发稿，涨4.1%，报77.45港元，成交额1362.71万港元。 消息面上，中国中免发布2024年第一季度业绩快报，截至2024年3月31日止3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%。 东吴证券指出，Q1业绩符合预期，毛利率持续修复。公司Q1主营业务毛利率为32.70%，同比+3.95pct，得益于国际客流带动口岸免税业务进一步恢复，线下业务占比持续提升，商品结构持续优化。 ...

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888.SH) [3][5] Core Views - The company reported a revenue of 18.81 billion yuan in Q1 2024, a year-on-year decrease of 9.45%, while the net profit attributable to shareholders was 2.31 billion yuan, a slight increase of 0.33% [1] - The company's gross profit margin improved to 32.7% in Q1 2024, an increase of 3.95 percentage points year-on-year, indicating enhanced profitability [2] - The company has successfully attracted consumers during the Spring Festival with various promotional activities, leading to a 40.4% increase in foot traffic at CDF Sanya International Duty Free City compared to last year [2] - The company is expanding its overseas business, having opened a Qeelin boutique at Singapore Changi Airport, marking its entry into the Singapore market [2] Financial Summary - Revenue is projected to grow from 70.6 billion yuan in 2024 to 91.8 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.27% [4] - Net profit is expected to increase from 7.23 billion yuan in 2024 to 9.95 billion yuan in 2026, reflecting a CAGR of 14.58% [4] - Earnings per share (EPS) is forecasted to rise from 3.49 yuan in 2024 to 4.81 yuan in 2026 [4] - The company’s return on equity (ROE) is projected to improve from 12.54% in 2024 to 14.02% in 2026 [4] Operational Performance - The company’s operating management has been optimized, contributing to a continuous improvement in gross profit margins [2] - The company’s sales expenses are expected to decrease from 12.92% in 2024 to 12.50% in 2025, indicating better cost management [10] - The company has a strong liquidity position, with a current ratio projected to be 4.32 in 2024 [9]

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]