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 ...

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 ...