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].

[Table_Main] 证券研究报告 | 公司点评 中国中免(601888.SH) 2024年03月29日 买入（维持） 中国中免(601888.SH)：23 年加大分 所属行业：商贸零售/旅游零售Ⅱ 红比例，24 年有望稳定高质增长 当前价格(元)：85.42 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002 收入利润符合预期。2023 年实现收入 675.40 亿元/同比+24.08%，归母净利润  邮箱：zhaoyn＠tebon.com.cn 67.14 亿元/同比+33.46%，扣非归母净利润 66.52 亿元/同比+35.71%；其中 研究助理 2023Q4 收入 167.03 亿元，归母净利润 15.07 亿元，扣非归母净利润 14.61 亿 元。整体符合此前业绩快报。拟向全体股东每股派发现金红利 1.65 元（含税）， 合计派发现金红利34.14亿元，年内公司现金分红比例为 50.85%。 市场表现 国内消费环境复苏，低基数下免税业务高增。分业务看，免税收入 442.31 亿元/  中国中免 沪深300 同比+69.91%，毛利率 39.49%/同比+0.08pct；有 ...

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888.SH) [1][5][15] Core Views - The actual performance for 2023 aligns with the preliminary report, showing a significant increase in cash dividend payout ratio, which sends a positive signal [1][6] - The company achieved a revenue of 67.54 billion yuan, a year-on-year increase of 24.08%, and a net profit attributable to shareholders of 6.714 billion yuan, up 33.46% [1][6] - The dividend payout ratio for 2023 is proposed at 50.85%, significantly higher than the previous level of over 30% [1][6] - The company is transitioning from a focus solely on duty-free to a broader travel retail model, indicating growth potential [2][14] Financial Performance Summary - In Q4 2023, the company reported a revenue of 16.703 billion yuan, reflecting a 10.85% increase, and a net profit of 1.507 billion yuan, a substantial increase of 274.88% [1][6] - The overall revenue from Hainan operations was 39.65 billion yuan, a 14.25% increase, while the airport duty-free segment faced pressure [1][12] - The main business gross margin improved by 3.34 percentage points, driven by an increase in the proportion of duty-free revenue [12][14] Earnings Forecast and Financial Metrics - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 7.734 billion, 9.362 billion, and 10.528 billion yuan respectively, with corresponding EPS of 3.74, 4.53, and 5.09 yuan [2][14] - The PE ratio is projected to be 22, 18, and 16 for the years 2024, 2025, and 2026 respectively [2][14] - The company’s return on equity (ROE) is expected to improve from 12.5% in 2023 to 15.6% by 2026 [3][16]

商贸零售 | 证券研究报告 — 调整盈利预测 2024年3月29日 601888.SH 中国中免 买入 盈利能力稳步提升，关注口岸渠道快速修复 原评级：买入 市场价格:人民币 86.18 公司发布 2023 年年报。23 年公司实现营收 675.40 亿元，同比+24.08%，归 母净利润 67.14 亿元，同比+33.46%。公司盈利能力持续优化，并提高分红 板块评级:强于大市 比例回馈股东，看好后续各渠道高质量发展，维持买入评级。 支撑评级的要点 股价表现  盈利能力持续优化，拟提高现金分红比例。23年公司实现营收675.40亿 5% 元，同比+24.08%，归母净利润 67.14 亿元，同比+33.46%。其中 23Q4 (8%) 实现营收 167.03 亿元，同比+10.85%，归母净利润 15.07 亿元，同比 +274.72%。且公司显著提高分红力度，拟向全体股东每股派发现金红利 (21%) 1.65 元（含税），共计派发现金红利34.14亿元，分红比例达到50.85%。 (33%) (46%)  线下免税销售持续恢复，销售结构优化带动毛利提升，1)分板块来看，免 税 / 有 税 业 态 的 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 67.54 billion yuan, a year-on-year increase of 24.08%, and a net profit attributable to shareholders of 6.714 billion yuan, up 33.46% year-on-year [2][3]. - The company's profitability improved year-on-year, with a gross margin of 31.82%, an increase of 3.43 percentage points, and a net profit margin of 9.94%, up 0.7 percentage points [2][3]. - The company plans to distribute a cash dividend of 1.65 yuan per share, totaling 3.414 billion yuan, resulting in a cash dividend payout ratio of 50.85%, significantly higher than the previous year's 32.9% [3]. - The new rental agreement is expected to reduce airport rental costs, and the recovery of inbound and outbound passenger flow is anticipated to boost duty-free revenue [3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 16.703 billion yuan, a year-on-year increase of 10.85%, and a net profit of 1.507 billion yuan, up 274.72% year-on-year [2]. - The company's inventory at the end of 2023 was 21.057 billion yuan, a decrease of 1.8 billion yuan from the previous quarter and a year-on-year decline of 6.869 billion yuan, indicating inventory optimization [3]. Regional Performance - Revenue from Hainan reached 39.65 billion yuan, a year-on-year increase of 14.25%, while Shanghai's revenue was 17.821 billion yuan, up 25.99% year-on-year [3]. - The Haikou Duty-Free City generated revenue of 6.838 billion yuan in its first year of operation, contributing positively to the company's overall performance [3]. Future Projections - The company is projected to achieve net profits of 7.872 billion yuan, 9.540 billion yuan, and 11.121 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 23x, 19x, and 16x [4].