研報掘金丨民生證券:中國中免Q2歸母淨利潤同比增13.75%,海南免税政策有望加速推出
格隆匯7月10日丨民生證券9日研報指出,中國中免(601888.SH)發佈23H1業績快報,業績符合預期。經測算,單Q2歸母淨利潤為15.63億元,同比增長13.75%。該行認為公司營業收入增長是受益於國內旅遊市場逐步恢復向好,公司緊抓機遇,不斷優化產品供給,帶動銷售收入尤其是線下銷售持續增長,歸母淨利潤端符合預期。疫情管控放開以來,海南客流恢復良好,消費力尚待修復。預計2023年海南地區項目將首先受益於客流修復,後逐步進行消費力修復,其中新海港項目於2022年10月正式開業,爬坡過程中有望逐步釋放業績,預計海棠灣一期二號地於 2023年落地有望貢獻增量。1月以來出入境逐步放開,認為公司口岸免税業務後續將迎來一定修復,此外市內免税政策有望加速推出,貢獻潛在增量。同時考慮到目前海南客流恢復良好,但消費力尚且疲軟及機場租金調整、匯率對採購成本及費用影響的不確定性,下調23-25年公司歸母淨利潤分別為78.18/111.41/134.40億元 , 對應23-25 年 PE 為29X/20X/17X,維持“推薦”評級。
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