研报掘金丨东方证券:维持中国中免“买入”评级,目标价67.24元

格隆汇
11 Jul

东方证券研报指出,离境退税和市内店纷纷落地,中国中免2Q25销售有望筑底回暖。公司在三亚国际免税城一期的有税商店,已开通境外旅客办理离境退税。同时6月开业的厦门市内免税店,增设了国潮专区,精选国潮香化、醇香美酒、生活美学等核心品类,也成功落地离境退税“即买即退”。未来来华的境外旅客,有望在公司更多线下门店享受免税+离境退税的一站式购物便利。另外,公司天津双店落地在即,渠道扩张持续兑现。未来,公司将进一步通过“实体场景+IP联动+社交运营”三轨并行来发掘市场消费潜力,打造沉浸式、社交型体验。由于离岛免税销售恢复节奏偏慢、客流复苏不及预期,下调了收入增速预期,同时调整了毛利率假设并上调了费用率假设。采用DCF绝对估值法,给予公司目标价67.24元,维持“买入”评级。

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