大摩发表研究报告指，将中国中免(01880.HK) 今年、明年及2027年每股盈测分别下调13%、7%及2%，同时将2025年至2027年收入预测下调6%至8%，其目标价由55元上调至60元，其评级为“与大市同步”。
该行称，在宏观经济持续疲弱及渠道竞争激烈下，免税品需求逊预期，特别是电商平台。中国中免毛利率仍疲弱，特别是线上销售。大摩降其今年经营溢利预测12%，因毛利率疲弱及经济去杠杆。不过，今年12月中旬海南自贸港启用后，料其线下销售更佳，利润率有望改善。因为该行对其明后两年盈测的降幅较轻微。(ca/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-09-02 16:25。)
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