智通财经APP获悉，建银国际发布研报称，将中国中免(01880)目标价从60港元上调50%至90港元，反映在利好政策的支持下，盈利增长动能更强劲，增长前景更佳。维持“跑赢大市”评级。
该行表示，中国中免2025年第三季净利同比减29%至4.52亿元人民币，低于该行及市场的预期。但销售额较上季降幅收窄，毛利率稳定在32%-33%左右。展望未来，该行预期集团营运将逐步改善。在产品及商品组合最佳化的支撑下，毛利率可望维持稳定。由于业务扩张导致销售及市场推广、租金及人员成本上升，预期营业利润率的提升将较为缓慢。
报告指，中国实施了多项新的免税政策，主要旨在促进国内消费、提升海南省旅游业发展，并扩大国内外消费者的购物管道。根据中国海关数据显示，海南省的初步数据显示，这些政策反应良好。该行相信，作为该地区领先的免税零售商，集团将是新政策的主要受益者之一。
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