中国中免(01880)跌超5% 绩后遭大摩、高盛下调目标价

金吾财讯

May 05

金吾财讯 | 中国中免(01880)早盘股价受挫，截至发稿，报59.95港元，跌5.07%，成交额3663.24万港元。消息面上，公司发布一季度业绩，实现营业收入169.06亿元，同比增长0.96%；归属于上市公司股东的净利润为23.48亿元，同比增长21.18%；基本每股收益1.1351元。绩后，大摩更新对其研报，考虑到近期市场趋势及中国中免首季业绩，将公司2026至2027年每股盈利预测下调6%至7%，并将收入预测各下调13%；H股目标价由89港元下调至77港元，评级“与大市同步”。该行指，3月海南免税销售慢于预期，4月数据亦显示增长进一步减速，将全年增长预测由25%至30%，下调至20%至30%。同时，公司正调整上海及北京机场免税店，预计于今年次季至第三季完成，进度较预期慢。公司亦正整合线上平台，转型期间销售或面临风险。由于机场及线上业务利润率较低，对盈利影响较小；首季利润率仍优于预期。高盛同步将其H股目标价由67港元降至64港元，A股目标价由77元人民币降至73元人民币，评级“中性”。考虑到机场免税店销售额下降，以及完成向LVMH配售股份的影响，该行将2026至2028年每股盈利预测下调5%至6%。

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