Tiger Brokers

【券商聚焦】浙商证券首予中国中免(01880)“增持”评级 指其巩固龙头地位

金吾财讯
Jun 11

金吾财讯 | 浙商证券发布研报指，中国中免(01880)是国内拥有全免税牌照的央企控股旅游零售龙头，全球第二大旅游零售运营商。研报预计公司2026-2028年营业收入分别为593/668/754亿元，归母净利润分别为53.0/62.9/74.2亿元。首次覆盖给予“增持”评级。

研报指出，全球旅游零售全面复苏，国内免税赛道千亿体量稳健扩容。2024年全球旅游零售规模达741亿美元，同比增长3.06%。国内出入境政策持续宽松，高端消费回流趋势明确，三渠道协同打开成长空间。公司依托全渠道壁垒、高端品类升级、供应链降本三大优势巩固龙头地位。

渠道端，公司独家全牌照覆盖离岛、口岸、市内、邮轮全场景。离岛业务市占率78.70%，持续受益海南封关政策红利；口岸覆盖全国头部核心机场，新签合约提成降至8%-24%，费用端持续优化；市内免税布局13座核心城市，承接入境客流修复增量。品类端，公司合作1600+全球品牌、拥有超36万SKU，叠加DFS港澳高端资产并表与LVMH协同，补齐高毛利奢品短板。供应链端，依托百亿集采与56.09%核心供应商集中度，叠加全国保税物流提效35%、机场租金优化，毛利率自2022年28.4%升至26Q1的33.6%。

风险提示：渠道运营及点位波动风险、行业政策及免税监管风险、消费需求及市场竞争风险、供应链及品类盈利风险、宏观经济及出行复苏风险等。

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