中国中免(601888)：业绩符合快报关注机场店复苏弹性

华泰证券股份有...04-24

一季度盈利能力同比改善，全年改善趋势有望延续中国中免1Q24 实现营收188.07 亿（yoy-9.45%），归母净利23.06 亿（yoy+0.25%），扣非净利22.99 亿（yoy+0.15%），扣非净利率12.22%，同比提升1.17pct，符合业绩快报，收入同比下滑主要受海南消费环境和高基数因素影响，高毛利率的线下销售占比提升，海南折扣收敛，机场租金重签等因素，有效推动盈利能力回升。我们...

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中免离岛免税店占收入比重约60-65%，机场线下收入占比提升至10-15%，受益于机场客流和消费力温和有序复苏。1Q24 毛利率33.3%， 同比+4.3pct （ vs1Q-4Q23 为29.0/32.8/29/32%），稳中有升。随销售品类结构性优化，会员积分体系调整成果逐步显现，价格竞争缓和，临期库存去化，我们预计毛利率有望保持同比改善趋势。1Q24 存货周转天数139 天/yoy-26 天，库存管理优化。积极打造标杆精品项目，优化消费者体验1Q24 销售费用率/管理费用率/财务费用率为12.84/2.53/-0.66%，同比+2.98/+0.38/+0.83pct，环比-2.01/-1.47/+1.05pct。归母净利率为12.3%，yoy+1.2pct。销售费用率同比提升主要系海棠湾C 栋香化馆开业初期营销推广力度有所加大，1Q23 机场店开业面积较少，机场租金仍处低基数；环比明显改善主要系23 年12 月机场租金扣点调整带来的积极影响。展望24 年，公司持续增强精细化管理和运营水平，对标一线品牌运营及服务标准的“S店”项目24 年将持续推进。同时，公司稳步有序推进重点项目。截至24年3 月，海棠62.65 亿元湾一期2 号地酒店部分推进地上结构施工；海棠湾三期完成建筑方案设计；海口国际免税城地块1-3 建设有序推进。目标价93.75 元，维持“买入”评级我们预计24/25/26E EPS 3.75/4.41/5.03 元，目标价93.75 元（对应25x24PE，参考可比公司Wind 一致预期24 年PE 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中国中免(601888)：业绩符合快报 关注机场店复苏弹性

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中国中免(601888)：业绩符合快报关注机场店复苏弹性