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研报掘金丨国泰君安：中国中免Q1业绩快报超预期，维持“增持”评级

Research Report Nuggets丨Cathay Pacific Jun An: China Free Q1 Performance Report Exceeds Expectations, Maintains “Gain” Rating

Gelonghui Finance ·  Apr 9 03:40

According to the Guotai Junan Research Report, the 2024Q1 China Exemption (601888.SH) performance report exceeded expectations, maintaining the 2024-2026 EPS of 3.74/4.30/4.59 yuan, respectively. Referring to the valuation of comparable companies in the same industry, considering the stable position of the leading Chinese free market, PE was given 27 times higher than the industry average in 2024, maintaining the company's target price of 102.6 yuan, and maintaining an increase in holdings rating. In terms of duty-free outlying islands, Sanya International Duty Free Mall opened in Area C, with the second phase of renovation and upgrading, and continuous optimization of brand supply and services. In terms of port channels, the company signed supplementary agreements with Capital Airport and Shanghai Airport, making full use of the advantages of both parties to achieve win-win cooperation and enhance the competitiveness of the airport duty-free market. From January to February 2024, Shanghai Pudong Airport's international passenger throughput recovered to 73% in 2019, and the airport channel resumed at an accelerated pace.

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