Minsheng securities released a research report on January 22, saying that it maintained the recommended rating of China Tourism Group Duty Free Corporation Limited(601888) (601888.sh, latest price: 200.66 yuan). The reasons for rating mainly include: 1) there may be multiple expense amortization in the fourth quarter of 2021, which will have a certain impact on the net profit of a single quarter; 2) In the fourth quarter, the discount range in Hainan has narrowed, and the gross profit margin may rise month on month; 3) The performance in 2021 is greatly affected by the epidemic in the third and fourth quarters, and there are still bright spots behind the performance; 4) Overseas brands gradually restore their supply capacity, international freight prices tend to be stable, and the company’s inventory level is expected to be gradually optimized. Risk tip: the epidemic repeatedly affects offline passenger flow.
AI comments: China Tourism Group Duty Free Corporation Limited(601888) in the past month, it has received 14 research reports from securities companies, bought 7, and strongly recommended 3. The average target price is 238.32 yuan, 37.66 yuan higher than the latest price of 200.66 yuan, and the average target price increases by 18.77%.
