中金发表研报指,中国中免公布2025年业绩,收入按年减少4.92%至536.94亿元,归母净利润按年减少15.96%至35.86亿元。展望2026年,该行看好离境旅客、岛民免税、数码产品及内生增长有望带来免税销售增量,建议持续关注按年低基数下的反弹。中金维持中免今明两年盈利预测54.83亿元、63.1亿元不变;考虑到行业估值中枢下移,下调中国中免A股目标价至95元,下调其H股目标价至95港元,均维持“跑赢行业”评级。
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