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EuniceLee
2021-06-21

The high point of pullback/retracement is nearly 30%, can CDFG still hold on?

稳住，别慌有人说，前四十年发展快车道看深圳；三十年前快车道看上海浦东；而未来二十年的快车道必定看海南。 1988年，在中国改革开放进入第十个年头之际，海南岛脱离广东成为中国第31个省级行政区。原本

The high point of pullback/retracement is nearly 30%, can CDFG still hold on?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":167426828,"tweetId":"167426828","gmtCreate":1624282866064,"gmtModify":1703832372516,"author":{"id":3573541608753389,"idStr":"3573541608753389","authorId":3573541608753389,"authorIdStr":"3573541608753389","name":"EuniceLee","avatar":"https://community-static.tradeup.com/news/746ef6f7f3258deedfd721080b8deaeb","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ff</body></html>","htmlText":"<html><head></head><body>Ff</body></html>","text":"Ff","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/167426828","repostId":1169694875,"repostType":4,"repost":{"id":"1169694875","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624271475,"share":"https://ttm.financial/m/news/1169694875?lang=en_US&edition=fundamental","pubTime":"2021-06-21 18:31","market":"sh","language":"zh","title":"The high point of pullback/retracement is nearly 30%, can CDFG still hold on?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169694875","media":"格隆汇投资学苑","summary":"稳住，别慌\n\n有人说，前四十年发展快车道看深圳；三十年前快车道看上海浦东；而未来二十年的快车道必定看海南。\n1988年，在中国改革开放进入第十个年头之际，海南岛脱离广东成为中国第31个省级行政区。原本","content":"Hold on, don't panic. Some people say that the fast lane of development in the first 40 years depends on Shenzhen; Looking at Shanghai Pudong on the fast lane thirty years ago; The fast lane in the next twenty years must look at Hainan.In 1988, when China's reform and opening up entered its tenth year, Hainan Island broke away from Guangdong and became China's 31st provincial administrative region. Haikou, a small coastal town with a population of only 300,000, has become the capital of China's largest special economic zone.Thirty years later, a major benefit finally landed.Hainan has been promoted to a new historical position.In June 2020, the State Council issued the \"Overall Plan for the Construction of Hainan Free Trade Port\", announcing the construction of a free trade port in Hainan.Among them, the personal duty-free shopping limit will be raised from 30,000 yuan to 100,000 yuan.<img src=\"https://static.tigerbbs.com/649de21d30cd569246580a2abcc4861c\" tg-width=\"443\" tg-height=\"270\" referrerpolicy=\"no-referrer\">As a giant in Hainan's duty-free industry<a href=\"https://laohu8.com/S/601888\">China CDFG</a>, also ushered in spring. Within 8 months (as of February this year), the stock price rose by more than 280%, reaching a maximum of 403.78 yuan per share.1. China Duty Free that won the top spotThe spring breeze of policy has brought benefits to Hainan, and at the same time, it has brought spring to the largest industry in Hainan-duty-free industry. From the data point of view, within six months after the implementation of the policy, the average daily sales of Hainan Free Trade Port exceeded 120 million yuan, a year-on-year increase of more than 2 times.In 2020, the total duty-free sales of Hainan's outlying islands (including repurchase of outlying islands) reached 32.5 billion yuan.According to the normal data before the epidemic, among the operating income rankings of global duty-free merchants in 2019, among them, the ones that were established the latest and were relatively inferior in scale, channels and operationsChina CDFG ranked fourth with a revenue of 6.1 billion euros, much higher than well-known duty-free merchants such as DFS.In the third quarter of 2020, when global tourism and consumption were severely hit, the domestic epidemic situation was gradually brought under control. Coupled with favorable tax exemption policies, China CDFG's third-quarter revenue surpassed the top three Dufry, Lotte and Silla, with revenue of US $2.43 billion.Become the world's largest duty-free operator.<img src=\"https://static.tigerbbs.com/86f357ca03c0f3549943fa71e0b8958e\" tg-width=\"336\" tg-height=\"178\" referrerpolicy=\"no-referrer\">(Operating income of global duty-free merchants in 2020)In the domestic market, CDFG is indeed a pioneer, enclosing land and opening duty-free shops in Hainan early.Before 2020, four duty-free shops on outlying islands have been opened in Hainan, occupying two superior geographical locations of transportation hub and commercial center respectively.And among the eight companies with duty-free licenses in China, two are directly related to CDFG. Rishang Duty Free Bank has been acquired by CDFG, and Haitu has also been injected into CDFG. With the support of this part, CDFG's market share in 2020 has exceeded 90%.Therefore,As the absolute leader in the domestic duty-free industry and the only A-share listed company whose main business is duty-free business, CDFG has been highly sought after by capital, public funds are concentrated in groups, and China CDFG has become one of the heavyweight stocks of public funds in 2020.Under the influence of multiple factors, CDFG's stock price has soared, jumping from less than 100 yuan in June 2020 to the highest point of 400 yuan in February 2021.2. The growth rate is lower than expectedAt the end of 2020, with the support of policies, other duty-free merchants such as Shentu, Haifa Control, and Hailv Investment also opened outlying island duty-free shops in Hainan, quietly changing the situation that China Duty Free stands out in the domestic duty-free market.The completion of more duty-free shops in the future will also dilute CDFG's market share of more than 90% to about 70%.At the same time, many enterprises have launched the \"robbing\" of the 9th duty-free \"gold medal\". Although it will not have an impact in the short term, the duty-free market is very attractive to enterprises, and more latecomers will enter the game.In fact, it can be seen from the stock price trend that China CDFG's stock price fell rapidly after the market opened after the year, plunging nearly 30% within 20 days. In addition to the impact of overall market fluctuations after the year,But another important reason is that its performance has failed to provide strong support for the stock price.On April 13, China CDFG released its first quarter results, achieving total revenue of 18.134 billion yuan, a year-on-year increase of 127.48%; Achieved a net profit of 2.849 billion yuan, compared with a loss of 21.86 million yuan in the same period last year; Operating profit was 4.458 billion yuan, an increase of 4.776 billion yuan over the same period last year.From a numerical perspective,This performance is indeed good, but the vertical comparison growth rate is not impressive. Affected by this, the stock price directly fell to the limit on that day.In the first quarter of 2021, CDFG achieved high growth in performance, but this high year-on-year growth is above the low base during the worst period of the epidemic in the same period last year. And compared with the operating profit of 3.355 billion yuan in the first quarter of 2019, China CDFG's growth in the first quarter of this year was only 33%, far lower than the profit growth rate of 101% in the same period of 2019.<img src=\"https://static.tigerbbs.com/f22d7da2607644452287a74a43d54a67\" tg-width=\"554\" tg-height=\"123\" referrerpolicy=\"no-referrer\">And from another perspective, the surge in CDFG's performance in 2020 is mainly affected by the strengthening of policy support performance in the fourth quarter. The operating income in the fourth quarter of 2020 was nearly 17.5 billion yuan, and in the first quarter of 2021 it was 18.1 billion yuan, and its quarter-on-quarter growth rate is also showing a downward trend.Affected by this, the stock price of CDFG has been fluctuating in a box shape in recent months, and it has continued to fall in the past month, and there is a trend of falling below the bottom of the box, from 348 yuan/share at the end of May to the current 281 yuan/share, a sharp drop of nearly 20%.<img src=\"https://static.tigerbbs.com/4bb555f087f9f31e7aeca397b8f2b409\" tg-width=\"417\" tg-height=\"290\" referrerpolicy=\"no-referrer\">3. SummaryChina CDFG, which entered the market early, has benefited from the policy by virtue of its leading status as the \"first tax-free stock\", and has achieved exponential growth in less than a year, but this is not driven by performance growth, mainly It is favored by institutional group capital.It can be seen from the recent rolling P/E of CDFG that although funds are flowing from high valuations to low valuations and the overall market is pulling back, CDFG's valuation is still at a high historical average level. However, it can also be seen that with the pullback/retracement of the stock price in the past two months, its high valuation is gradually being digested.<img src=\"https://static.tigerbbs.com/75e76a0fc369946bb6c7636e557c331c\" tg-width=\"554\" tg-height=\"247\" referrerpolicy=\"no-referrer\">But in the long run, with the popularization of vaccination, people's willingness to travel is gradually recovering. Coupled with the continued stimulation of the dividends of the tax exemption policy on outlying islands,The market size of the duty-free industry will still maintain a high growth rate in the next few years.As the absolute leader in the current duty-free industry, CDFG's performance will continue to grow, and investors can wait for the appropriate hitting area.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The high point of pullback/retracement is nearly 30%, can CDFG still hold on?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe high point of pullback/retracement is nearly 30%, can CDFG still hold on?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n格隆汇投资学苑 \n2021-06-21 18:31\n</div>\n</a>\n</h4>\n</header>\n<article>\nHold on, don't panic. Some people say that the fast lane of development in the first 40 years depends on Shenzhen; Looking at Shanghai Pudong on the fast lane thirty years ago; The fast lane in the next twenty years must look at Hainan.In 1988, when China's reform and opening up entered its tenth year, Hainan Island broke away from Guangdong and became China's 31st provincial administrative region. Haikou, a small coastal town with a population of only 300,000, has become the capital of China's largest special economic zone.Thirty years later, a major benefit finally landed.Hainan has been promoted to a new historical position.In June 2020, the State Council issued the \"Overall Plan for the Construction of Hainan Free Trade Port\", announcing the construction of a free trade port in Hainan.Among them, the personal duty-free shopping limit will be raised from 30,000 yuan to 100,000 yuan.<img src=\"https://static.tigerbbs.com/649de21d30cd569246580a2abcc4861c\" tg-width=\"443\" tg-height=\"270\" referrerpolicy=\"no-referrer\">As a giant in Hainan's duty-free industry<a href=\"https://laohu8.com/S/601888\">China CDFG</a>, also ushered in spring. Within 8 months (as of February this year), the stock price rose by more than 280%, reaching a maximum of 403.78 yuan per share.1. China Duty Free that won the top spotThe spring breeze of policy has brought benefits to Hainan, and at the same time, it has brought spring to the largest industry in Hainan-duty-free industry. From the data point of view, within six months after the implementation of the policy, the average daily sales of Hainan Free Trade Port exceeded 120 million yuan, a year-on-year increase of more than 2 times.In 2020, the total duty-free sales of Hainan's outlying islands (including repurchase of outlying islands) reached 32.5 billion yuan.According to the normal data before the epidemic, among the operating income rankings of global duty-free merchants in 2019, among them, the ones that were established the latest and were relatively inferior in scale, channels and operationsChina CDFG ranked fourth with a revenue of 6.1 billion euros, much higher than well-known duty-free merchants such as DFS.In the third quarter of 2020, when global tourism and consumption were severely hit, the domestic epidemic situation was gradually brought under control. Coupled with favorable tax exemption policies, China CDFG's third-quarter revenue surpassed the top three Dufry, Lotte and Silla, with revenue of US $2.43 billion.Become the world's largest duty-free operator.<img src=\"https://static.tigerbbs.com/86f357ca03c0f3549943fa71e0b8958e\" tg-width=\"336\" tg-height=\"178\" referrerpolicy=\"no-referrer\">(Operating income of global duty-free merchants in 2020)In the domestic market, CDFG is indeed a pioneer, enclosing land and opening duty-free shops in Hainan early.Before 2020, four duty-free shops on outlying islands have been opened in Hainan, occupying two superior geographical locations of transportation hub and commercial center respectively.And among the eight companies with duty-free licenses in China, two are directly related to CDFG. Rishang Duty Free Bank has been acquired by CDFG, and Haitu has also been injected into CDFG. With the support of this part, CDFG's market share in 2020 has exceeded 90%.Therefore,As the absolute leader in the domestic duty-free industry and the only A-share listed company whose main business is duty-free business, CDFG has been highly sought after by capital, public funds are concentrated in groups, and China CDFG has become one of the heavyweight stocks of public funds in 2020.Under the influence of multiple factors, CDFG's stock price has soared, jumping from less than 100 yuan in June 2020 to the highest point of 400 yuan in February 2021.2. The growth rate is lower than expectedAt the end of 2020, with the support of policies, other duty-free merchants such as Shentu, Haifa Control, and Hailv Investment also opened outlying island duty-free shops in Hainan, quietly changing the situation that China Duty Free stands out in the domestic duty-free market.The completion of more duty-free shops in the future will also dilute CDFG's market share of more than 90% to about 70%.At the same time, many enterprises have launched the \"robbing\" of the 9th duty-free \"gold medal\". Although it will not have an impact in the short term, the duty-free market is very attractive to enterprises, and more latecomers will enter the game.In fact, it can be seen from the stock price trend that China CDFG's stock price fell rapidly after the market opened after the year, plunging nearly 30% within 20 days. In addition to the impact of overall market fluctuations after the year,But another important reason is that its performance has failed to provide strong support for the stock price.On April 13, China CDFG released its first quarter results, achieving total revenue of 18.134 billion yuan, a year-on-year increase of 127.48%; Achieved a net profit of 2.849 billion yuan, compared with a loss of 21.86 million yuan in the same period last year; Operating profit was 4.458 billion yuan, an increase of 4.776 billion yuan over the same period last year.From a numerical perspective,This performance is indeed good, but the vertical comparison growth rate is not impressive. Affected by this, the stock price directly fell to the limit on that day.In the first quarter of 2021, CDFG achieved high growth in performance, but this high year-on-year growth is above the low base during the worst period of the epidemic in the same period last year. And compared with the operating profit of 3.355 billion yuan in the first quarter of 2019, China CDFG's growth in the first quarter of this year was only 33%, far lower than the profit growth rate of 101% in the same period of 2019.<img src=\"https://static.tigerbbs.com/f22d7da2607644452287a74a43d54a67\" tg-width=\"554\" tg-height=\"123\" referrerpolicy=\"no-referrer\">And from another perspective, the surge in CDFG's performance in 2020 is mainly affected by the strengthening of policy support performance in the fourth quarter. The operating income in the fourth quarter of 2020 was nearly 17.5 billion yuan, and in the first quarter of 2021 it was 18.1 billion yuan, and its quarter-on-quarter growth rate is also showing a downward trend.Affected by this, the stock price of CDFG has been fluctuating in a box shape in recent months, and it has continued to fall in the past month, and there is a trend of falling below the bottom of the box, from 348 yuan/share at the end of May to the current 281 yuan/share, a sharp drop of nearly 20%.<img src=\"https://static.tigerbbs.com/4bb555f087f9f31e7aeca397b8f2b409\" tg-width=\"417\" tg-height=\"290\" referrerpolicy=\"no-referrer\">3. SummaryChina CDFG, which entered the market early, has benefited from the policy by virtue of its leading status as the \"first tax-free stock\", and has achieved exponential growth in less than a year, but this is not driven by performance growth, mainly It is favored by institutional group capital.It can be seen from the recent rolling P/E of CDFG that although funds are flowing from high valuations to low valuations and the overall market is pulling back, CDFG's valuation is still at a high historical average level. However, it can also be seen that with the pullback/retracement of the stock price in the past two months, its high valuation is gradually being digested.<img src=\"https://static.tigerbbs.com/75e76a0fc369946bb6c7636e557c331c\" tg-width=\"554\" tg-height=\"247\" referrerpolicy=\"no-referrer\">But in the long run, with the popularization of vaccination, people's willingness to travel is gradually recovering. Coupled with the continued stimulation of the dividends of the tax exemption policy on outlying islands,The market size of the duty-free industry will still maintain a high growth rate in the next few years.As the absolute leader in the current duty-free industry, CDFG's performance will continue to grow, and investors can wait for the appropriate hitting area.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dde701c3294fae0b0a6e20ec22ac1c36","relate_stocks":{"601888":"中国中免"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169694875","content_text":"稳住，别慌\n\n有人说，前四十年发展快车道看深圳；三十年前快车道看上海浦东；而未来二十年的快车道必定看海南。\n1988年，在中国改革开放进入第十个年头之际，海南岛脱离广东成为中国第31个省级行政区。原本人口只有30万的海滨小城海口市一跃成为中国最大经济特区的首府。\n30年后，一项重大利好终于落地，海南被提升到了新的历史地位。\n国务院在2020年6月发布了《海南自由贸易港建设总体方案》，宣布在海南建设自由贸易港，其中将个人的免税购物限额从3万上调至10万元。\n\n作为海南免税业巨头的中国中免，也迎来了春天。8个月内（截至今年2月）股价涨幅超过280%，最高达403.78元/股。\n1、拔得头筹的中免\n政策的春风给海南吹来了利好，同时也给海南最大的产业——免税业带来了春天。从数据来看，政策实施后的半年内，海南自贸港日均销售额超1.2亿元，同比增长达2倍多，2020年全年海南离岛免税销售总额（含离岛补购）达到了325亿元。\n按照疫情前的正常数据来看，2019年全球免税商营业收入排行中，而其中成立时间最晚，规模、渠道和运营相对劣势的中国中免以61亿欧元的收入排名第四，远远高于DFS等知名免税商。\n而2020年的第三季度，在全球旅游业和消费受到剧烈打击的情形下，国内的疫情状况逐渐得到控制，再加之免税政策的利好，中国中免三季度营收一举超过前三名的Dufry、乐天和新罗，营收24.3亿美元，成为全球最大的免税运营商。\n\n（2020年度全球免税商营业收入）\n在国内市场中，中免确实是先行者，早早地在海南圈地、开免税店。2020年之前就已经在海南开设了4家离岛免税店，并分别占据了交通枢纽和商业中心两大优越的地理位置。\n且在国内拥有免税业牌照的八家企业中，有两家都与中免有着直接关系，日上免税行已被中免收购，而海兔也已经注入中免。在这一部分的加持下，中国中免在2020年的市场份额已超过90%。\n因此，中国中免作为国内免税行业的绝对龙头以及A股唯一一家以免税业务为主业的上市公司，受到了资本的大力追捧，公募基金集中抱团，中国中免成为了2020年公募基金的重仓股之一。\n在多重因素的影响下，中国中免的股价一路飞涨，从2020年6月的不足百元跃升至2021年2月最高点的400元。\n2、增速不及预期\n而2020年底，在政策的支持下，深兔、海发控、海旅投等其他免税商也在海南开设了离岛免税店，悄悄改变了中免在国内免税市场中一枝独秀的状况。未来更多免税店的建成也将把中免超过90%的市占率稀释至70%左右。\n与此同时，多家企业展开了对第9张免税“金牌”的“抢夺”，虽然短期内不会造成冲击，但是免税市场对企业的吸引力非常大，也会有更多的后来者入局。\n其实从股价走势中能看出，年后开盘之后中国中免的股价迅速回落，20天内跳水近30%。除了年后大盘整体波动的影响外，但还有一个重要的原因是其业绩却并未能为股价提供有力的支撑。\n4月13日中国中免发布一季度业绩，实现总营收181.34亿元，同比增长127.48%；实现净利润28.49亿元，上年同期亏损2186万元；营业利润44.58亿元，较上年同期增加47.76亿元。\n从数字上来看，这份业绩确实不错，但纵向对比增速并不可观，受此影响当日股价直接跌停。\n2021年一季度中国中免实现了业绩的高增长，但这个同比高增长是与去年同期疫情最严重的时期的低基数之上的。 且与2019年一季度33.55亿元的营业利润相比，中国中免今年一季度增长只有33%，远低于2019年同期101%的利润增速。\n\n且从另一个方面来看，中免2020年的业绩大增主要是受到四季度政策支持业绩走强的影响。2020年四季度的营业收入近175亿元，2021年一季度为181亿元，其环比增速也在呈下降趋势。\n受此影响，中国中免近几个月的股价一直呈箱式震荡，近一个月以来更是持续下跌，且有跌破箱底的趋势，从五月底的348元/股下跌至现在的281元/股，大跌了近20%。\n\n3、总结\n早早入场的中国中免的凭借着“免税第一股”的龙头身份吃到了政策的红利，在不到一年的时间内实现了成倍的增长，但这非来自于业绩增长的推动，主要是受到机构抱团资本的青睐。\n从中国中免近期的滚动市盈率就可以看到，尽管是在资金从高估值流向低估值，大盘整体回调的情况下，中免的估值却仍处在历史的平均水平的高位。不过也能看到，随着近两个月股价的回撤，其高估值也在逐渐被消化。\n\n但长远来看，随着疫苗的接种的普及，人们的旅游意愿也在逐渐恢复，再加上离岛免税政策红利的持续刺激下，免税业这一赛道的市场规模在未来几年仍会保持高增速的态势。\n而中国中免作为目前免税行业的绝对龙头，其业绩仍会持续增长，投资者可以静候合适的击球区。","news_type":1,"symbols_score_info":{"601888":0.9}},"isVote":1,"tweetType":1,"viewCount":1429,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}