商贸零售行业深度报告：免税行业深度探究（一）：免税、进口跨境电商、一般贸易、海淘业态详细对比分析

EquityResearch·IndustryResearch·Retail[Table_Author]27May2022RetailIndustryResearchResearchAnalystHanyueLi[Table_Main](852)39830823Comparativeanalysisofduty-freeshopping,cross-bordere-kellyli@dwzq.com.hkcommerce,typicalimportsandoverseasonlineshopping.[ITndaubsletr_yPipceQrufoortme]anceOutperform(Maintain)RetailCSI300InvestmentThesis5%2021/09/022021/12/302022/04/28◼Inthisreport,wesystematicallycollatefourtypesofcustomsclearanceforimportedconsumergoods;measurethecostdifferencesforeachcategorythroughdifferentcustoms-5%clearance,andfurtherquantifyhowthreedifferentimportpatternsaffectthegrossmarginsinperfumes&cosmetics,luxuriesandwine.Importedconsumergoodsarebroadlydivided-15%intofourpatternsofcustomsclearance:typicalimports,cross-bordere-commerce,duty-freeandoverseasonlineshopping,whichareappliedtodifferenttaxrates.Also,thetax-25%ratesfordifferentgoodsarequitedifferent.2021/05/06◼Typicalimportsandoverseasonlineshoppingaretheoreticallythemostcostlyoptionswhilecross-bordere-commerceisrelativelyfavorableandduty-freeis[RTealabtled_Rreports]optimal.Duty-freeshoppingshowshugecompetitivenessintaxpaymentduringimportingincategorieslikeluxuriousjewelry,watches,perfumes&cosmetics,tobacco&alcohol.《政策底部或已现，互联网行业有Specifically,taxcostofabovecategoriesthroughotherimportchannelsaregenerally20%-望开启新篇章》50...