智通财经网·2025-09-03 07:44Core Viewpoint - Morgan Stanley has downgraded the earnings per share (EPS) estimates for China Duty Free Group (01880) for this year, next year, and 2027 by 13%, 7%, and 2% respectively, while also reducing revenue forecasts for 2025 to 2027 by 6% to 8% [1] Group 1: Earnings and Revenue Forecasts - The operating profit forecast for this year has been reduced by 12% due to weak gross margins and economic deleveraging [1] - Target price has been raised from 55 yuan to 60 yuan, maintaining a "market perform" rating [1] Group 2: Market Conditions - The demand for duty-free products has fallen short of expectations, particularly on e-commerce platforms, amid a weak macroeconomic environment and intense channel competition [1] - Gross margins remain weak, especially in online sales [1] Group 3: Future Outlook - The opening of the Hainan Free Trade Port in mid-December is expected to improve offline sales and profit margins [1] - The downgrades for the next two years are relatively minor, indicating a cautious but optimistic outlook [1]