Ge Long Hui·2025-10-14 09:35Core Viewpoint - China Duty Free Group (CDFG) is expected to perform well during the 2025 National Day and Mid-Autumn Festival holiday period, with the development of city duty-free stores likely to contribute to long-term revenue growth [1] Group 1: Market Performance - The consumer market in Hainan is showing strong vitality, with an expected total flow of 1.8425 million visitors during the 2025 holiday period, representing a year-on-year increase of 6.28% in daily visitor numbers [1] - CDFG is leveraging "first store + first launch" strategies to attract consumer traffic [1] Group 2: Store Openings - On August 26, 2025, CDFG, Shenzhen Duty Free Group, and other partners opened a city duty-free store in Shenzhen's Futian District, covering nearly 3,000 square meters, with sections for duty-free and taxable goods [1] - The duty-free products are priced 11%-25% lower than taxable counterparts, and there is a 9% tax refund available on goods eligible for departure tax refunds [1] - A city duty-free store in Guangzhou was also launched on the same day, developed in collaboration with CDFG and other local partners [1] Group 3: Valuation and Rating - Based on comparable company valuations, a target price of 81.6 yuan is set for 2025, with a price-to-earnings (PE) ratio of 40 times, maintaining a "buy" rating [1]