Ge Long Hui·2025-11-03 05:26Core Viewpoint - Jefferies has released a research report indicating that China Duty Free Group is actively planning for its development in 2026 to capitalize on the expected opening of Hainan, further expanding opportunities brought by increased openness [1] Group 1: Financial Forecasts - Despite weak consumer sentiment, the anticipated active capital market may support luxury goods sales [1] - Based on third-quarter performance, net profit forecasts for 2025 and 2026 have been reduced by 6% and 1% respectively, while the 2027 forecast has been increased by 3% [1] Group 2: Target Price Adjustments - The target price for H-shares has been raised from HKD 56 to HKD 61.7, and the target price for A-shares has been increased from CNY 60 to CNY 69 [1] - The "Hold" rating is maintained [1] Group 3: Market Recovery Expectations - The sales recovery momentum for duty-free business at the port is expected to be stronger from 2028 to 2035 [1]