中金：维持中国中免“跑赢行业”评级 上海机场免税项目即将开标

Core Viewpoint - The report from CICC highlights that Shanghai Airport has initiated the bidding process for duty-free shops at Pudong and Hongqiao International Airports, with the opening date set for December 9. China Duty Free Group (CDFG) is identified as the most competitive bidder, and a 100% ownership structure could enhance net profit attributable to shareholders [1] Group 1: Competitive Position - CDFG's core competitive advantages include scale, supply chain, operations, channels, and talent [1] - Historical examples include CDFG winning bids at Beijing Capital Airport T3 and Daxing Airport despite not having the highest financial scores, due to superior technical scores [1] - CDFG's market share has increased in Hainan over the past few years, demonstrating its competitive strength [1] Group 2: Market Potential - The growth rate of offshore duty-free sales is accelerating, and there is potential for incremental growth driven by new policies [1] - Current A/H share prices correspond to 31x/25x 2026 P/E ratios [1] - The target prices for A/H shares have been raised by 13%/18% to 93 CNY/86 HKD, reflecting a corresponding 35x/29x 2026 P/E and an upside potential of 15%/16% [1]