智通财经网·2025-12-08 09:48Core Viewpoint - Morgan Stanley reports that the bidding results for duty-free shops at Shanghai and Beijing airports are expected to be announced this month, with current operations managed by Sunrise, a company 51% owned by China Duty Free Group [1] Summary by Relevant Sections Financial Impact - For the first half of this year, offline sales at Shanghai Airport are projected to contribute approximately 10% to China Duty Free's revenue and 0.7% to its net profit, while the contribution from Beijing Airport is expected to be in the low single digits [1] Stock Price Projections - Morgan Stanley sets a target price of HKD 60 for China Duty Free's H-shares and CNY 66 for its A-shares, maintaining a "market perform" rating [1] Scenario Analysis - The base case scenario assumes China Duty Free secures one contract at each airport and utilizes its wholly-owned duty-free licenses, leading to stable stock prices - If China Duty Free secures contracts at both airports while using both its own licenses and Sunrise's licenses, stock prices may rise by 5% to 10% - Conversely, if Sunrise secures contracts at both airports, China Duty Free's stock could decline by 5% to 10% [1]