SIA(SH:600009) Ge Long Hui·2025-12-12 07:20Core Viewpoint - The report from CICC indicates that the recent announcement of the winning candidates for the duty-free shop projects at Shanghai Pudong and Hongqiao International Airports may lead to the introduction of foreign investment, optimizing the competitive environment and expanding the range of duty-free products available [1] Group 1: Project Details - The first winning candidate for the duty-free shop at Pudong Airport Terminal 1 is Dufry, while the candidates for Pudong Terminal 2 and Hongqiao Airport are China Duty Free Group [1] - The entry of foreign duty-free operators is expected to create a competitive operating environment at the airports [1] Group 2: Market Implications - Based on research of overseas airports, foreign duty-free operators may help diversify the sales categories available at the airports [1] - The current stock price corresponds to a price-to-earnings ratio of 35.3 times for 2025 and 29.1 times for 2026, with a target price maintained at 34.5 yuan, implying an 8% upside potential from the current stock price [1] - The report maintains an "outperform industry" rating for the stock, corresponding to a 38 times price-to-earnings ratio for 2025 and 31 times for 2026 [1]