SIA(SH:600009) Ge Long Hui·2025-12-18 07:54Core Viewpoint - The report from CICC highlights Shanghai Airport's recent announcement regarding the signing of a duty-free store project operating rights transfer contract, indicating a positive outlook for future sales performance [1] Group 1: Duty-Free Business Development - Shanghai Airport announced that Du Furui won the bid for operating rights at Pudong T1+S1, while China Duty Free Group won the bid for Pudong T2+S2 and Hongqiao, with an operating period from early 2026 to the end of 2033 [1] - The company plans to establish a joint venture with the winning duty-free operator, holding a 49% stake in the new entity [1] - Rental terms are generally in line with market expectations, suggesting a stable revenue stream from the duty-free business [1] Group 2: Financial Forecasts - The company maintains its profit forecast for 2025 at 2.26 billion yuan, while raising the 2026 profit forecast by 3% to 2.82 billion yuan, primarily due to the unexpected joint venture with the duty-free operator [1] - The investment income forecast has been slightly adjusted upwards as a result of the joint venture [1] Group 3: Asset Disposal and Target Price - The announcement on November 21 regarding the recovery of state-owned land use rights and facility compensation is expected to bring one-time asset disposal gains, warranting attention on the progress of this transaction [1] - The target price remains unchanged at 34.5 yuan, corresponding to 38 times the 2025 P/E and 30 times the 2026 P/E, indicating a 12% upside potential from the current stock price [1] - The rating of "outperforming the industry" is maintained [1]