Ge Long Hui A P P·2025-12-23 08:13Group 1 - The core viewpoint of the article highlights that China Duty Free Group (CDFG) has won the bid for the Shanghai Airport duty-free project, which deepens the binding of interests between CDFG and Shanghai Airport [1] - Under the new model, Shanghai Airport's shareholding in the duty-free store has increased from 16% to 49%, enhancing the alignment of interests and facilitating the growth of Gross Merchandise Value (GMV) [1] - CDFG is recognized as a leading enterprise in China's duty-free industry, having developed core competitive advantages in channels, scale, refined operational management, and branding over 40 years [1] Group 2 - The sales revenue from Hainan's offshore duty-free market has stabilized and is expected to continue growing as outbound tourism increases, particularly at airport ports [1] - The projected net profits attributable to the parent company for CDFG from 2025 to 2027 are estimated to be 3.69 billion, 4.27 billion, and 4.97 billion yuan, respectively, with corresponding price-to-earnings ratios of 46, 40, and 34 times based on the current stock price [1] - The report maintains a "buy" rating for CDFG, indicating a positive outlook for the company's future performance [1]