BEIJING AIRPORT(HK:00694) 智通财经网·2026-01-12 09:19Core Viewpoint - The report from CICC indicates that Beijing Capital International Airport Co., Ltd. (00694) is currently trading at 0.8 times the 2026 price-to-book ratio, with a target price of HKD 2.9, suggesting a 10% upside potential from the current stock price, maintaining an outperform rating in the industry [1]. Group 1: Company Performance - The company recently released its operational data for the full year of 2025, showing a 5.0% year-on-year increase in passenger traffic, with domestic traffic remaining flat and international traffic increasing by 11%, while the overall civil aviation industry in China saw a 5.5% increase [2]. - The company's performance is slightly weaker than expected, attributed to competition from Daxing Airport and saturated slot capacity, prompting a focus on the slot release situation in 2026 [2]. Group 2: New Duty-Free Contract - A new round of duty-free contracts has been signed, introducing dual duty-free operators, with the new contract set to run from February 11, 2026, to February 10, 2034 [3]. - The new agreement features a "minimum guarantee + commission" model, with the first-year minimum guarantee set at CNY 5.9 billion, slightly higher than the previous contract's CNY 5.6 billion per year, and a 5% commission on sales in the first year, increasing by 1 percentage point each subsequent year [3]. - The static analysis indicates that the new contract's rental level is approximately 10% higher than the previous agreement, despite a lower elasticity of rental to sales, which may incentivize duty-free operators to increase sales volume [3]. Group 3: Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to CNY -308 million and CNY 122 million, respectively, due to lowered passenger traffic growth assumptions, while a new profit forecast for 2027 is introduced at CNY 458 million, assuming a 5% year-on-year growth in passenger traffic and a high single-digit growth in duty-free average transaction value [4].