研报掘金丨长江证券：维持中国中免“买入”评级，国际化布局更进一步

Core Viewpoint - China Duty Free Group (CDFG) is advancing its international strategy through the acquisition of DFS's Greater China business and a Hong Kong private placement involving LVMH, solidifying its position as a leader in the duty-free industry in China [1] Group 1: Company Overview - CDFG has developed core competitive advantages over 40 years, including channels, scale, refined operational management, and brand strength [1] - The company is expected to continue its efforts in expanding both domestic and international markets, enriching product categories, enhancing consumer experience, and optimizing store operations [1] Group 2: Financial Projections - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is projected to be 3.686 billion, 4.267 billion, and 4.966 billion yuan respectively [1] - Corresponding price-to-earnings (PE) ratios for these years are estimated to be 50.16, 43.33, and 37.23 times [1] Group 3: Investment Recommendation - The company maintains a "Buy" rating, reflecting confidence in its innovative capabilities and stable growth trajectory [1]