研报掘金丨信达证券：中国中免业绩有望重回增长通道，维持“买入”评级

Core Viewpoint - China Duty Free Group is expected to achieve operating revenue of 53.694 billion yuan in 2025, a year-on-year decrease of 4.92%, and a net profit attributable to shareholders of 3.586 billion yuan, a year-on-year decrease of 15.96% [1] Financial Performance - The gross profit margin is steadily increasing, although goodwill impairment affects current profits [1] - Despite short-term pressure on overall performance, the business structure continues to optimize, and core competitiveness is being strengthened [1] Market Dynamics - The Hainan market is stabilizing and recovering, reinforcing the company's core channel advantages [1] - The overseas expansion has achieved historic breakthroughs, with the acquisition of DFS opening a new chapter in internationalization [1] Strategic Initiatives - The acquisition of DFS's Greater China business and strategic cooperation with LVMH Group provide new opportunities for international development [1] - With the trend of consumption returning and the release of various new policy dividends, the company's performance is expected to return to a growth trajectory [1] Investment Rating - The company maintains a "Buy" rating [1]