东吴证券维持中国中免“买入”评级 看好海南离岛免税高景气

Core Viewpoint - Dongwu Securities released a report on March 31, indicating that China Duty Free Group (CDFG) is expected to achieve a total revenue of 53.69 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] Group 1: Financial Performance - In Q4, CDFG showed strong performance with a revenue of 13.831 billion yuan, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 534 million yuan, a year-on-year increase of 53.59%, indicating a clear trend of performance recovery [1] Group 2: Market Outlook - The report highlights that after the Hainan Free Trade Port's closure operations, the sales of duty-free goods on the island remain highly prosperous, supported by the continuous introduction of relevant policies [1] - CDFG plans to deepen its market presence in Hainan in 2026, promoting the integration of "duty-free + cultural tourism" and systematically advancing the integration of DFS retail business in Greater China [1] - The establishment of city duty-free shops is expected to bring long-term sales growth, solidifying the company's leading market position [1]