CTG DUTY-FREE(SH:601888) Shenwan Hongyuan Securities·2025-03-31 08:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a decline in performance for 2024, with total revenue of 56.47 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 4.27 billion yuan, down 36.4% [6] - The company is focusing on the growth of city duty-free stores as the offshore duty-free sales are under pressure [6] - The company plans to distribute a cash dividend of 1.05 yuan per share, which accounts for 50.91% of the 2024 net profit [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 66.67 billion yuan, with a year-on-year growth rate of 18.1% [5] - Net profit attributable to shareholders for 2025 is projected to be 4.98 billion yuan, reflecting a year-on-year increase of 16.6% [5] - The company’s gross margin is expected to be 30% for 2025, with a return on equity (ROE) of 8.4% [5][8]