华西证券研报指出，中国中免于11月28日在海南省三亚市举办投资者开放日活动，活动内容为参观公司 旗下三亚国际免税城（三期）、公司业务介绍及现场交流。该行认为随着公司在海南零售网络布局持续 深入，伴随着高端消费逐步回暖以及海南自贸港政策逐步优化，公司业务经营有望持续向上，从而释放 利润弹性。鉴于近期海南离岛免税销售亮眼的表现，上调之前的盈利预测。维持"增持"评级。 ...

Investment Rating - The investment rating for China Duty Free Group (601888) is "Buy" [1] Core Viewpoints - The report highlights the recovery of high-end consumption and the long-term growth potential of Hainan's offshore duty-free market, especially with the optimization of policies and the expansion of retail networks [2][3][4] - The sales of offshore duty-free products in Hainan have seen rapid growth, with a 28.52% year-on-year increase in sales amounting to 1.325 billion yuan from November 1 to November 17 [3] - High-end consumption is showing signs of recovery, supported by strong performance in the gaming sector and luxury brands in the Asia-Pacific region [4] - The Sanya International Duty-Free City Phase III is progressing as planned, with the first phase expected to be completed by August 2026, enhancing the commercial landscape in Hainan [5] - The report has adjusted the revenue forecasts for the company, expecting revenues of 55.468 billion, 61.242 billion, and 70.777 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.114 billion, 5.091 billion, and 6.150 billion yuan [6] Summary by Sections Event Overview - The company held an investor open day in Sanya, showcasing its retail network and business operations, indicating a positive outlook for profit growth due to high-end consumption recovery and policy optimization in Hainan [2] Analysis and Judgment - The report notes significant improvements in the offshore duty-free shopping policies, which have contributed to increased sales and consumer engagement [3] - High-end consumption is rebounding, with notable growth in luxury brand sales and positive trends in the gaming sector, indicating a favorable market environment [4] Investment Recommendations - The report has revised its earnings forecasts upward, reflecting the strong performance in Hainan's duty-free sales and the anticipated growth in high-end consumption [6]