Core Insights - The article highlights the competitive advantages of the Futian COCO Park, emphasizing its long-term operational success and market positioning as a premier shopping destination for Hong Kong consumers [1][2]. Group 1: Market Positioning and Customer Base - Futian COCO Park has established itself as a top shopping center for Hong Kong customers, leveraging its strategic location and continuous brand updates to attract foot traffic and sales [1]. - In 2023, the shopping center experienced a 42% year-on-year increase in foot traffic and a 31% increase in sales, with Hong Kong customers contributing significantly to this growth [1]. Group 2: Tax Refund Policy Impact - Starting January 1, 2025, Futian COCO Park will be the first in the district to implement an "immediate refund" tax policy, which is expected to further boost sales by enhancing the shopping experience for international visitors [2]. - Data shows that the "immediate refund" policy has a strong positive impact on consumption, with sales of tax refund items in Shenzhen increasing over 210% year-on-year in the first five months of the year [2]. Group 3: Company Performance and Forecast - The company is recognized as a benchmark in the Bay Area for pure commercial management, with a strong brand reputation among young consumers [3]. - Adjustments to the company's revenue growth and gross margin forecasts have been made, with the EPS predictions for 2025 and 2026 revised to 0.15 and 0.16 respectively, and a new EPS forecast for 2027 set at 0.17 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1.82 HKD [6]. Core Insights - The flagship project, Futian COCO Park, has maintained market competitiveness for 18 years through advanced positioning and refined operations, benefiting from a strong customer base that supports continued growth in foot traffic and sales [2]. - The company is capitalizing on the influx of Hong Kong customers and expanding inbound consumption policies, enhancing mall traffic and sales performance [4]. - The introduction of the "immediate purchase and refund" tax refund pilot program at Futian COCO Park in 2025 is expected to significantly boost sales by attracting more overseas tourists [3]. Financial Performance Summary - The company's revenue is projected to grow from 635 million HKD in 2023 to 788 million HKD by 2027, with a compound annual growth rate (CAGR) of approximately 8.2% [5]. - The net profit attributable to the parent company is expected to increase from 171 million HKD in 2023 to 170 million HKD in 2027, reflecting a modest growth trajectory [5]. - The earnings per share (EPS) forecast for 2025 has been adjusted to 0.15 HKD, down from the previous estimate of 0.19 HKD [4]. Market Position and Valuation - The company is recognized as a benchmark in the Bay Area's commercial management sector, with a strong brand reputation among young consumers [4]. - The estimated price-to-earnings (PE) ratio for comparable companies in 2025 is projected at 11 times, supporting the target price of 1.82 HKD [4].