CICC: Lower target price for Chinese Zhongmian AH shares, maintain "outperform industry" rating.

CICC released a research report stating that China Duty Free Group's revenue is expected to decline by 4.92% annually to 53.694 billion yuan in 2025, and net profit attributable to the parent company is expected to decrease by 15.96% to 3.586 billion yuan. In the fourth quarter of last year, China Duty Free Group's revenue increased by 2.81% annually to 13.831 billion yuan, and net profit attributable to the parent company increased by 53.59% to 534 million yuan. The bank maintains its profit forecast for China Duty Free Group in 2026 and 2027 at 5.483 billion yuan and 6.31 billion yuan, respectively. Considering the downward shift in industry valuation, the bank has lowered China Duty Free Group's Hong Kong stock target price by 17% to 95 Hong Kong dollars, and its A-share target price by 11% to 95 yuan, while maintaining an "outperform the industry" rating.