In "Major Banks," CITIC Securities lowers the target price for CTG DUTY-FREE to 95 yuan, focusing on the subsequent growth pace in Hainan

CICC's research report pointed out that China Tourism Group Duty Free (01880.HK) announced its 2025 performance, with revenue decreasing by 4.92% year-on-year to RMB 53.694 billion (same below), and net profit attributable to the parent company decreasing by 15.96% year-on-year to RMB 3.586 billion. It also noted that last year's fourth-quarter performance met market expectations. Looking ahead to 2026, the bank is optimistic that duty-free sales growth will be driven by departing travelers, island residents, digital products, and organic growth, and it recommends continued attention to the rebound from a low year-on-year base.

CICC maintains its profit forecasts for China Tourism Group Duty Free for the next two years at RMB 5.483 billion and RMB 6.31 billion; considering the downward shift in industry valuation, it has lowered the target price for China Tourism Group Duty Free A (601888.SH) to RMB 95 and the target price for H shares to HKD 95; it maintains an "outperforming the industry" rating for both its Hong Kong and A shares