Gelonghui, April 24 | Ping An Securities Research Report indicates that the Q1 revenue of China's free account (601888.SH) was 18.807 billion yuan, down 9.45% year on year, and net profit attributable to mother increased 0.25% year on year to 2,306 billion yuan. Based on the competitive advantages that the company has accumulated over a long period of time, considering the rapid and steady recovery of inbound and outbound flights and passenger flow since 2023, the company is expected to usher in a gradual recovery in sales as people's willingness to spend recovers and social inventory is digested. The company is a leading global travel retail leader, and there are few comparable domestic companies. Currently, it has been underrated since 2019. Considering the friendly immigration policy, the restoration of international passenger flow at the airport, and the improvement of travel retail sales in Hainan from 2024, it maintains a “recommended” rating.