就行业而言，基于老年人和儿童增加，出行结构发生变化，预计夏季高峰期间消费者的免税开支将进一步疲软。该行维持对上海机场(600009.SH)“增持”评级，目标价下调10%至35.9元人民币，以反映中期免税增长预期较保守。Morgan Stanley expects consumer duty-free spending to further weaken during the summer peak.
According to the news from the Intelligent Financial APP, Morgan Stanley released a research report stating that it maintains a "synchronized with the market" rating for Beijing Capital Airport (00694) and lowers the target price by 27% to HKD 2.2, due to the lowered commercial income outlook forecast.
Significantly lowering the target price for mainland airport stocks, Baiyun Airport (600004.SH) is preferred as a defensive choice due to its smaller scale of duty-free business, unique duty-free product portfolio, and higher dividend yield. The rating is maintained as "shareholding", and the target price is lowered by 8.8% to RMB 10.4.
In terms of the industry, based on the increase in the elderly and children, and the change in travel structure, it is expected that consumer duty-free spending will further weaken during the summer peak. The Bank maintains a "shareholding" rating for Shanghai Airport (600009.SH) and lowers the target price by 10% to RMB 35.9 to reflect a relatively conservative mid-term duty-free growth expectation.
