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普拉達: Miu Miu 24Q3成長再提速

天风国际  · 公众号  ·  · 2024-11-21 18:01

正文

Prada

(1913 HK)


Miu Miu 24Q3成長再提速


24Q3E takeaways: robust revenues as Miu Miu initiatives raise brand appeal and growth ticks up again

BUY (maintain)


投資要點/Investment Thesis

投資要點/Investment Thesis

公司發佈FY24Q3財務數據

普拉達FY24Q3(2024.7.1-9.30)收入同增18%(固定匯率,下同),其中零售收入同增18%,批發收入同增11%,特許權費同增16%;其中零售收入按品牌劃分,Prada收入同增2%,MiuMiu收入同增105%;零售收入按地區劃分,亞太區收入同增12%,歐洲收入同增18%,美洲收入同增10%;


Q3E revenue up 18%; retail business, Miu Miu and Europe were key growth drivers

Prada recently released a revenue update incorporating 24Q3E numbers, including growth data based on constant currency in yoy terms:

24Q3E revenue rose 18%; with granular perspectives below:

•Channels: retail increased 18%; wholesale rose 11%; and royalties were up 16%.

•Brands: Prada grew 2%; and Miu Miu increased 105%.

•Markets: Asia Pacific increased 12%; Europe increased 18%; and the Americas increased 10%.


普拉達FY24Q1-3(2024.1.1-9.30)收入38.3億歐,同增18%(固定匯率,下同),其中零售收入34億歐同增18%,批發收入3億歐同增9%,特許權費0.9億歐同增24%;


其中零售收入按品牌劃分,Prada收入25億歐同增4%,MiuMiu收入8.5億歐同增97%;


零售收入按地區劃分,亞太區收入11億歐同增12%,歐洲收入11億歐同增18%,美洲收入5.8億歐同增8%;


24Q1-3 revenue amounted to EUR3.83bn, up 18%; comprising:

•Channels: the retail business posted revenue of EUR3.4bn, up 18%; wholesale generated EUR300m, up 9%; and royalties came to EUR90m, up 24%.

•Brands: Prada contributed EUR2.5bn revenue, up 4%; and Miu Miu generated EUR850m, up 97%.

•Markets: Asia Pacific generated EUR1.1bn, up 12%; Europe contributed EUR1.1bn, up 18%; and the Americas came to EUR580m, up 8%.


Miu Miu通過廣受讚譽的時裝秀及引人入勝的活動,社羣熱情持續高漲,品牌繼續大放異彩。該品牌所有類別均獲得極爲正面的商業反響,並透過全新的皮具用品宣傳活動等極具影響力的傳播舉措,提升品牌的吸引力。


Miu Miu Upcycled等特別項目及成功的合作,爲品牌帶來持續關注。此外,隨着Miu Miu推出首屆文學俱樂部「寫作生活」(Writing Life)及開啓Miu Miu巡迴夏日讀本(Summer Reads),Miu Miu獨到的理念繼續促進當代文化討論,併爲全球社區帶來靈感。


Miu Miu: community engagement initiatives add coherence to a fashion brand

The Miu Miu brand continues to hog the spotlight with critically acclaimed fashion shows and engagement events. The brand has garnered favorable market response across all categories and its appeal has widened through impactful communication initiatives such as the new leather goods campaign. Special projects and effective collaborations such as Miu Miu Upcycled have raised the brand profile. And we believe that with the launches of its inaugural school club, Writing Life, and Miu Miu’s touring Summer Reads, the Miu Miu philosophy stirs contemporary cultural discussion while the brand aims to inspire communities around the world.


投資建議/Investment Ideas


上調盈利預測,維持“買入”評級

考慮到Miu Miu品牌力持續提升及Prada品牌高質量發展,疊加公司數字化發展及供應鏈進一步加強,我們上調盈利預測,預計24-26年全年收入分別爲55億歐元、63億歐元、73億歐元(原值分別51.1億歐元、55.3億歐元、60.0億歐元);淨利潤分別爲8.2億歐元、9.5億歐元、10.9億歐元(原值分別7.5億歐元、8.5億歐元、9.3億歐元);EPS分別爲0.32歐元/股、0.37歐元/股、0.42歐元/股(原值分別0.29歐元/股、0.33歐元/股、0.36歐元/股);對應PE分別爲21、18、16X。


Valuation and risks

Taking into account Miu Miu’s continually rising brand appeal and quality development of the Prada brand, combined with the company’s digitalized development and strengthening supply chain, we have raised our forecasts to revenue of EUR5.5bn/6.3bn/ 7.3bn in 2024/25/26E (previously EUR5.11bn/5.53bn/6.00bn) and net profit of EUR820m/950m/1.09bn (previously EUR750m/850m/930m); implying EPS of EUR0.32/ 0.37/0.42 (previously EUR0.29/0.33/0.36), corresponding to PE of 21x/18x/16x. We maintain our BUY rating.


風險提示: 品牌發展不及預期,核心高管流失,毛利率下滑等。


Risks include: weaker brand development than expected; loss of core executives; and declining gross margins.





Email: [email protected]

TFI research report website:

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文件 由天風國際證券集團有限公司 , 天風國際證券與期貨有限公司(證監會中央編號: BAV573 )及天風國際資產管理有限公司(證監會中央編號:







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