Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company experienced short-term fluctuations in Q3 due to weak global consumer demand, but sales are expected to improve marginally in Q4 as the high base effect diminishes [2] - The company's net profit forecasts for 2024-2026 have been revised down to $389 million, $436 million, and $490 million respectively, with the current stock price corresponding to P/E ratios of 9, 8, and 7 times [3] - Q3 sales were weak, with revenue of $880 million, a year-on-year decrease of 8.3% and a fixed exchange rate decline of 6.8% [3] - The gross margin decreased by 0.3 percentage points to 59.3%, and the net profit attributable to the parent company was $66 million, down 39.1% year-on-year [3] Summary by Sections Sales Performance - Q3 revenue breakdown by brand shows a decline: Samsonite at $480 million (-3.9%), TUMI at $190 million (-9.5%), and American Tourister at $140 million (-17.0%) [3] - By channel, wholesale revenue was $530 million (-11.5%) and DTC revenue was $350 million (-3.1%) [3] - By region, Q3 revenue was $330 million in Asia (-12%), $300 million in North America (-8%), $210 million in Europe (-2%), and $50 million in Latin America (-8%) [3] Future Outlook - Sales have shown marginal improvement since October, with a nearly double-digit year-on-year increase during the Singles' Day sales in China [3] - The revenue guidance for 2024 is expected to remain flat year-on-year (at fixed exchange rates), with a positive outlook for 2025 as the company focuses on higher-margin brands, channels, and regions [3]

Financial Performance - Net sales for the three months ended September 30, 2024, were $877.7 million, a decrease of 8.3% compared to $957.7 million in the same period in 2023 (6.8% decrease on a constant currency basis)[3][4] - Gross profit for the three months ended September 30, 2024, was $520.1 million, down 8.9% from $570.9 million in the same period in 2023 (7.0% decrease on a constant currency basis)[3] - Operating profit for the three months ended September 30, 2024, was $133.0 million, a decrease of 27.2% from $182.6 million in the same period in 2023 (25.0% decrease on a constant currency basis)[3][4] - Net income attributable to equity holders for the three months ended September 30, 2024, was $66.2 million, down 39.1% from $108.7 million in the same period in 2023 (34.2% decrease on a constant currency basis)[3] - Adjusted EBITDA for the three months ended September 30, 2024, was $154.6 million, a decrease of 20.3% from $194.0 million in the same period in 2023 (18.5% decrease on a constant currency basis)[3] - Net profit for the three months ended September 30, 2024, was $71.5 million, a decrease of $45.0 million or 38.6% compared to $116.5 million in the same period last year (34.1% decrease on a constant currency basis)[5] - Adjusted EBITDA for the three months ended September 30, 2024, was $154.6 million, a decrease of $39.4 million or 20.3% compared to the same period last year (18.5% decrease on a constant currency basis)[5] - Net sales for the nine months ended September 30, 2024, were $2,646.2 million, a decrease of 3.2% compared to $2,733.9 million in the same period last year (0.6% decrease on a constant currency basis)[7] - Operating profit for the nine months ended September 30, 2024, was $447.7 million, a decrease of $47.1 million or 9.5% compared to $494.7 million in the same period last year (5.7% decrease on a constant currency basis)[8] - Profit for the nine months ended September 30, 2024, was $255.6 million, a decrease of $25.6 million or 9.1% compared to $281.3 million in the same period last year (2.7% decrease on a constant currency basis)[8] - Net profit attributable to equity holders for the nine months ended September 30, 2024, was $235.6 million, a decrease of $19.0 million or 7.5% compared to the same period last year (a decrease of 0.4% on a constant currency basis)[9] - Adjusted EBITDA for the nine months ended September 30, 2024, was $488.1 million, a decrease of $40.2 million or 7.6% compared to the same period last year (a decrease of 4.0% on a constant currency basis)[9] - Adjusted net income for the nine months ended September 30, 2024, was $253.7 million, a decrease of $42.9 million or 14.5% compared to the same period last year (a decrease of 8.4% on a constant currency basis)[9] - Net sales for the three months ended September 30, 2024, were $877.7 million, a decrease of 8.4% compared to $957.7 million in the same period in 2023[15] - Gross profit for the nine months ended September 30, 2024, was $1,584.9 million, down 1.8% from $1,614.5 million in the same period in 2023[15] - Operating profit for the three months ended September 30, 2024, was $133.0 million, a decrease of 27.2% compared to $182.6 million in the same period in 2023[15] - Net profit attributable to equity holders for the nine months ended September 30, 2024, was $235.6 million, down 7.5% from $254.6 million in the same period in 2023[15] - Total comprehensive income for the nine months ended September 30, 2024, was $228.9 million, a decrease of 11.6% compared to $259.0 million in the same period in 2023[16] - Net profit for the three months ending September 30, 2024, was $66.2 million, contributing to a total comprehensive income of $77.0 million[18] - For the nine months ending September 30, 2024, the company reported a net profit of $235.6 million, with total comprehensive income reaching $228.9 million[20] - Net sales for the three months ended September 30, 2024, decreased by $79.9 million or 8.3% (6.8% on a constant currency basis) compared to the same period in 2023, driven by weaker global consumer confidence, particularly in China, and cautious wholesale clients in North America[23] - The company reported a net profit of $254.6 million for the nine months ended September 30, 2023, contributing to a total comprehensive income of $259.0 million[21] - Net sales for the company decreased by 8.3% year-over-year to $877.7 million in Q3 2024, with a constant currency decrease of 6.8%[25] - Gross profit decreased by 8.9% to $520.1 million (59.3% gross margin) in Q3 2024 compared to $570.9 million (59.6% gross margin) in Q3 2023[70] - Operating profit declined by $49.6 million or 27.2% (25.0% on a constant currency basis) to $133.0 million, mainly due to a decrease in net sales leading to lower gross profit[75] - Profit before tax decreased by $41.0 million or 29.5% (25.8% on a constant currency basis) to $98.0 million[78] - Profit for the period decreased by $45.0 million or 38.6% (34.1% on a constant currency basis) to $71.5 million[80] - Profit attributable to equity holders decreased by $42.5 million or 39.1% (34.2% on a constant currency basis) to $66.2 million[81] - Adjusted EBITDA decreased by $39.4 million or 20.3% (18.5% on a constant currency basis) to $154.6 million, with the adjusted EBITDA margin declining by 270 basis points to 17.6%[83] - Net profit for the three months ended September 30, 2024, was $71.5 million, a decrease of 38.6% compared to the same period in 2023[84] - Adjusted EBITDA for the three months ended September 30, 2024, was $154.6 million, a decrease of 20.3% compared to the same period in 2023[84] - Adjusted net income for the three months ended September 30, 2024, was $79.7 million, a decrease of 36.6% compared to the same period in 2023[86] - Adjusted basic earnings per share for the three months ended September 30, 2024, was $0.055, compared to $0.087 in the same period in 2023[88] - Net sales for the nine months ended September 30, 2024, decreased by $87.6 million or 3.2% compared to the same period in 2023, with a 0.6% decrease on a constant currency basis[94] - Sales in Asia for the nine months ended September 30, 2024, decreased by 5.6% to $1,007.6 million, representing 38.1% of total net sales[94] - Sales in North America for the nine months ended September 30, 2024, decreased by 3.0% to $904.0 million, representing 34.1% of total net sales[94] - Sales in Europe for the nine months ended September 30, 2024, increased by 0.3% to $581.5 million, representing 22.0% of total net sales[94] - Sales of the Samsonite brand for the nine months ended September 30, 2024, increased by 0.3% to $1,382.8 million, representing 52.3% of total net sales[96] - Sales of the Tumi brand for the nine months ended September 30, 2024, decreased by 4.3% to $607.2 million, representing 22.9% of total net sales[96] - Sales of the American Tourister brand for the nine months ended September 30, 2024, decreased by 8.7% to $451.8 million, representing 17.1% of total net sales[96] - Total sales revenue for the nine months ended September 30, 2024, was $2,646.2 million, a 3.2% decrease compared to $2,733.9 million in the same period in 2023[100] - Wholesale channel sales decreased by $81.4 million or 4.8% (2.6% on a constant currency basis) due to weakened consumer confidence and cautious North American wholesale clients[103] - DTC (Direct-to-Consumer) channel sales decreased by $17.5 million or 2.3% (1.2% increase on a constant currency basis), with a net addition of 52 self-operated retail stores, bringing the total to 1,104 stores[104] - DTC e-commerce sales increased by $11.0 million or 4.0% (7.3% on a constant currency basis) to $283.1 million, accounting for 10.7% of total sales[105] - Sales in Asia decreased by $59.3 million or 5.6% (2.7% on a constant currency basis), with significant declines in India (-16.4%) and Hong Kong (-18.6%)[106][108] - Japan saw a 3.0% increase in sales (12.6% on a constant currency basis), while Australia experienced a 14.1% increase (15.1% on a constant currency basis)[108] - Latin America's same-store sales increased by 11.7% on a constant currency basis, partially offsetting declines in North America, Asia, and Europe[104] - Net sales in India decreased by $31.4 million or 16.4% (15.3% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[109] - Total net sales in Hong Kong decreased by $16.2 million or 18.6% (18.7% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[110] - Sampsonite brand net sales in Asia decreased by 3.2% (0.2% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[110] - American Tourister brand net sales in Asia decreased by 7.7% (5.5% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[110] - Tumi brand net sales in Asia decreased by 4.0% (0.3% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[110] - Wholesale channel net sales in Asia decreased by 7.7% (5.3% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[112] - DTC channel net sales in Asia decreased by 0.4% but increased by 3.5% on a constant currency basis for the first nine months of 2024 compared to the same period in 2023[112] - DTC e-commerce net sales in Asia increased by $2.3 million or 2.2% (5.3% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[114] - Net sales in the US decreased by 2.5% for the first nine months of 2024 compared to the same period in 2023[117] - Net sales in Canada decreased by 11.7% (10.8% on a constant currency basis) for the first nine months of 2024 compared to the same period in 2023[117] - North America sales net revenue decreased by 3.0% to $904.0 million in the nine months ended September 30, 2024, compared to $932.3 million in the same period in 2023[118] - Samsonite brand sales in North America increased by 2.8% to $460.7 million, representing 51.0% of total North America sales[118] - Tumi brand sales in North America decreased by 5.9% to $336.3 million, representing 37.2% of total North America sales[118] - DTC e-commerce sales in North America increased by 3.0% to $112.1 million in the nine months ended September 30, 2024, compared to $108.8 million in the same period in 2023[122] - Europe sales net revenue increased by 0.3% to $581.5 million in the nine months ended September 30, 2024, compared to $579.9 million in the same period in 2023[123] - Belgium sales in Europe increased by 11.5% to $149.7 million, representing 25.7% of total Europe sales[125] - Germany sales in Europe decreased by 10.3% to $72.5 million, representing 12.5% of total Europe sales[125] - Spain sales in Europe increased by 5.2% to $53.0 million, representing 9.1% of total Europe sales[125] - The company added 14 new self-operated retail stores in North America, partially offset by the closure of 6 stores, resulting in a net increase of 8 stores to a total of 282 stores as of September 30, 2024[121] - Wholesale sales in North America decreased by 3.2% to $504.0 million, representing 55.7% of total North America sales[120] - Net sales for the nine months ended September 30, 2024, increased by 0.3% to $581.5 million compared to $579.9 million in the same period in 2023, with a 2.3% increase on a constant currency basis[127] - The DTC (Direct-to-Consumer) channel saw a 3.9% increase in net sales to $245.9 million, representing 42.3% of total net sales, with a 6.4% increase on a constant currency basis[129] - In Europe, DTC retail channel net sales increased by $3.9 million or 2.1% (4.9% on a constant currency basis) for the nine months ended September 30, 2024, compared to the same period in 2023[130] - DTC e-commerce net sales in Europe increased by $5.3 million or 10.2% (11.9% on a constant currency basis) to $56.6 million for the nine months ended September 30, 2024[131] - Latin America net sales decreased by $1.2 million or 0.8% (18.2% increase on a constant currency basis) for the nine months ended September 30, 2024, compared to the same period in 2023[132] - Mexico's net sales increased by 12.3% to $59.2 million, representing 38.8% of total Latin America net sales, with a 12.4% increase on a constant currency basis[134] - Chile's net sales decreased by 12.7% to $41.8 million, representing 27.4% of total Latin America net sales, with a 1.0% decrease on a constant currency basis[134] - Brazil's net sales decreased by 4.6% to $18.9 million, representing 12.4% of total Latin America net sales, with a 0.7% increase on a constant currency basis[134] - The "Other" category in Latin America saw a 2.1% decrease in net sales to $32.7 million, representing 21.4% of total Latin America net sales, with a 64.9% increase on a constant currency basis[134] - The company added 15 new self-operated retail stores in Europe, resulting in a net increase of 14 stores, bringing the total to 209 as of September 30, 2024[130] - Net sales for the Samsoite brand increased by 0.6% to $66.1 million, representing 43.3% of total net sales[137] - Tumi brand net sales grew significantly by 28.9% to $10.6 million, accounting for 6.9% of total net sales[137] - Wholesale channel net sales increased by 0.8% to $88.0 million, representing 57.6% of total net sales[138] - DTC (Direct-to-Consumer) channel net sales decreased by 2.9% to $64.7 million, accounting for 42.4% of total net sales[138] - Latin America DTC retail channel net sales decreased by $2.1 million or 3.5%, but increased by 17.3% on a constant currency basis[139] - The company added a net of 12 self-operated retail stores in Latin America, bringing the total to 190 stores as of September 30, 2024[139] - DTC e-commerce net sales in Latin America increased by $0.1 million or 1.6% to $8.2 million, with a 60.9% increase on a constant currency basis[140] - Gross margin improved to 59.9% from 59.1% in

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for its stock performance [3][9]. Core Insights - The company is a leading player in the travel luggage industry, with a strong brand portfolio including Samsonite, Tumi, and American Tourister. It is expected to achieve steady growth through global expansion and improved operational efficiency [3][9]. - Projected net profits for 2024-2026 are estimated at $422 million, $457 million, and $497 million respectively, with corresponding price-to-earnings (PE) ratios of 9, 9, and 8 times [3][9]. - The global luggage market is projected to grow at a CAGR of 7% over the next five years, with the company benefiting from multi-brand synergy and an expected increase in market share [3][9]. Summary by Sections 1. Key Points and Profit Forecast - The company is expected to maintain a competitive edge through high-quality brand assets and efficient channel operations. The main brand, Samsonite, offers a diverse range of products from mid-range to high-end, while Tumi focuses on the premium business segment [3][9]. - Revenue and net profit from the company's main brands showed significant growth in 2023, with increases of 28%, 34%, and 26% respectively [3][9]. 2. Company Overview: Global Renowned Luggage Brand - Established in 1910, the company is recognized as the largest luggage manufacturer globally, with a diverse brand portfolio that includes Samsonite, Tumi, and American Tourister [14][18]. 3. Industry: Rapid Growth in Luggage Consumption - The global luggage market has shown steady growth, increasing from $119.2 billion in 2011 to $161.1 billion in 2023, with a CAGR of approximately 3% [25]. - The domestic luggage market in China is also expanding, driven by rising disposable income and increasing travel demand, with a projected market size exceeding 300 billion yuan [27][31]. 4. Competitive Advantages: Quality Brand Assets and Channel Expansion - The company has a well-established brand matrix that covers various market segments, enhancing its competitive position [14][15]. - The direct-to-consumer (DTC) revenue share is expected to rise to nearly 40%, reflecting the company's commitment to enhancing operational efficiency [3][9]. 5. Future Outlook: Continued Global Expansion - The company plans to deepen its presence in high-potential emerging markets, particularly in Latin America, while maintaining stable performance in Europe and North America [10][11].

Financial Performance - Consolidated net sales for the first half of 2024 reached $1,768.5 million, a 2.8% constant currency increase compared to the same period in 2023[1][2] - Net sales for the six months ended June 30, 2024, were $1,768.5 million, a decrease of 0.4% but an increase of 2.8% on a constant currency basis compared to the same period in 2023[46][48] - Gross profit margin reached a record 60.2% for the six months ended June 30, 2024, up from 58.8% in the same period in 2023, driven by increased direct-to-consumer sales and disciplined promotional discounts[46][48] - Operating profit for the six months ended June 30, 2024, was $314.7 million, an improvement of $2.6 million or 0.8% (+5.6% constant currency) compared to the same period in 2023[46][48] - Profit for the six months ended June 30, 2024, was $179.1 million, an improvement of $7.7 million or 4.5% (+11.9% constant currency) compared to the same period in 2023[46][48] - Profit attributable to equity holders was $164.3 million for the six months ended June 30, 2024, an improvement of $11.8 million or 7.7% (+16.1% constant currency) compared to the same period in 2023[46][48] - Adjusted EBITDA for the six months ended June 30, 2024, was $333.5 million, a decrease of $0.8 million or 0.3% but an improvement of 4.3% on a constant currency basis compared to the same period in 2023[46][48] - Adjusted Net Income for the six months ended June 30, 2024, was $174.0 million, an increase of $3.1 million or 1.8% (+9.3% constant currency) compared to the same period in 2023[46] - Adjusted EBITDA margin for the six months ended June 30, 2024, was 18.9%, slightly up from 18.8% in the same period in 2023[46] - Diluted earnings per share for the six months ended June 30, 2024, were $0.113, an increase of 6.7% (+15.0% constant currency) compared to the same period in 2023[46] - Adjusted EBITDA margin increased by 10 basis points to a first half record of 18.9% for the six months ended June 30, 2024, compared to 18.8% for the same period in 2023[49] - Adjusted Net Income increased by $3.1 million, or 1.8% (+9.3% constant currency), to $174.0 million for the six months ended June 30, 2024[49] - Free Cash Flow increased by $18.2 million to $81.6 million for the six months ended June 30, 2024[49] - Consolidated net sales for the six months ended June 30, 2024, were $1,768.5 million, a 2.8% increase year-on-year, but marginally lower compared to $1,776.2 million in the first half of 2023 due to negative foreign currency translation effects[56] - Net sales in Asia increased by 2.0% despite softening sentiment among Chinese consumers and a more competitive pricing environment in India[56] - Net sales in Europe and Latin America increased by 4.6% and 20.3%, respectively, but with signs of greater consumer wariness in several markets[56] - Consolidated net sales for the first half of 2024 reached $1,768.5 million, a year-on-year increase of 2.8%[57] - Asia's net sales grew by 2.0% in the first half of 2024, despite weak consumer sentiment in China and intensified price competition in India[57] - Europe and Latin America saw net sales growth of 4.6% and 20.3% respectively in the first half of 2024[57] - The Samsonite brand achieved a year-on-year net sales increase of 5.8% in the first half of 2024, with growth across all regions[58] - The Group's direct-to-consumer channel net sales increased by 4.7% and accounted for 38.1% of total net sales in the first half of 2024[58] - Gross profit margin expanded by 140 basis points to a new first half record of 60.2% in 2024[59] - Marketing investment increased to $117.4 million, or 6.6% of net sales, in the first half of 2024[60] - Fixed SG&A expenses increased by $17.3 million year-on-year to $425.5 million in the first half of 2024, accounting for 24.1% of net sales[61] - Adjusted EBITDA margin for the first half of 2024 improved to a record 18.9% compared to 18.8% in the same period in 2023[62] - The Group generated Free Cash Flow of $81.6 million in the first half of 2024, an increase of $18.2 million compared to the first half of 2023[65] - Net sales for the first half of 2024 increased by 2.8% year-on-year, with Asia, Europe, and Latin America growing by 2.0%, 4.6%, and 20.3% respectively, while North America remained stable[89][95] - The Group achieved a gross profit margin of 60.2% and an Adjusted EBITDA margin of 18.9%, both setting new first-half records[88][98] - Free Cash Flow improved by $18.2 million year-on-year to $81.6 million, with net debt decreasing to $1.0 billion and a total net leverage ratio of 1.39x[100] - Direct-to-consumer (DTC) net sales grew by 4.7%, contributing to 38.1% of total net sales, a first-half record[97][101] - The Samsonite brand saw net sales increase by 5.8% year-on-year, with growth in all regions: Asia (+5.7%), North America (+2.6%), Europe (+6.8%), and Latin America (+23.9%)[92] - Tumi brand net sales grew by 0.3%, driven by increases in Asia (+2.7%) and Latin America (+31.8%), offset by declines in North America (-1.5%) and Europe (-1.1%)[92] - American Tourister brand net sales decreased by 0.9%, with Latin America growing by 24.0%, Asia remaining flat, Europe declining by 1.5%, and North America falling by 11.9%[92] - The Group's brick-and-mortar retail and DTC e-commerce net sales grew by 2.8% and 10.0% respectively compared to the same period in 2023[97] - Marketing investment increased to 6.6% of net sales, a 20-basis point increase from the first half of 2023, while fixed SG&A expenses rose by $17.3 million to $425.5 million[99] - The company-operated retail store fleet expanded to 1,083 stores, a net increase of 82 stores compared to June 30, 2023[99] - Marketing investment increased to 6.6% of net sales in H1 2024, up 20 basis points compared to H1 2023[102] - Fixed SG&A expenses increased by $17.3 million YoY to $425.5 million in H1 2024, but remained flat compared to H2 2023 despite adding 31 new retail stores[102] - Free cash flow increased by $18.2 million YoY to $81.6 million in H1 2024, with net debt reduced to $1.0 billion and total net leverage ratio improving to 1.39x[103][108] - Adjusted EBITDA margin improved by 10 basis points to a record 18.9% in H1 2024, with Adjusted EBITDA at $333.5 million, essentially unchanged YoY[104][109] - Profit attributable to equity holders increased by $11.8 million (7.7%) to $164.3 million in H1 2024, driven by a $11.3 million reduction in net finance costs[105] - Inventories decreased by $58.2 million to $637.7 million as of June 30, 2024, compared to December 31, 2023, with net working capital efficiency improving to 14.6%[106][110] - Capital expenditures increased by $15.5 million YoY to $41.2 million in H1 2024, driven by opening 48 new company-operated retail stores[107][111] - Net sales growth slowed to 1.5% YoY in Q2 2024, with Asia declining 2.9% and North America declining 1.2%, while Europe and Latin America grew 9.5% and 23.3%, respectively[113] - Net sales growth slowed to 1.5% YoY in Q2 2024, compared to 4.1% in Q1 2024, with Asia experiencing a 2.9% YoY decline in Q2 2024, driven by a 3.5% decline in China and an 11.3% decline in India[115] - Net sales decreased by $7.7 million (0.4%) but increased by 2.8% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[134] - Net sales for the first half of 2024 decreased by $7.7 million or 0.4% year-over-year, but increased by 2.8% on a constant currency basis[137] - Asia region accounted for 38.5% of net sales in 1H 2024, a slight decrease from 39.1% in 1H 2023, with a 2.0% decline in sales but a 2.0% increase on a constant currency basis[140] - North America region contributed 34.4% of net sales in 1H 2024, consistent with 1H 2023, with a 0.5% decline in sales[140] - Europe region saw a 1.8% increase in net sales, contributing 21.0% of total sales in 1H 2024, with a 4.6% increase on a constant currency basis[140] - Latin America region experienced a 2.7% increase in net sales, contributing 6.1% of total sales in 1H 2024, with a significant 20.3% increase on a constant currency basis[140] - Samsonite brand sales increased by 2.7% in 1H 2024, contributing 51.1% of total net sales, with a 5.8% increase on a constant currency basis[145] - Tumi brand sales decreased by 1.7% in 1H 2024, contributing 23.4% of total net sales, but showed a 0.3% increase on a constant currency basis[145] - American Tourister brand sales declined by 4.2% in 1H 2024, contributing 17.4% of total net sales, with a 0.9% decline on a constant currency basis[145] - Other brands (including Gregory, High Sierra, etc.) saw a 7.0% decline in sales in 1H 2024, contributing 8.1% of total net sales, with a 0.5% decline on a constant currency basis[145] - Excluding sales in Argentina and Turkey, the Group's consolidated net sales for 1H 2024 increased by 1.3% on a constant currency basis compared to 1H 2023[141] - Samsonite brand achieved strong growth in all regions for the six months ended June 30, 2024, despite high sell-in to wholesale customers in the same period of 2023[147] - Tumi brand net sales increased slightly on a constant currency basis for the six months ended June 30, 2024, driven by growth in Asia and Latin America, offset by declines in North America and Europe[148] - American Tourister brand net sales decreased slightly on a constant currency basis for the six months ended June 30, 2024, due to reduced sales in India and decreased sell-in to North American wholesale customers[149] - Net sales by product category: Travel products accounted for 65.6% (US$1,160.8 million) and non-travel products accounted for 34.4% (US$607.7 million) of total net sales for the six months ended June 30, 2024[153] - Wholesale channel net sales increased by 1.5% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[157] - DTC channel net sales increased by 2.8% on a constant currency basis for the six months ended June 30, 2024, despite a 1.3% decrease in retail net sales[161] - Total DTC e-commerce net sales increased by 6.0% (US$10.8 million) to US$190.8 million for the six months ended June 30, 2024, representing 10.8% of total net sales[162] - The Group added a net of 31 company-operated retail stores during the six months ended June 30, 2024, bringing the total to 1,083 stores[161] - Same store net sales on a constant currency basis decreased by 1.4% for the six months ended June 30, 2024, with declines in North America (-5.3%) and Asia (-2.2%) partially offset by growth in Latin America (+10.4%) and Europe (+2.6%)[161] - DTC retail channel sales decreased by $6.2 million or 1.3% (2.8% increase on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[163] - The company added 48 new self-operated retail stores and closed 17, resulting in a net increase of 31 stores, bringing the total to 1,083 stores as of June 30, 2024[163] - DTC e-commerce sales increased by $10.8 million or 6.0% (10.0% on a constant currency basis) to $190.8 million for the six months ended June 30, 2024, compared to the same period in 2023[164] - Net sales in Asia increased by 2.0% on a constant currency basis during the first half of 2024 compared to the first half of 2023[167] - Net sales in China increased by 3.8% ($146.2 million) in the first half of 2024 compared to the same period in 2023, driven by recovery in leisure and business travel[170][172] - Net sales in India decreased by $14.8 million or 11.7% (10.6% decrease on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[171][172] - Net sales in Hong Kong (including Macau) decreased by $7.6 million or 12.8% (12.9% decrease on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[171][172] - Adjusted EBITDA for the first half of 2024 was $162.3 million, with an Adjusted EBITDA margin of 23.9%[167] - Total net sales in Asia for the six months ended June 30, 2024, were $680.0 million, a 2.0% decrease compared to the same period in 2023, but a 2.0% increase on a constant currency basis[172] - Net sales in Japan increased by 5.8% ($96.4 million) in the first half of 2024 compared to the same period in 2023[172] - Net sales for the six months ended June 30, 2024, were $680.0 million, a decrease of 2.0% compared to $693.9 million in the same period in 2023, but a 2.0% increase on a constant currency basis[177] - Samsonite brand net sales increased by 1.4% to $305.7 million, representing 45.0% of total net sales, while American Tourister and Tumi brands saw decreases of 2.9% and 2.2% respectively[177] - DTC (Direct-to-Consumer) net sales in Asia increased by $0.3 million (0.2%) to $207.7 million, with a 6.1% increase on a constant currency basis, driven by the addition of 12 net new company-operated retail stores[181] - Total DTC e-commerce net sales in Asia increased by $1.6 million (2.3%) to $70.1 million, with a 6.6% increase on a constant currency basis[182] - North America net sales for the first half of 2024 were $608.3 million, a slight decrease of 0.5% compared to $611.3 million in the same period in 2023[184][188] - Adjusted EBITDA for the first half of 2024 was $121.5 million, with an Adjusted EBITDA margin of 20.0%[185] - The Group added 22 new company-operated retail stores in Asia during the six months ended June 30, 2024, partially offset by the closure of 10 stores, resulting in a net addition of 12 stores[181] - Same-store retail net sales in Asia decreased by 2.2% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[181] - Wholesale net sales in Asia decreased by 3.2% to $472.3 million, while DTC net sales increased by 0.9% to $207.7 million[180] - Net sales in the United States for the first half of 2024 were $575.0 million, a slight decrease of 0.2% compared to $576.3 million in the same period in

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 新秀丽（1910）公司半年报点评 2024 年 8 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 8[Table_StockInfo 月 20 日收盘价（港元）] 19.9 52 周股价波动（港元） 18.04-31.60 总股本（百万股） 1462 总市值（百万港元） 29098 《发布回购计划，彰显长期信心》 [Table_ReportInfo] 2024.8.14 《2023 重启分红，全年 ebitda margin 升至 股票数据 相关研究 | --- | |----------------------------------------| | 《24Q1盈利水平同期历史新高，债务杠杆持 | | 续改善》2024.06.05 | | 19.3%》2024.03.21 | | 市场表现 | [Table_QuoteInfo] 分析师:盛开 Tel:(021)23154510 证书:S0850519100002 分析师:梁希 Tel:(021)23219407 证书:S0850516070 ...

16 Aug 2024 CMB International Global Markets | Equity Research | Company Update Samsonite (1910 HK) 2Q24 results slowed by soft demand, guidance revised downward The company reported 2Q24 results below market expectations, with net sales down 1.7% YoY (+1.6% in constant currency) given softened consumer demand in China and North America, and increased competition in India. The GPM remained high at 60.0%, supported by channel and product mix optimization, Adjusted net profit declined by 3.4% YoY. The company ...

港股公司报告 | 公司点评 下半年市场或仍有一定不确定性 公司发布 2024 年度中期业绩公告 24H1 收入 17.69 亿美元，同增 2.8%；归母净利 1.64 亿美元，同增 16.1%； 24H1 收入增长主要系购物和旅游需求以及批发客户重建库存的需要。 24Q2 收入 9.09 亿美元，同增 1.5%；归母净利 0.81 亿美元，同增 13.6%； 归母净利的增长主要由财务费用净额减少所致。 分品牌，24H1 新秀丽品牌收入 9.04 亿美元，同增 5.8%，占比 51.1%； Tumi 收入 4.14 亿美元，同增 0.3%，占比 23.4%； American Tourister 收入 3.07 亿美元，同减 0.9%，占比 17.4%；其他收入 1.43 亿美元，同减 0.5%，占比 8.1%；American Tourister 收入下降的原因为印度 竞争对手激烈的促销活动以及北美主要客户销售的减少。 分地区，24H1 亚洲地区收入 6.80 亿美元，同增 2.0%，其中中国市场收入 1.5 亿美元，同增 7.6%，其中 24Q2 同减 3.5%，或显现一定消费压力；北 美洲收入 6.08 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SAMSONITE INTERNATIONAL S.A. 13-15 avenue de la Liberté, L-1931 Luxembourg R.C.S. LUXEMBOURG: B 159.469 （於盧森堡註冊成立之有限公司） （股份代號：1910） 截至 2024 年 6 月 30 日止六個月 中期業績公告 1 免責聲明 非 IFRS 計量工具 本公司於財務業績概要及財務摘要、主席報告、行政總裁報告及管理層討論與分析呈列若干非 IFRS(1)計量工具，因上述 各計量工具提供更多資訊，管理層相信有利於證券分析員、投資者及其他利益相關方更全面了解本集團的經營表現及影 響其業務的趨勢。本文所計算的此等非 IFRS 計量工具未必可與其他公司所使用類似命名的計量工具進行比較，且不應 被視為可與 IFRS 計量工具比較的計量工具。非 IFRS 計量工具作為一項分析工具有其局限性，不應被視為獨立於或代替 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to Samsonite International (1910 HK) with a target price of HK$37.21 [1]. Core Insights - Samsonite announced a share repurchase plan of up to USD 200 million (approximately HKD 1.56 billion), marking its first repurchase since its Hong Kong listing. This represents 4.34% of equity and 4.4% of market capitalization based on the closing price on June 6 [2][9]. - The board expresses long-term confidence in the company, believing the current stock price is below its intrinsic value, which reflects confidence in the company's long-term business and growth prospects [2][9]. - The repurchase plan aims to offset the dilution effect from previous stock option grants made in 2012 and 2022 [2][9]. - Global travel is expected to continue its recovery, with passenger travel in 2024 projected to reach 106% of 2019 levels, and a CAGR of 9.1% from 2023 to 2026 [2][9]. - The company maintains a solid position as the world's largest luggage leader, with ongoing Tumi store openings and long-term growth potential in the Asia-Pacific region [2][9]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at USD 3.96 billion and USD 4.30 billion, respectively, with year-on-year growth rates of 7.6% and 8.45% [4][6]. - Net profit is forecasted to be USD 463.22 million in 2024 and USD 511.89 million in 2025, reflecting year-on-year growth rates of 11.08% and 10.51% [4][6]. - The report anticipates a diluted EPS of USD 0.32 for 2024 and USD 0.35 for 2025, with a gross margin projected to improve from 59.28% in 2023 to 60.00% by 2026 [4][6].

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 新秀丽（1910）公司公告点评 2024年06月21日 [Table_InvestInfo] 投资评级 优于大市 维持 发布回购计划，彰显长期信心 股票数据 [投Ta资ble要_S点um：mary] 0[6Ta月b2le0_日S收to盘ck价In（fo港]元） 24.10 52周股价波动（港元） 20.50-31.60 总股本（百万股） 1462  新秀丽发布股份回购计划公告。公司计划回购不超过 2亿美元(按1美元兑 总市值（百万港元） 35237 7.8097港元的汇率计，约15.62亿港元)，这是公司香港上市以来第一次回购。 相关研究 根据股份于6月6日收盘价假设，回购股本占4.34%，回购金额占市值4.4%。 [《Ta24bQle1_盈R利ep水o平rtI同nf期o历] 史新高，债务杠杆持 回购期限自2024年6月7日起至将于2025年举行的本公司下一届股东周年 续改善》2024.06.05 大会之日止(包括首尾两日)。 《2023重启分红，全年ebitda margin升至  回购计划彰显董事会长期信心。董事会认为 ...