[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 ...

Investment Rating - The report maintains a "Buy" rating for Samsonite (01910) with a target price of HKD 19.36, reflecting a positive outlook for the company's performance in the upcoming periods [1]. Core Views - The company reported a revenue of USD 1.769 billion for the first half of 2024, representing a year-on-year increase of 2.8%, while net profit attributable to shareholders was USD 164 million, up 16.1% [1]. - The growth in revenue is primarily driven by shopping and travel demand, as well as the need for wholesale customers to rebuild inventory [1]. - The company is optimistic about the global tourism and travel trends, expecting demand for its products to remain strong despite current uncertainties in the market [1]. Summary by Sections Financial Performance - For the second quarter of 2024, revenue was USD 909 million, a 1.5% increase year-on-year, with net profit of USD 81 million, up 13.6% [1]. - The growth in net profit is mainly attributed to a reduction in net financial expenses [1]. - The gross margin for the first half of 2024 was 60.2%, an increase of 1.4 percentage points year-on-year, driven by improvements across all regions [1]. Brand Performance - By brand, Samsonite generated USD 904 million in revenue, a 5.8% increase, accounting for 51.1% of total revenue [1]. - Tumi's revenue was USD 414 million, a slight increase of 0.3%, representing 23.4% of total revenue [1]. - American Tourister's revenue decreased by 0.9% to USD 307 million, accounting for 17.4% of total revenue, attributed to intense promotional activities from competitors and reduced sales from major North American customers [1]. Regional Performance - In terms of regional performance, revenue from Asia was USD 680 million, up 2.0%, with China contributing USD 150 million, a 7.6% increase [1]. - North America saw a slight decline in revenue to USD 608 million, down 0.5%, while Europe experienced a 4.6% increase to USD 372 million [1]. - Latin America reported a significant growth of 20.3%, reaching USD 108 million [1]. Future Outlook - The company plans to focus on higher-margin brands, channels, and regions to drive revenue growth, while continuing to invest in upgrading and expanding both physical retail and e-commerce operations [1]. - The board has approved a USD 200 million share buyback plan and plans to distribute USD 150 million in cash dividends to shareholders in July 2024 [1]. - The company expects to allocate 7.0% of its revenue to advertising in 2024, leveraging strong liquidity to support future growth initiatives [1].

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].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's share buyback plan reflects the board's long-term confidence in the business and growth prospects, as the current share price is considered below its intrinsic value [5] - The buyback plan aims to offset the dilution effect from stock options granted in previous years [5] - The global travel market is expected to recover and grow steadily, with passenger numbers projected to reach 106% of 2019 levels by 2024, and a CAGR of 9.1% from 2023 to 2026 [8] - The company is expected to benefit from its leading position in the luggage market, gradual realization of Tumi store openings, and improving debt leverage and cash flow [8] - The estimated net profits for 2024 and 2025 are projected to be $463.22 million and $511.89 million, respectively, with a PE valuation range of 14-15X for 2024 [8] Financial Summary - Revenue is projected to grow from $3,682.40 million in 2023 to $4,669.88 million in 2026, with a year-on-year growth rate of 27.88% in 2023 and 7.60% in 2024 [6][8] - Net profit is expected to increase significantly from $417.00 million in 2023 to $558.09 million in 2026, with a year-on-year growth rate of 33.35% in 2024 [6][8] - The gross margin is forecasted to improve from 59.28% in 2023 to 60.00% in 2026 [6][8] - The company's total assets are projected to grow from $5,111.80 million in 2023 to $6,807.66 million in 2026 [9] Market Performance - The company's stock price has fluctuated between HKD 20.50 and HKD 31.60 over the past 52 weeks, with a closing price of HKD 24.10 [2] - The total market capitalization is approximately HKD 35,237 million [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company achieved a historical high in profitability for Q1 2024, with revenue of $860 million, reflecting a currency-neutral growth rate of 4.1% despite a high base from the previous year [5][6] - The gross margin reached 60.4%, marking a year-on-year increase of 2.4 percentage points, while the adjusted EBITDA was $160 million, with an adjusted EBITDA margin of 18.8% [5][6] - The company has improved its debt leverage, with a net leverage ratio of 1.48X, the lowest since the acquisition of Tumi in 2016, and a significant cash flow recovery with free cash flow of $6 million, an increase of $68 million year-on-year [5][6] Summary by Sections Financial Performance - For Q1 2024, the company reported revenue of $860 million, with a year-on-year growth of 4.1% on a currency-neutral basis [5][6] - The adjusted net profit margin was 10.1%, up 0.6 percentage points year-on-year, and the fixed SG&A expense ratio decreased to 24.9%, down 4.8 percentage points from the previous year [5][6] - The company plans to maintain an advertising expense ratio of 7% for the year to drive growth across its brand matrix [5] Brand Performance - The main growth driver for the company is the Samsonite brand, with currency-neutral year-on-year growth rates of 6.5% for Samsonite, 1.6% for Tumi, and 3.2% for American Tourister in Q1 2024 [5][6] - Tumi's growth was impacted by inventory arrival times and a high base from the previous year [5] Regional Performance - In Q1 2024, the company saw currency-neutral year-on-year growth rates of 7.5% in Asia, 0.3% in North America, -0.5% in Europe, and 17.9% in Latin America [5][6] - The growth in Asia was significantly driven by China (+23.0%), Japan (+26.4%), and South Korea (+13.3%) [5] Market Outlook - Global travel is expected to recover, with projections indicating that the number of global travelers in 2024 will reach 106% of 2019 levels, and a CAGR of 9.1% for global travel from 2023 to 2026 [5][6] - The company anticipates continued robust growth in travel-related consumption [5]

Summary of the Conference Call Company Overview - The conference call involves Samsonite, a company in the luggage and travel accessories industry [1] Key Points and Arguments - The call is hosted by Wang Xueyu, Chief of Investment Services at the hosting organization, with the participation of William Yu, the Investor Relations representative from Samsonite [1] Other Important Content - The call is structured to allow for a focused discussion, with participants initially muted to ensure a smooth communication flow [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 26.65, maintaining the rating for the next six months [1]. Core Views - The report highlights that the company, Samsonite (01910), is experiencing growth driven by its main brand and leadership in the Asian market. The recovery in leisure and business travel is a significant factor contributing to this growth [1]. - The company reported Q1 2024 revenue of USD 860 million, a year-on-year increase of 0.9%, and a net profit of USD 83 million, up 12.3% year-on-year. The revenue growth is attributed to increased marketing investments and capturing opportunities in the global market, especially in Asia [1]. - The report anticipates continued strong growth in Asian tourism in 2024, supported by the recovery of outbound travel from China [1]. Summary by Sections Financial Performance - Q1 2024 revenue breakdown: Samsonite brand revenue was USD 440 million (up 3.7%, 51.2% of total), Tumi revenue was USD 194 million (down 0.3%, 22.5%), American Tourister revenue was USD 151 million (down 0.1%, 17.6%), and other revenues were USD 75 million (down 9.1%, 8.7%) [1]. - Regional revenue: Asia generated USD 340 million (up 3.3%), North America USD 285 million (up 0.3%), Europe USD 176 million (down 2.5%), and Latin America USD 59 million (up 0.2%) [1]. - Gross margin improved to 60.4%, up 2.4 percentage points, and net profit margin increased to 9.6%, up 1 percentage point [1]. Cost Management - The report notes an increase in sales expense ratio to 30% (up 2.4 percentage points), primarily due to depreciation of leased assets and increased store openings. Management expense ratio decreased to 7% (down 0.6 percentage points) due to strict cost management [1]. - Financial expense ratio decreased to 3.5% (down 1 percentage point), attributed to reduced non-cash expenses related to redeemable non-controlling interests and decreased foreign exchange losses [1]. Future Outlook - The company plans to invest 7.0% of net sales in marketing for 2024, focusing on product innovation and advertising to drive strong sales growth, particularly in the high-margin Asian region and Tumi brand [1]. - Adjusted revenue forecasts for 2024-2026 are USD 4.114 billion, USD 4.542 billion, and USD 5.067 billion, with net profits of USD 480 million, USD 530 million, and USD 596 million respectively [1].

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The call begins with a standard greeting and acknowledgment of participants, indicating a formal setting for discussion [1] Other Important but Possibly Overlooked Content - No additional content or insights are provided in the document [1]