[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）公司年报点评 2024年06月04日 [Table_InvestInfo] 盈利水平同期历史新高，债务杠杆 24Q1 投资评级 优于大市 维持 持续改善 股票数据 0[6Ta月b0le3_日S收to盘ck价In（fo港]元） 25.00 [投Ta资ble要_S点um：mary] 52周股价波动（港元） 19.50-30.80 总股本（百万股） 1461 总市值（百万港元） 36529  高基数下稳健增长，盈利水平创历史同期新高。24Q1收入8.6亿美元，在较 相关研究 高基数（23Q1较19Q1可比口径增速18.0%）下，实现货币中性增速4.1%。 [《Ta20b2le3_重R启ep分o红rtI，nf全o]年ebitdamargin升至 毛利率60.4%，为历史同期新高，同比提升2.4pct。Adj.EBITDA1.6亿美元， 19.3%》2024.03.21 Adj. EBITDAmargin 18.8%（同比+0.4pct），均创历史新高。 Adj.净利率 《再看新秀丽投资空间》2024.01.05 1 ...

欢迎参加新秀丽小范围交流的电话会议目前在参会者均处于静音状态下面有请主持人讲话谢谢各位投资者下午好欢迎大家参加新秀丽小范围交流我是招商访服的王雪玉首席刘宇老师会稍后接入那么今天我们很荣幸的请到公司的IR William余总进行交流余总您好你好 你好于总那还是先请您给我们简单的介绍一下公司的经济情况然后我们再进行问答和解释好吗谢谢好的谢谢你大家下午好我们在上星期二公布了我们一季度的业绩在同时呢 也对我们全年的预期做了一些调整基本上如果是看我们预期度的业绩我们收入表现是稍微要比我们之前预期收入的增长要比我们之前的预期稍微低了一点也因为这样子 调低了对全年我们社会的一个预期当中最重要的我们会先从社会这一块先看首先是亚洲区亚洲区的话我们最重要的四个市场是中国 印度 日本和南韩 在这个市场当中我们第二大市场印度市场在第一季度市价是同比下降10%、11%左右这个确实要比我们之前预期要差原因是在印度市场我们遇到我们当地的竞争对手 在去年下半年开始大幅的提高他们的存货但是同时因为旅游增长开始放缓开始恢复正常所以到了今年年初我们当地的竞争对手包括VIP等等就开始大幅的减少出销但是因为我们 我们公司第一还是维持我们的利润率同时也 ...

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].

感谢大家参加本次电话会议会议即将开始请稍后 感谢大家参加本次电话会议会议即将开始请稍后 欢迎大家参加本次电话会议本次电话会议将推迟几分钟后开始还请大家耐心等待欢迎大家参加本次电话会议本次电话会议将推迟几分钟开始还请大家耐心等待 感谢大家参加本次电话会议会议即将开始请稍后 感谢大家参加本次电话会议会议即将开始请稍后 本次电话会议仅面向招商证券的专业投资机构客户及受邀客户会议嘉宾发言内容仅代表其个人观点所有信息或观点不构成投资建议未经招商证券事先书面许可任何机构或个人严禁录音制作纪要转发转载传播复制编辑修改等 涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢大家好 欢迎参加新秀丽精英近况交流电话会议目前在团会者精英处于精英状态下面有请主持人讲话 谢谢各位投资者下午好欢迎大家参加新秀丽小范围交流我是招商访服的王雪玉 首席琉璃老师会稍后揭露那么今天我们很荣幸的请到公司的IR William 余总进行交流余总您好你好余总那还是先请您给我们简单的介绍一下公司的经济情况然后我们再进行问答和介绍吧 谢谢好的 谢谢你大家上午好我们在上星期二公布了我们一季度的业绩 同时也对我们全联的机器做了一些调整基本上如果是看 ...

业绩会时间：2024年5月14日 公司参会领导： Kyle Francis Gendreau，首席执行官 执行董事 Reza Taleghani，执行副总裁、首席财务官兼财务主管 William Yue，投资者关系高级总监 回放链接： http://webcast.live.wisdomir.com/samsonite_24q1/index_en.php 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产生误差，仅供参考，如有异议，请联系删 除。 联系人：韩亦佳 15901974050/马睿晴 13841319835 一、新秀丽 24Q1业绩简报 🔅23Q1高基数（旅游复苏&Tumi补库恢复正常销售），24Q1收入yoy+0.9%，货币中性yoy+4%;SSSG +2.2% 🔅新秀丽品牌/Tumi/美旅收入货币中性yoy+7%/+2%/+3% 🔅亚洲/北美洲/欧洲/拉丁美洲收入货币中性yoy+8%/+0.3%/-0.5%/+18%；拉丁美洲/欧洲/亚洲SSSG+7%/+4%/+3% 🍬中国大陆:Q1收入货币中性yoy+23% 🔅GPM+2.4ppt至60.4%，经调整EBITDA ...

Financial Performance - For the three months ended March 31, 2024, net sales were $859.6 million, an increase of 0.9% compared to $852.1 million for the same period in 2023, with a 4.1% increase when adjusted for constant currency[10]. - Gross profit for the same period was $519.5 million, up 5.0% from $494.5 million in the prior year, resulting in a gross margin of 60.4%, compared to 58.0% in 2023[10]. - Operating profit reported was $149.8 million, a 3.5% increase from $144.7 million year-over-year, with a 9.3% increase when adjusted for constant currency[10]. - Profit for the period was $90.5 million, reflecting a 7.8% increase from $83.9 million in the same quarter of 2023, with a 13.5% increase when adjusted for constant currency[10]. - Adjusted net income was $87.1 million, up 7.2% from $81.2 million in the previous year, with a 13.1% increase when adjusted for constant currency[7]. - Adjusted EBITDA for the quarter was $161.2 million, a 3.1% increase from $156.4 million year-over-year, with an adjusted EBITDA margin of 18.8%[7]. - Basic earnings per share were $0.057, an increase of 11.6% from $0.051 in the same quarter of 2023[7]. - For the three months ended March 31, 2024, net profit attributable to equity holders was $82.9 million, an improvement of $9.1 million or 12.3% compared to $73.8 million in the same period last year[12]. - Adjusted net income for the three months ended March 31, 2024, was $87.1 million, up $5.9 million or 7.2% from $81.2 million, driven by improved net sales and gross margin[12]. - The company reported a diluted earnings per share of $0.056 for the three months ended March 31, 2024, compared to $0.051 in the same period last year[20]. - The profit for the three months ended March 31, 2024, was $90.5 million, an increase of $6.6 million or 7.8% from $83.9 million in the same period last year[72]. Sales and Revenue Breakdown - Net sales for the three months ended March 31, 2024, were $859.6 million, compared to $852.1 million in the same period last year[20]. - Net sales by region showed that Asia accounted for $340.1 million (39.6%), North America $285.3 million (33.2%), Europe $175.5 million (20.4%), and Latin America $58.5 million (6.8%) for the three months ended March 31, 2024[33]. - The travel product category generated net sales of $558.3 million (64.9%), while the non-travel category generated $301.3 million (35.1%) for the three months ended March 31, 2024[40]. - The brand Samsonite reported a net sales increase of $15.6 million or 3.7%, with a 6.5% increase when adjusted for constant currency for the three months ended March 31, 2024[38]. - The company's Tumi brand reported a slight decrease in net sales of $0.5 million or 0.3%, but a 1.6% increase when adjusted for constant currency[38]. - The leisure product category saw a significant increase in net sales of $7.8 million or 9.6%, with a 19.2% increase when adjusted for constant currency[41]. - The European region experienced a slight decline in net sales of 2.5% compared to the previous year, reflecting challenges in that market[33]. - DTC channel net sales increased by $11.2 million or 3.7%, with a constant currency increase of 7.6%, reaching $319.1 million[45]. - DTC e-commerce sales increased by $5.8 million or 7.1%, reaching $87.0 million, with a constant currency increase of 11.0%[47]. - Sales in Germany for the three months ended March 31, 2024, decreased by $3.1 million or 12.5% compared to the same period in 2023[55]. - Sales in France decreased by $1.5 million or 8.8% year-over-year, while Italy saw a decrease of $1.2 million or 5.8%[55]. Expenses and Cost Management - Marketing expenses increased to $52.8 million, a rise of 5.6% from $50.0 million in the prior year, representing 6.1% of net sales, up from 5.9%[10]. - Distribution expenses rose by $22.9 million or 9.8% to $257.6 million, accounting for 30.0% of net sales[61]. - General and administrative expenses decreased by $4.3 million or 6.6% to $59.9 million, accounting for 7.0% of net sales[63]. - The net financial expenses for the three months ended March 31, 2024, decreased by $8.2 million or 21.4% to $30.1 million compared to $38.3 million for the same period in 2023[66]. - Interest expenses on loans and borrowings decreased by $2.1 million to $23.4 million for the three months ended March 31, 2024, compared to $25.5 million in the same period last year[69]. Cash Flow and Liquidity - Free cash flow for the period was $6.5 million, an increase of $67.9 million compared to the previous year, benefiting from positive changes in working capital and increased adjusted net income[12]. - Operating cash flow for the three months ended March 31, 2024, was $99.8 million, significantly higher than $24.2 million in the same period last year[29]. - Cash and cash equivalents rose to $744.5 million at the end of Q1 2024, compared to $716.6 million at the end of Q4 2023, marking a growth of 3.9%[29]. - Total liquidity as of March 31, 2024, was $1,589.8 million, compared to $1,562.0 million at the end of 2023[12]. - The company experienced a positive change in working capital, contributing to the increase in operating cash flow and adjusted net income[85]. Debt and Financing - As of March 31, 2024, cash and cash equivalents totaled $744.5 million, while total financial debt was $1,824.5 million, resulting in net debt of $1,079.9 million, down from $1,107.4 million at the end of 2023[12]. - The total loans and borrowings as of March 31, 2024, amounted to $1,824.5 million, down from $2,010.7 million as of March 31, 2023[66]. - The company entered into a revised credit agreement on June 21, 2023, which includes a $800 million secured A term loan, a $600 million secured B term loan, and an $850 million revolving credit facility[90]. - The company must maintain a total net leverage ratio not exceeding 4.50:1.00 and a cash interest coverage ratio of no less than 3.00:1.00[99]. - The company has established various negative covenants in its agreements, restricting additional debt and asset sales among other activities[107]. Investments and Capital Expenditures - The company invested $13.2 million in property, plant, and equipment, and software during Q1 2024, compared to $9.7 million in Q1 2023[29]. - The company plans to continue investing in property, plant, and equipment to upgrade and expand its retail store network throughout the remainder of 2024[85].

Financial Performance - Samsonite achieved strong net sales increases across all regions and core brands, driven by ongoing growth in travel and tourism [2]. - The company reported a record high gross profit margin, significantly enhancing profitability through disciplined expense management [2]. - Net sales for the year ended December 31, 2023, were $3,682.4 million, an increase of 27.9% compared to $2,879.6 million for the year ended December 31, 2022 [34]. - Operating profit for the year ended December 31, 2023, was $743.7 million, reflecting a 51.1% increase from $492.1 million in the previous year [34]. - Profit attributable to equity holders for the year ended December 31, 2023, was $659.1 million, a 56.5% increase compared to $421.2 million for the year ended December 31, 2022 [34]. - Adjusted EBITDA for the year ended December 31, 2023, was $709.3 million, with an adjusted EBITDA margin of 19.3% [34]. - The Group's financial performance reflects a strong recovery and growth trajectory post-pandemic, with significant improvements in key financial metrics [34]. - Free Cash Flow for the year ended December 31, 2023, was US$284.5 million, an increase of US$201.0 million, or 240.6%, compared to US$83.5 million in the previous year [45]. - The Group's net sales surpassed 2019 levels by 17.5% in 2023, a significant improvement compared to a 10.4% decrease in 2022 [49]. - The Group's adjusted EBITDA margin improved to 19.3% for the year ended December 31, 2023, from 16.4% for the year ended December 31, 2022 [42]. Marketing and Brand Strategy - The company aims to increase the proportion of net sales from its direct-to-consumer e-commerce channel [6]. - Investment in marketing will be increased to support the company's brands and initiatives [6]. - The Group plans to increase marketing investment in 2024, targeting advertising spend of approximately 7.0% of its net sales to drive future growth across all brands [11]. - The Group's marketing investment strategy is designed to support brand development and drive sales growth in the coming years [9]. - The Group's marketing expenses increased by US$85.5 million, or 54.8%, to US$241.5 million for the year ended December 31, 2023, representing 6.6% of net sales [40]. - The company aims to limit promotional discounts to enhance gross profits while maintaining disciplined fixed expense management [65]. - Marketing spend is targeted at approximately 7.0% of net sales for 2024, aimed at supporting product innovation and retail enhancements [95]. Sustainability and ESG Initiatives - The company is committed to incorporating its environmental, social, and governance (ESG) philosophy into core business practices [8]. - The Group is committed to sustainability through its "Our Responsible Journey" initiative, leading the transformation of the luggage industry [11]. - The share of net sales from products made at least in part from recycled material increased to approximately 34% in 2023, up from about 23% in 2022 [93]. - 100% renewable electricity usage was achieved in all operations, two years ahead of the 2025 target [93]. - The ambition is to become the world's most sustainable lifestyle bag and travel luggage company while continuing to grow net sales and profitability [101]. Regional Performance - The Group expects global travel and tourism growth to remain healthy in 2024, with Asia continuing to see travel growth as outbound travel from China improves [11]. - Net sales in Asia rose by 61.7% in 2023, driven by an 88.4% increase in net sales in China due to the recovery in domestic travel [47]. - The Group anticipates steady growth in travel in North America and Europe, with stronger prospects in Europe due to the return of Chinese travelers [11]. - Net sales in North America increased by US$149.9 million, or 13.4% (+13.7% constant currency) for the year ended December 31, 2023 [182]. - Net sales in Europe increased by US$110.9 million, or 16.7% (+16.8% constant currency), for the year ended December 31, 2023, when excluding the Russia Net Sales [118]. Operational Efficiency - The Group maintains disciplined expense management on fixed selling, general and administrative (SG&A) expenses, expecting fundamentally higher profitability from a more efficient cost structure [11]. - Fixed SG&A expenses improved to 22.7% of net sales in 2023, 140 basis points lower than the 24.1% in 2022 [56]. - The reduction in net debt and strong adjusted EBITDA growth reflects effective cash and debt management strategies [62]. - The company plans to maintain discipline in managing expenses to drive operating leverage and sustain strong Free Cash Flow generation [96]. Future Outlook - The Group plans to leverage its regional management structure and distribution expertise to extend its brands into new markets [6]. - The Group will continue to invest in marketing to drive further net sales growth [40]. - Global travel and tourism growth is expected to remain healthy, with international tourism projected to fully recover to pre-pandemic levels in 2024, showing a 2% increase compared to 2019 [98]. - The company expresses confidence in capturing opportunities from ongoing growth in travel and tourism through product innovation and brand communication [69].

海 外 研 证券研究报告 究 ＃industryId＃ 箱包行业 ＃01910 .HK ＃新dy秀Com丽pa ny＃ 港股通（沪/深） dyStockco ＃investSuggestion＃ ＃ d e＃ 利润率＃ 创tit 历le＃ 史 新高 增持 ( i首nve次stS ） uggesti ＃createTime1＃ 2024年 3月 22日 onC han ge＃ 投资要点 公 ＃ 事s 件um ：m 新ar 秀y＃ 丽 发布2023年业绩：全年收入同比增长27.9%至36.8亿美元，经调整 司 ＃市场ma数rk据et Data＃ EBITDA同比增长50.2%至7.1亿美元，归母净利同比增长33.3%至4.2亿美元。 跟 点评：全球出行需求强劲复苏，公司全年收入 36.8亿美元，可比收入货币中性同 日期 20240321 踪 比+30%，对比19年增长17.5%。 收盘价（港元） 30.70 剔除汇率因素影响， 报 总股本（亿股） 15 ~分产品看，旅游/非旅游品类增长相对均衡。全年旅游/非旅游占比分别为 告 流通股本（亿股） 15 66%/34%。旅游类可比收入同比+31%；非旅游类可比收入同比 ...

[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）公司年报点评 2024年3月21日 [Table_InvestInfo] 2023 重启分红，全年 ebitda margin 升 投资评级 优于大市 维持 至 19.3% 股票数据 [Table_StockInfo] 3月20日收盘价（港元） 30.40 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 19.50-30.80 全年ebitda margin创上市以来新高。公司 2023收入36.8亿美元，同比增 总股本（百万股） 1451  27.9%，可比口径货币中性下，同比增30.4%，可比口径货币中性下，较2019 总市值（百万港元） 45629 年增17.5%。股东应占溢利4.17亿美元，同比增33.3%，货币中性下，同比 相关研究 增34.6%。全年adj. ebitda margin 19.3%，同比增+2.9pct，创公司香港上市 [《Ta再b看le新_R秀e丽p投or资tI空nf间o]》 2024.01.05 以来新高，毛利率59.3%，同比增3.5pct。在2020年 ...

港股公司报告 | 公司点评 新秀丽（01910） 证券研究报告 2024年03月18日 投资评级 全球旅游复苏，核心品牌收入增长 行业 非必需性消费/纺织及 服饰 公司发布2023年业绩公告 6个月评级 买入（维持评级） 当前价格 30港元 23Q4收入9.48亿美元，同增16.2%，归母净利1.49 亿美元，同减24.8%。 目标价格 港元 23年全年收入36.82亿美元，同增27.9%，归母净利4.17亿美元，同增33.4%。 基本数据 业绩增长主要系：公司23年大幅增加营销投资，以把握全球旅游业及观光 港股总股本(百万股) 1,450.85 业的持续复苏增长由此带来的对公司产品的需求增加。公司在所有地区及 港股总市值(百万港元) 43,525.43 核心品牌收入强劲增长的推动下，显著提升盈利能力。 每股净资产(港元) 7.82 分地区，由于23 年年初防疫政策优化后国内旅游业复苏，23 年中国地区 资产负债率(%) 70.31 收入同增 88.4%，推动 23 年亚洲地区收入上升 61.7%，（亚洲地区收入较 一 年内最高/最低(港元) 30.80/19.50 19 年改善 20.1%，中国地区收入完全 ...