港股公司报告 | 公司点评 Miu Miu24Q3 成长再提速 公司发布 FY24Q3 财务数据 其中零售收入按品牌划分，Prada 收入同增 2%，MiuMiu 收入同增 105%； 零售收入按地区划分，亚太区收入同增 12%，欧洲收入同增 18%，美洲收 入同增 10%； Miu Miu Upcycled 等特别项目及成功的合作，为品牌带来持续关注。此外， 随着Miu Miu 推出首届文学俱乐部「写作生活」（Writing Life）及开启 Miu Miu 巡回夏日读本（Summer Reads），Miu Miu 独到的理念继续促进当代文化讨 论，并为全球社区带来灵感。 考虑到 Miu Miu 品牌力持续提升及 Prada 品牌高质量发展，叠加公司数字 化发展及供应链进一步加强，我们上调盈利预测， 预计 24-26 年全年收入分别为 55 亿欧元、63 亿欧元、73 亿欧元（原值分 别 51.1 亿欧元、55.3 亿欧元、60.0 亿欧元）； 净利润分别为 8.2 亿欧元、9.5 亿欧元、10.9 亿欧元（原值分别 7.5 亿欧元、 8.5 亿欧元、9.3 亿欧元）； EPS 分别为 0.32 欧元/股、 ...

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分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。 PRADA S.p.A. （股份代號：1913） 截至二零二四年九月三十日止九個月的 未經審核收益公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------| | | | | | - Prada 集團錄得收益淨額 3,829 百萬歐元，按固定匯率計，較二零二三年同期 | | | 增加 18% ； | | - | 相比二零二三年同期，零售銷售淨額按固定匯率計增加 18% ；二零二四年第 三季度跟二零二三年的水平一致，增加 18% ； | | | | | | - Prada 品牌及 Miu Miu 的零售銷售淨額按固定匯率計分別增加 4% 及 97% ，表 現均優於市場水平； | | - | 以 ...

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港股公司报告 | 公司点评 Miu Miu 增长强劲 24H1 净利润同增 25.7%，实现稳健增长 24H1 公司收入 25.5 亿欧元，同增 17.4%；净利润 3.8 亿欧元，同增 25.7% （按固定汇率，下同）。收入增长主要系全价销售及销量同比增长。 分渠道看，零售销售净额同增 18.2%；批发渠道的销售同比增长 7.8%，得 益于免税店渠道，且独立批发的发展可控，与公司战略一致；特许权费收 入同比增长 28.1%，强劲表现系眼镜及香水的贡献所带动。 分地区看 ，日本 / 中 东/ 欧 洲 / 亚 太 / 美洲 零售销售净额 分别同比 +55%/+20%/+18%/+12%/+7%。 日本再度成为上半年度表现最佳的地区，受益于该地区稳健需求及强劲旅 游客流，二季度增速进一步加快；中东零售销售额表现稳健，且二季度增 速加快；欧洲在当地区客户及游客消费的支持下实现持续、稳定增长；亚 太区 Q2 较高基准导致增长放缓，但在该地区以外的支出有所增加；美洲 二季度轻微改善。 Miu Miu 表现优异，品牌力持续提升 24H1Miu Miu 零售销售额表现优异，同比增长 92.7%，在各地区及产品类 别均取得强 ...

灣股公司报告 | 公司点评 普拉达（01913） Miu Miu 增长强劲 24H1 净利润同增 25.7%，实现隐健增长 24H1 公司收入 25.5 亿欧元，同增 17.4%；净利润 3.8 亿欧元，同增 25.7% ( 按固定汇率，下同 )。收入增长主要系全价销售及销量同比增长。 分類譜署，零售销售净额同增 18.2%；批发渠道的销售同比增长 7.8%，得 益于免税店渠道，且独立批发的发展可控，与公司战略一致；特许权费收 入同比增长 28.1%，强劲表现系眼镜及 香水的贡献所带动。 分 施 区 〓 ， 日 本 / 中 东 / 欧 洲 / 亚 太 / 美洲 零 售 销 售 净 额 分 别 同 比 +55%/+20%/+18%/+12%/+7%。 日本再度成为上半年度表现最佳的地区，受益于该地区稳健需求及强劲旅 游客流，二季度增速进一步加快，中东零售销售额表现稳健，且二季度增 速加快，欧洲在当地区客户及游客消费的支持下实现持续、稳定增长；亚 太区 Q2 较高基准导致增长放缓，但在该地区以外的支出有所增加；美洲 二季度轻微改善。 Miu Miu 壞獨优异，品牌力持樂飆升 24H1Miu Miu 零售销售额表现 ...

Revenue and Sales Performance - Prada Group recorded net revenue of 2,549 million euros, a 17% increase compared to the same period in 2023 at constant exchange rates[2] - Retail sales net revenue increased by 18% at constant exchange rates compared to the same period in 2023[2] - Prada brand and Miu Miu retail sales net revenue increased by 6% and 93% respectively at constant exchange rates[2] - Double-digit growth was recorded in the following regions at constant exchange rates: Japan +55%, Middle East +20%, Europe +18%, and Asia Pacific +12%[2] - Prada Group's net revenue increased by 17.4% at constant exchange rates compared to the first half of 2023, driven by full-price and like-for-like sales[9] - Prada's retail sales grew by 5.5%, while Miu Miu's retail sales surged by 92.7% during the period, with strong performance across all categories and regions[9] - Net sales increased by 13.9% to €2,487.8 million, with a gross margin of 79.8%[12] - Total net revenue increased by 14.2% to €2,548.6 million, with retail sales (directly operated stores and e-commerce) contributing 88.8% of the total revenue, growing by 14.6% to €2,262.6 million[17] - Miu Miu's retail sales surged by 85.9% to €530.1 million, significantly outperforming other brands and contributing 23.4% of total retail sales[17] - Japan's retail sales grew by 38.0% to €308.6 million, representing 13.6% of total retail sales, with a fixed exchange rate growth of 55.0%[17] - Retail sales in Europe grew by 17.2% to €682.2 million, contributing 30.2% of total retail sales, with a fixed exchange rate growth of 18.3%[17] - The Asia-Pacific region accounted for 34.2% of retail sales, with net sales increasing by 8.2% to €774.4 million, and a fixed exchange rate growth of 12.0%[17] - Prada Group's net revenue for the first six months of 2024 reached 2,548.6 million euros, a 17.4% increase year-over-year, with retail sales contributing 88.8% of total net revenue[41] - Miu Miu's retail sales surged by 92.7% year-over-year, driven by strong growth across all regions and product categories[42] - Japan was the top-performing region with a 55% increase in retail sales, supported by strong local demand and tourism[42] - Prada's retail sales grew by 5.5% year-over-year, with growth across all product categories and regions, including China and other Asia-Pacific countries[42] Profitability and Financial Performance - EBIT was 575 million euros, representing 22.6% of net revenue, a 17% increase compared to the same period in 2023[2] - Net income for the group was 383 million euros, a 26% increase compared to the same period in 2023[2] - The Group's EBIT margin improved to 22.6%, with a net cash position of €265 million at the end of the period[9] - Net income attributable to the Group rose by 25.7% to €383.5 million, with a net income margin of 15.0%[12] - The Group's operating income (EBIT) for the period was 575.1 million euros, representing 22.6% of net revenue, up from 491.4 million euros (22% of net revenue) in the same period last year[43] - Net income for the first six months of 2024 was 385.7 million euros, accounting for 15.1% of net revenue, compared to 306.6 million euros (13.7% of net revenue) in the previous year[45] - The Group's gross margin stood at 79.8% of net revenue, slightly down from 80.3% in the same period last year, but stable when excluding currency effects[43] Cash Flow and Financial Position - As of June 30, 2024, the net financial position was positive at 265 million euros[2] - Operating cash flow net of lease liabilities was 580.5 million euros, compared to 181.8 million euros in the same period in 2023[7] - Net invested capital, including right-of-use assets, was 5,825.3 million euros as of June 30, 2024[8] - Cash and cash equivalents decreased from €689.5 million to €661.3 million, a decline of 4.1%[13] - Trade receivables (net) decreased from €405.2 million to €378.7 million, a decline of 6.5%[13] - Inventory (net) increased from €783.0 million to €864.4 million, a growth of 10.4%[13] - Total current assets increased slightly from €2,162.7 million to €2,175.4 million, a growth of 0.6%[13] - Property, plant, and equipment increased from €2,032.9 million to €2,076.9 million, a growth of 2.2%[13] - Total non-current assets increased from €5,452.3 million to €5,565.1 million, a growth of 2.1%[13] - Total liabilities increased from €3,738.2 million to €3,803.2 million, a growth of 1.7%[13] - Net income attributable to equity holders of the company decreased from €671.0 million to €383.5 million, a decline of 42.8%[13] - Total equity increased from €3,876.8 million to €3,937.2 million, a growth of 1.6%[13] - Other reserves increased from €2,833.9 million to €3,162.4 million, a growth of 11.6%[13] - Operating cash flow increased by 20.9% to €871.1 million, driven by higher pre-tax income of €537.0 million, up 20.7% from the previous year[15] - Net cash flow from operating activities rose to €799.3 million, a significant increase from €393.5 million in the same period last year[15] - Capital expenditures for property, plant, and equipment, as well as intangible assets, increased by 22.6% to €182.9 million[15] - The company paid dividends of €331.1 million to Prada S.p.A. shareholders, up 24.1% from the previous year[15] - Total comprehensive income for the period reached €408.1 million, with the group's share at €405.6 million, up 36.0% year-over-year[16] - Net trade receivables decreased to €378.7 million as of June 30, 2024, from €405.2 million as of December 31, 2023[21] - Inventory increased to €864.4 million as of June 30, 2024, up from €783.0 million as of December 31, 2023, primarily due to supporting sales growth[23] - Provisions for obsolete and slow-moving inventory increased by €17.2 million in the first half of 2024, allocated to slow-moving products and raw materials[23] - Other current assets totaled €253.7 million as of June 30, 2024, compared to €267.4 million as of December 31, 2023[26] - Capital expenditures for property, plant, and equipment totaled €137.0 million, with significant additions in leasehold improvements (€46.9 million) and furniture and fixtures (€15.4 million) due to retail property remodeling and store resets[27] - Intangible assets increased by €31.7 million, primarily driven by software additions (€5.6 million) and in-progress assets (€25.6 million) related to retail and industrial projects[28] - Goodwill remained stable at €515.5 million, allocated to cash-generating units: Prada (€424.3 million) and Miu Miu (€91.2 million), with no impairment indicators reported[29][30] - Right-of-use assets increased by €47.3 million, mainly due to new leases and remeasurements totaling €265.4 million, offset by depreciation of €220.4 million[31] - Trade payables increased to €463.3 million, with 91.0% of payables (€421.6 million) not overdue as of June 30, 2024[35][36] - Other current liabilities decreased to €273.1 million, driven by a reduction in capital expenditure payables (€76.4 million) and other payables (€163.8 million)[38] - Net invested capital increased to 5,825 million euros as of June 30, 2024, compared to 5,791 million euros at the end of 2023[46] - Right-of-use assets increased by 47.3 million euros, primarily due to new leases and remeasurement of existing leases totaling 265.4 million euros[47] - Operating working capital increased by 45.1 million euros to 779.9 million euros as of June 30, 2024, driven by an 81.4 million euro increase in inventory[49] - Net financial position improved to 265.4 million euros as of June 30, 2024, compared to 196.9 million euros at the end of 2023[46] - Lease liabilities increased to 2,153 million euros as of June 30, 2024, up from 2,111 million euros at the end of 2023, mainly due to lease contract extensions and modifications[53] - Capital expenditures for the period amounted to 168.7 million euros, with depreciation, amortization, and impairments totaling 136.8 million euros[47] - Free cash flow for the six-month period was 396.1 million euros, a significant increase from 32.8 million euros in the same period of 2023[51] - The company secured a new 800 million euro sustainability-linked revolving credit facility in April 2024, replacing the previous 400 million euro facility[51] - Total available credit lines increased to 1,252 million euros as of June 30, 2024, up from 768 million euros at the end of 2023[52] - Net financial debt, including lease liabilities, decreased to 1,888 million euros as of June 30, 2024, from 1,914 million euros at the end of 2023[54] Store Operations and Expansion - The group operates 593 directly operated stores globally as of June 30, 2024[3] - The Group completed 36 store renovations and relocations, opened 9 new stores, and closed 22 stores, resulting in a total of 593 directly operated stores[10] - Total number of stores decreased to 593 directly operated stores and 24 franchised stores as of June 30, 2024, compared to 606 directly operated stores and 25 franchised stores as of December 31, 2023[18] - The Group operated 593 stores as of June 30, 2024, after opening 9 new stores and closing 22 during the period[41] Brand Performance and Initiatives - Prada's creative initiatives and collaborations, such as the reinterpretation of the Galleria bag and the Re-Nylon collection, contributed to its strong performance[10] - Miu Miu's success was driven by acclaimed fashion shows, impactful campaigns like the new leather goods campaign, and special projects like Miu Miu Upcycled[10] Sustainability and ESG - The Group strengthened its climate strategy, focusing on lower-impact materials, reducing Scope 3 emissions, and enhancing supply chain governance[10] - The Sustainability Committee held two meetings in 2024 with 100% attendance to report on ESG progress and approve the 2023 Sustainability Report[64] - The company established a new Diversity, Equity, and Inclusion (DEI) Executive Committee and governance structure in the USA[65] Corporate Governance - The Board of Directors consists of 11 members, including 6 executive directors and 5 independent non-executive directors[58] - The Audit and Risk Committee held three meetings during the review period with an attendance rate of 77.78%[60] - The Remuneration Committee reviewed and recommended the total base remuneration for the Board with a 100% attendance rate[61] - The Nomination Committee held two meetings with a 66.67% attendance rate to verify the independence of independent non-executive directors and recommend board structure[63] - The company adheres to the highest standards of corporate governance to create long-term sustainable value for stakeholders[56] - The company's corporate governance model complies with Italian laws and Hong Kong Stock Exchange Listing Rules[56] - The Board reviewed and confirmed that corporate governance practices complied with the Code, except for one minor exception[57] - The Board of Directors appointed new members to the Sustainability Committee for a three-year term ending in 2026[64] - The Statutory Auditors Committee held four meetings during the review period and appointed new members for a three-year term ending in 2026[66] - The "Organismo di Vigilanza" (Supervisory Body) was appointed for a three-year term ending in 2026 to ensure compliance with Italian regulations[67] - No dividends were declared or paid during the review period, except for the final dividend for 2023[69] - The company confirmed no violations of securities trading rules by directors or employees during the review period[70] - No repurchase, sale, or redemption of the company's listed securities occurred during the review period[71] - The interim financial results were published on the Hong Kong Stock Exchange and the company's website[71] Dividends and Shareholder Returns - The company proposed a final dividend of €0.137 per share for 2023, totaling €350,558,888, which was approved and paid in May 2024[69] - Dividends paid during the six months ended June 30, 2024, amounted to €350.6 million, with a per-share dividend of €0.137[20] Risk and Provisions - The Group's total risk and expense provisions at the end of June 2024 were 55.4 million euros, with other risk provisions accounting for 54.4 million euros, primarily related to lease restoration obligations[39][40] - Tax disputes with the Italian tax authority involve potential adjustments of 10.8 million euros for 2016 and 9.8 million euros for 2017, plus interest[40] Management and Strategic Focus - Management is satisfied with the company's performance in the first half of the year despite increasing industry and geopolitical complexities[55] - The company's primary focus in the coming months is to enhance brand appeal, drive customer engagement, and accelerate retail excellence[55] - The company remains committed to achieving robust, sustainable, and above-market growth[55]

港股公司报告 | 首次覆盖报告 普拉达（01913） 证券研究报告 2024年05月 13日 投资评级 奢侈品行业领军，中国引领市场增长 行业 非必需性消费/纺织及 服饰 6个月评级 增持（首次评级） 奢侈品行业全球领军者，旗下多个时尚品牌重新定义当代奢华。Prada 集 当前价格 64.9港元 团是奢侈品行业的全球领军者，也是在不同文化领域与当代社会进行非传 目标价格 港元 统对话的先驱。公司旗下拥有 Prada、MiuMiu、Church’s、CarShoe、 Marchesi1824和LunaRossa等享负盛名的品牌。 基本数据 2023 年公司收入 47.26 亿欧元，同增 12.5%，净利润 6.71 亿欧元，同增 港股总股本(百万股) 2,558.82 44.3% ， 业 绩 高 增 。 2019-2023 年 营 业 收 入 分 别 为 港股总市值(百万港元) 166,067.68 32.26/24.23/33.66/42.01/47.26 亿欧元，GAGR 为 10.02%。2019-2023 年净 每股净资产(港元) 13.01 利润分别为2.56/-0.54/2.94/4.65/6.71 ...

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分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。 PRADA S.p.A. （股份代號：1913） 截 至 二 零 二 四 年 三 月 三 十 一 日 止 三 個 月 的 未 經 審 核 收 益 公 告 - Prada集團錄得收益淨額1,187.2百萬歐元，按固定匯率計，較二零二三年首 三個月增加16%； ...

二零二三年 二零二三年獨立財務報表 獨立財務報表 1 公司資料 2 財務回顧 3 企業管治 4 財務報表 5 財務報表附註 6 獨立核數師報告 ...

二零二三年 年 報 上海 Pradasphere展覽 1 二零二三年概覽 2 Prada集團 3 財務回顧 4 董事及高級管理層 5 董事會報告 6 企業管治 ...