Core Viewpoint - Samsonite reported a decline in both revenue and net profit for Q1 2025, leading to a significant drop in stock price and market capitalization [1][3][11]. Financial Performance - The company's Q1 2025 sales revenue was $797 million, down 7.3% from $860 million in Q1 2024 [4][6]. - Net profit for Q1 2025 was $48.2 million, a decrease of 42.6% compared to $83.9 million in the same period last year [4][6]. - Operating profit fell to $110 million, down 26.9% year-over-year [4][6]. - Adjusted net income was $52 million, a reduction of 40.3% from $87 million in Q1 2024 [4][6]. - Gross margin decreased to 59.4%, down 1 percentage point from the previous year [4][6]. Cash Flow - Operating cash flow dropped significantly from $55 million to $8.5 million [5]. - Free cash flow turned negative at -$41.2 million [5]. Regional Sales Performance - Sales in Asia decreased by 9.7%, with a 7.0% decline when adjusted for constant currency, primarily due to macroeconomic uncertainties [6][8]. - North American sales fell by 8.3%, with a similar decline of 8.0% in constant currency, attributed to decreased consumer confidence [7][10]. - European sales remained flat, but grew by 4.4% in constant currency, driven by sales growth in the American Tourister and TUMI brands [8][10]. - Latin American sales declined by 10.3%, with constant currency sales remaining flat, influenced by reduced consumer confidence in Mexico [9][10]. Market Reaction - Following the earnings report, the company's stock price dropped nearly 10%, closing at 14 HKD, with a market capitalization of less than 20 billion HKD [1][11]. - Year-to-date, the stock has fallen over 35% [1]. Institutional Holdings - The company was previously a significant holding in the E Fund managed by Zhang Kun, but has since been reduced in the fund's top holdings [12][14]. - In the latest reports, Samsonite did not appear in the top ten holdings of the fund [11][14]. Analyst Ratings - Multiple financial institutions have downgraded their target prices for Samsonite, with estimates ranging from 16.3 HKD to 25.35 HKD [16][17]. - Goldman Sachs lowered its target price to 22 HKD and revised down its earnings forecast for the year [17].
净利骤降四成！新秀丽绩后大跌近10%，机构相继下调目标价