智通财经网·2025-07-31 07:33Core Viewpoint - Citi has downgraded Prada's net profit forecast for 2025 to 2027 by 5% to 6%, citing lower sales expectations for Prada and Miu Miu, alongside increased advertising and promotional expenses and sales costs [1] Group 1: Financial Performance - Prada's revenue for the first half of the year was €2.74 billion, which was 2% lower than both Citi's and market expectations [1] - Retail net sales for the Prada and Miu Miu brands were slightly below expectations, with Prada experiencing a decline of 3.6% and Miu Miu seeing an increase of 40% [1] - The gross margin exceeded expectations due to channel structure optimization, but costs related to the acquisition of Versace and weak sales led to net profit falling short of expectations [1] Group 2: Valuation and Target Price - Citi has adjusted its valuation basis, estimating the enterprise value to EBITDA at approximately 9 times, down from the previous 13 times [1] - The target price for Prada has been reduced from HKD 72 to HKD 50, while maintaining a "outperform" rating due to Miu Miu's growing market share and attractive risk-reward ratio [1] Group 3: Market Conditions - The demand for travel consumption has continued to face pressure in the third quarter, with Miu Miu expected to face the most significant year-on-year comparative base pressure [1]