Core Viewpoint - CICC has downgraded the revenue forecasts for Samsonite (01910) for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion respectively, due to weaker sales momentum and unfavorable operating leverage [1] Group 1: Financial Performance - Samsonite reported 2Q25 net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates [1] - Adjusted EBITDA for 2Q25 was $141 million, with an EBITDA margin of 16.3%, down from 19.0% in the same period last year [1] - Adjusted net profit for 2Q25 was $71.4 million, compared to $86.9 million in the previous year [1] Group 2: Sales Outlook - The company expects sales performance in 3Q25 to be similar to 2Q25, with a low single-digit decline in sales [2] - Management anticipates a slight improvement in sales for the second half of the year compared to the first half, driven by base effects, improved consumer sentiment, and clearer U.S. tariff outlook [2] - The penetration rate of non-travel categories has increased, with sales accounting for 36.2%, up from 34.4% in the same period last year [2] Group 3: Profit Margin Outlook - CICC forecasts the company's gross margin for 2025 to be between 59% and 59.5%, impacted by U.S. tariffs [2] - The company is taking measures to mitigate the impact of tariffs, including utilizing inventory purchased in 1H25 and implementing price increases in 2H25 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales ratio from 38% to 40% year-on-year [2]
中金：维持新秀丽跑赢行业评级 目标价20港元