Ge Long Hui·2025-10-27 02:49Core Insights - Morgan Stanley's report indicates that Prada's sales in Q3 this year grew by 8.5% at constant exchange rates, slightly above market consensus [1] - Retail sales met market expectations with a year-on-year growth of 7.6%, driven primarily by the volatile wholesale channel [1] - Prada remains one of the fastest-growing groups this fiscal quarter, with growth rates nearly comparable to Hermès, significantly outpacing French luxury giants LVMH and Kering [1] - However, market reaction is expected to be relatively muted, as Prada's revenue barely meets market expectations, unlike most peers [1] Financial Projections - Morgan Stanley has revised its revenue growth forecast for the group in 2025 down to 6.6% from an original estimate of 8.5% [1] - The EBIT margin is expected to remain at 23.4% [1] - Earnings per share forecasts for the fiscal years 2025 to 2026 have been reduced by 0.6% [1] - The target price is maintained at HKD 53 [1]