Ge Long Hui·2025-10-29 09:21Core Viewpoint - The report from Credit Lyonnais indicates that Prada's third-quarter retail sales largely met market expectations, with a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, showing a year-on-year decrease of 0.8% for Prada and a year-on-year increase of 29% for Miu Miu [1] - The Chinese market for the Prada core brand still experienced negative growth, but there was a quarter-on-quarter improvement in the third quarter [1] - Positive growth was achieved in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter improvements [1] Group 2: Management Outlook - Management believes that the worst period for the Chinese market has passed [1] Group 3: Valuation and Rating - Credit Lyonnais maintains a "Outperform" rating for Prada with a target price of HKD 50, citing the company's ongoing market share expansion [1] - The valuation is considered low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1]