智通财经网·2026-04-01 07:31Core Viewpoint - Citi maintains a "Outperform" rating on Prada (01913) with a target price of HKD 48, citing attractive risk-reward dynamics [1] Sales Forecast - The firm predicts a 1% organic sales growth at constant exchange rates for Prada in the first quarter of this year, excluding Versace [1] - Including Versace's approximately 10% consolidation impact and around 700 basis points of foreign exchange headwinds, the report anticipates a year-on-year sales growth of about 6% [1] Brand Performance - By brand, retail net sales for Prada and Miu Miu are expected to grow by 0.5% and 3% respectively at constant exchange rates [1] - While Prada continues its growth momentum from Q4 of last year, Miu Miu faces challenging comparative bases, particularly with a high business share in the Middle East and Africa (MEA) [1] Business Segments and Regional Performance - The firm expects wholesale and licensing businesses to maintain positive year-on-year growth [1] - Regionally, the Americas and Asia-Pacific are showing robust performance, while Europe is experiencing weakness due to a decline in tourist numbers, and the Middle East is under significant pressure [1] Future Outlook - As the comparative base pressure for Miu Miu gradually eases by 2026 and the investments in Prada start to yield results, stronger sales performance is anticipated in the second half of this year [1]