Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's share buyback plan reflects the board's long-term confidence in the business and growth prospects, as the current share price is considered below its intrinsic value [5] - The buyback plan aims to offset the dilution effect from stock options granted in previous years [5] - The global travel market is expected to recover and grow steadily, with passenger numbers projected to reach 106% of 2019 levels by 2024, and a CAGR of 9.1% from 2023 to 2026 [8] - The company is expected to benefit from its leading position in the luggage market, gradual realization of Tumi store openings, and improving debt leverage and cash flow [8] - The estimated net profits for 2024 and 2025 are projected to be $463.22 million and $511.89 million, respectively, with a PE valuation range of 14-15X for 2024 [8] Financial Summary - Revenue is projected to grow from $3,682.40 million in 2023 to $4,669.88 million in 2026, with a year-on-year growth rate of 27.88% in 2023 and 7.60% in 2024 [6][8] - Net profit is expected to increase significantly from $417.00 million in 2023 to $558.09 million in 2026, with a year-on-year growth rate of 33.35% in 2024 [6][8] - The gross margin is forecasted to improve from 59.28% in 2023 to 60.00% in 2026 [6][8] - The company's total assets are projected to grow from $5,111.80 million in 2023 to $6,807.66 million in 2026 [9] Market Performance - The company's stock price has fluctuated between HKD 20.50 and HKD 31.60 over the past 52 weeks, with a closing price of HKD 24.10 [2] - The total market capitalization is approximately HKD 35,237 million [2]
新秀丽：公司公告点评：发布回购计划，彰显长期信心