海外奢侈品行业点评系列之LVMH：美妆及美妆零售需求较强

Investment Rating - No rating provided for the industry [2] Core Views - The company's revenue for the first half of 2024 was 41.7 billion euros, with organic revenue growth of 2% (Q1 2024: +3%, Q2 2024: +1%) [1][3] - The Japanese market saw the highest revenue growth among all regions, with a 44% year-on-year increase in the first half of 2024 [1][3] - Sephora, the retail division, achieved significant growth, contributing to an 8% organic increase in retail revenue, reaching 8.632 billion euros [1][3] - The perfume and cosmetics segment grew organically by 6%, driven by successful flagship product lines and strong innovation [1][3] - The fashion and leather goods segment saw a 1% organic growth, while the watches and jewelry segment declined by 3% [1][3] - The wine and spirits segment experienced a 9% organic decline due to weak demand in key markets, particularly Europe [1][3] - Europe and the US saw modest revenue growth of 3% and 2%, respectively, while Asia (excluding Japan) declined by 10% [1][3] Regional Breakdown - Revenue distribution by region: Europe (24%), Asia (excluding Japan) (30%), US (25%), Japan (9%), and other regions (12%) [1][3] - Japan's revenue share increased by 2 percentage points compared to the first half of 2023, while Asia (excluding Japan) saw a 4 percentage point decline [1][3] Profitability and Currency Impact - Gross margin for the first half of 2024 was 68.8%, down 0.6 percentage points year-on-year [2][3] - Operating margin stood at 25.6%, with operating profit declining by 8% due to unfavorable currency effects, amounting to 607 million euros in negative impact [2][3] - Net profit was 7.267 billion euros, a 14% year-on-year decline [2][3] Strategic Focus on China - The company continues to invest in the Chinese market, balancing traditional and digital media marketing strategies, despite a slight slowdown in Q2 growth compared to Q1 [2][3]