普拉达：MiuMiu增长强劲

Investment Rating - The investment rating for Prada is upgraded to "Buy" with a target price reflecting an expected return of over 20% within the next six months [6]. Core Insights - Prada reported a revenue of €2.55 billion for the first half of 2024, representing a year-on-year increase of 17.4%, with net profit rising by 25.7% to €380 million [1]. - Miu Miu's retail sales surged by 92.7% year-on-year, showcasing strong growth across all regions and product categories [2]. - The company is focusing on digital development and supply chain enhancements, with capital expenditures of €0.15 million and €0.32 million for industrial and IT projects, respectively [4]. - The revenue forecasts for 2024-2026 have been raised, with expected revenues of €5.11 billion, €5.53 billion, and €6.00 billion, and net profits of €750 million, €850 million, and €930 million for the respective years [5]. Summary by Sections Financial Performance - In the first half of 2024, Prada's retail sales increased by 5.5%, driven by full-price sales and volume growth, with all product categories and menswear achieving growth [3]. - Retail sales net revenue grew by 18.2% in the retail channel and 7.8% in the wholesale channel, supported by duty-free stores [1]. Regional Performance - Retail sales in Japan, the Middle East, Europe, Asia Pacific, and the Americas grew by 55%, 20%, 18%, 12%, and 7% respectively [1]. - Japan emerged as the best-performing region, benefiting from robust demand and strong tourist flows [1]. Brand Development - Miu Miu's brand strength continues to rise, supported by successful fashion shows and impactful marketing campaigns [2]. - Prada maintains a balanced product mix, with new and classic items supporting leather goods, while creative initiatives drive the growth of ready-to-wear and footwear [3]. Retail and Supply Chain Enhancements - The company completed 36 renovation and reset projects in the first half of 2024, demonstrating its commitment to enhancing customer experience [4]. - As of June 30, 2024, Prada operated 593 directly managed stores after opening 9 and closing 22 [4].