普拉达：Miu Miu增长强劲

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price set above the current price of 57.65 HKD [7][5]. Core Insights - Miu Miu has shown strong growth with a retail sales increase of 92.7% year-on-year, supported by successful fashion shows and impactful marketing campaigns [2]. - Prada has achieved high-quality development with a retail sales growth of 5.5%, benefiting from a balanced product mix and strong performance in challenging markets [3]. - The company has accelerated its retail upgrades and strengthened its supply chain, completing 36 renovation projects and expanding its digital capabilities [4]. Financial Performance - For the first half of 2024, the company reported revenues of 2.55 billion euros, a year-on-year increase of 17.4%, and a net profit of 380 million euros, up 25.7% [1]. - Retail sales net revenue increased by 18.2%, while wholesale sales grew by 7.8%, driven by the duty-free channel [1]. - The company expects full-year revenues for 2024-2026 to be 5.11 billion euros, 5.53 billion euros, and 6.00 billion euros respectively, with net profits projected at 750 million euros, 850 million euros, and 930 million euros [5]. 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 has emerged as the best-performing region, benefiting from robust demand and strong tourist flows [1]. Strategic Developments - The company has committed to enhancing customer experience through digital upgrades and supply chain improvements, with capital expenditures of 0.15 million euros and 0.32 million euros for industrial and IT projects respectively [4]. - The expansion of a key knitwear production facility is expected to create 214 new jobs [4].