Investment Rating - The report maintains a "Buy" rating for Samsonite (01910) with a target price of HKD 19.36, reflecting a positive outlook for the company's performance in the upcoming periods [1]. Core Views - The company reported a revenue of USD 1.769 billion for the first half of 2024, representing a year-on-year increase of 2.8%, while net profit attributable to shareholders was USD 164 million, up 16.1% [1]. - The growth in revenue is primarily driven by shopping and travel demand, as well as the need for wholesale customers to rebuild inventory [1]. - The company is optimistic about the global tourism and travel trends, expecting demand for its products to remain strong despite current uncertainties in the market [1]. Summary by Sections Financial Performance - For the second quarter of 2024, revenue was USD 909 million, a 1.5% increase year-on-year, with net profit of USD 81 million, up 13.6% [1]. - The growth in net profit is mainly attributed to a reduction in net financial expenses [1]. - The gross margin for the first half of 2024 was 60.2%, an increase of 1.4 percentage points year-on-year, driven by improvements across all regions [1]. Brand Performance - By brand, Samsonite generated USD 904 million in revenue, a 5.8% increase, accounting for 51.1% of total revenue [1]. - Tumi's revenue was USD 414 million, a slight increase of 0.3%, representing 23.4% of total revenue [1]. - American Tourister's revenue decreased by 0.9% to USD 307 million, accounting for 17.4% of total revenue, attributed to intense promotional activities from competitors and reduced sales from major North American customers [1]. Regional Performance - In terms of regional performance, revenue from Asia was USD 680 million, up 2.0%, with China contributing USD 150 million, a 7.6% increase [1]. - North America saw a slight decline in revenue to USD 608 million, down 0.5%, while Europe experienced a 4.6% increase to USD 372 million [1]. - Latin America reported a significant growth of 20.3%, reaching USD 108 million [1]. Future Outlook - The company plans to focus on higher-margin brands, channels, and regions to drive revenue growth, while continuing to invest in upgrading and expanding both physical retail and e-commerce operations [1]. - The board has approved a USD 200 million share buyback plan and plans to distribute USD 150 million in cash dividends to shareholders in July 2024 [1]. - The company expects to allocate 7.0% of its revenue to advertising in 2024, leveraging strong liquidity to support future growth initiatives [1].
新秀丽：下半年市场或仍有一定不确定性