Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for its stock performance [3][9]. Core Insights - The company is a leading player in the travel luggage industry, with a strong brand portfolio including Samsonite, Tumi, and American Tourister. It is expected to achieve steady growth through global expansion and improved operational efficiency [3][9]. - Projected net profits for 2024-2026 are estimated at 422million,457 million, and 497millionrespectively,withcorrespondingprice−to−earnings(PE)ratiosof9,9,and8times[3][9].−ThegloballuggagemarketisprojectedtogrowataCAGRof7119.2 billion in 2011 to $161.1 billion in 2023, with a CAGR of approximately 3% [25]. - The domestic luggage market in China is also expanding, driven by rising disposable income and increasing travel demand, with a projected market size exceeding 300 billion yuan [27][31]. 4. Competitive Advantages: Quality Brand Assets and Channel Expansion - The company has a well-established brand matrix that covers various market segments, enhancing its competitive position [14][15]. - The direct-to-consumer (DTC) revenue share is expected to rise to nearly 40%, reflecting the company's commitment to enhancing operational efficiency [3][9]. 5. Future Outlook: Continued Global Expansion - The company plans to deepen its presence in high-potential emerging markets, particularly in Latin America, while maintaining stable performance in Europe and North America [10][11].
