Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company experienced short-term fluctuations in Q3 due to weak global consumer demand, but sales are expected to improve marginally in Q4 as the high base effect diminishes [2] - The company's net profit forecasts for 2024-2026 have been revised down to 436 million, and 880 million, a year-on-year decrease of 8.3% and a fixed exchange rate decline of 6.8% [3] - The gross margin decreased by 0.3 percentage points to 59.3%, and the net profit attributable to the parent company was 480 million (-3.9%), TUMI at 140 million (-17.0%) [3] - By channel, wholesale revenue was 350 million (-3.1%) [3] - By region, Q3 revenue was 300 million in North America (-8%), 50 million in Latin America (-8%) [3] Future Outlook - Sales have shown marginal improvement since October, with a nearly double-digit year-on-year increase during the Singles' Day sales in China [3] - The revenue guidance for 2024 is expected to remain flat year-on-year (at fixed exchange rates), with a positive outlook for 2025 as the company focuses on higher-margin brands, channels, and regions [3]
新秀丽2024Q3业绩点评：Q3经营短期波动，Q4有望边际改善