PRADA(01913) 天风证券·2024-11-14 06:57Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company has shown significant growth, with Miu Miu's revenue increasing by 105% year-on-year in FY24Q3, while Prada's revenue grew by 2% [1]. - Retail revenue by region indicates a 12% increase in the Asia-Pacific region, an 18% increase in Europe, and a 10% increase in the Americas [1]. - The report highlights the successful initiatives of Miu Miu, including special projects and collaborations that have enhanced brand visibility and cultural discussions [1]. - The earnings forecast has been revised upwards, with projected revenues for 2024-2026 expected to be €5.5 billion, €6.3 billion, and €7.3 billion respectively, compared to previous estimates of €5.11 billion, €5.53 billion, and €6.0 billion [1]. - Net profits are projected to be €820 million, €950 million, and €1.09 billion for the same period, up from previous estimates of €750 million, €850 million, and €930 million [1]. - Earnings per share (EPS) are expected to be €0.32, €0.37, and €0.42, revised from €0.29, €0.33, and €0.36 [1]. - The price-to-earnings (PE) ratios are projected to be 21, 18, and 16 times for the respective years [1]. Financial Data Summary - The total share capital of the company is 2,558.82 million shares [4]. - The total market capitalization is approximately 148.92 billion HKD [4]. - The net asset value per share is 12.86 HKD [4]. - The debt-to-asset ratio stands at 49.13% [4]. - The stock has traded between a high of 66.80 HKD and a low of 40.00 HKD over the past year [4].