海外奢侈品行业点评系列之爱马仕：2024Q3各地区高端消费需求延续

Investment Rating - The report maintains a "Buy" recommendation for the luxury goods industry, specifically for Hermès [1]. Core Insights - The demand for high-end consumer goods continues to be strong across various regions, with Hermès reporting total sales of €3.7 billion in Q3 2024, reflecting an 11% year-over-year growth at constant exchange rates. For the first nine months of 2024, revenue reached €11.2 billion, marking a 14% increase year-over-year at constant exchange rates [1][5]. - Revenue growth by region for the first nine months of 2024 includes: 1. Asia (excluding Japan) +7% (H1 2024: +10%) 2. Japan +23% (H1 2024: +22%) 3. Americas +13% (H1 2024: +13%) 4. Europe (excluding France) +18% (H1 2024: +18%) 5. France +14% (H1 2024: +15%) [1][5]. Summary by Category - Sales Performance by Category: - Leather and equestrian goods +17% (H1 2024: +19%) - Ready-to-wear and accessories +15% (H1 2024: +15%) - Silk and textiles +2% (H1 2024: +1%) - Perfume and beauty +7% (H1 2024: +5%) - Watches -6% (H1 2024: 0%) due to high base effects from exclusive events last year - Other categories, including jewelry and home goods, +17% (H1 2024: +19%) [2][6]. - Company Outlook: - Despite a complex economic and geopolitical environment, the company benefits from a highly integrated artisanal model, balanced distribution network, creativity, and customer loyalty. The company is expected to achieve year-over-year revenue growth at constant exchange rates in the medium term [3][6].