新秀丽：稳坐行业龙头，受益国际旅游复苏

Investment Rating - The report assigns a "Neutral" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [174]. Core Views - The company is a global leader in the luggage industry, benefiting from the recovery of international tourism. It holds an 18% market share in the global luggage market and has shown a strong rebound in revenue post-pandemic, with a CAGR of 33.7% from 2020 to 2023 [4][5]. - The Asian market has surpassed North America in revenue contribution, with a significant growth rate of 55.8% in 2023, driven primarily by China, which saw a 78.7% increase [4][5]. - The company's core brands, including Samsonite, Tumi, and American Tourister, have all achieved double-digit growth, with Tumi leading at a 34.3% increase [4][5]. Summary by Sections Company Overview - The company, founded in 1910, is the largest luggage manufacturer globally, with a diverse brand portfolio that includes high-end and mid-range products [14][135]. - The company has undergone significant growth phases, including globalization and acquisitions, which have expanded its brand and product offerings [20][21][22]. Market Conditions - The global travel market is recovering, with key indicators like RPK and ASK returning to pre-pandemic levels, indicating a resurgence in travel demand [5][81]. - The luggage market is projected to grow, with an expected CAGR of 6.5% from 2021 to 2027, and the suitcase segment is anticipated to grow at a CAGR of 12% [5][99]. Growth Drivers - Domestic tourism in China has rebounded significantly, with a 93% increase in travel volume in 2023 compared to the previous year, contributing to the company's growth [7][143]. - The company is expanding its product range and innovating to attract younger consumers, with a focus on multi-functional travel products [7][156]. - Marketing strategies include celebrity endorsements and cross-brand collaborations, enhancing brand visibility and consumer engagement [8][169]. Financial Performance - The company's revenue reached $3.68 billion in 2023, surpassing pre-pandemic levels, with a notable recovery in profitability [36][63]. - The gross profit margin has improved, reaching 60$1.85 billion and Tumi achieving a 34.4% increase in revenue [49][50]. - The company is focusing on enhancing its brand portfolio to cater to diverse consumer needs across different price segments [135][138].