新秀丽（01910）：公司年报点评：24Q4各地区环比提速，25Q1预计欧洲和印度领增

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has a solid position as the world's largest luggage brand, with TUMI's store openings gradually realizing potential, and long-term growth prospects in the Asia-Pacific region [7]. - The company is expected to see a net profit of $382 million in 2025 and$413 million in 2026, with a price-to-earnings (PE) valuation range of 14-15X for 2025, translating to a fair value range of HKD 28.60-30.65 per share [7]. Financial Performance Summary - For 2023, the company reported a revenue of $3.682 billion, with a year-on-year growth of 27.9$3.589 billion [6]. - The net profit for 2023 was $417 million, reflecting a year-on-year increase of 33.4$346 million [6]. - The gross margin for 2023 was 59.3%, which is expected to improve to 60.0% in 2024 and remain stable in the following years [6]. - The company maintained a net debt level that is historically low, with a net leverage ratio of 1.58x [7]. Regional Performance Insights - In Q4 2024, the company's revenue decreased by 0.1% year-on-year to $940 million, but the gross margin improved by 0.3 percentage points to 60.2$310 million, with a total dividend and buyback amounting to $150 million and$160 million, respectively [7].