PRADA(01913) 海通国际证券·2025-03-19 05:33Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 82.62 HKD based on a 2025 PE of 25X [2][9]. Core Insights - Miu Miu's retail revenue surged by 93% in 2024, with EBIT margin reaching a 10-year high. Overall revenue increased by 14.9% YoY to 5.43 billion Euros, while net profit rose by 25% YoY to 839 million Euros [2][9]. - The company is expected to continue its strong growth trajectory, with net profit forecasts of 972 million Euros in 2025, 1.088 billion Euros in 2026, and 1.191 billion Euros in 2027, reflecting growth rates of 15.9%, 11.9%, and 9.5% respectively [2][9]. Financial Data Summary - Revenue Forecast: - 2023: 4.726 billion Euros - 2024: 5.432 billion Euros (YoY +14.9%) - 2025E: 6.059 billion Euros (YoY +11.5%) - 2026E: 6.646 billion Euros (YoY +9.7%) - 2027E: 7.207 billion Euros (YoY +8.4%) [2][6] - Net Profit Forecast: - 2023: 671 million Euros - 2024: 839 million Euros (YoY +25.0%) - 2025E: 972 million Euros (YoY +15.9%) - 2026E: 1.088 billion Euros (YoY +11.9%) - 2027E: 1.191 billion Euros (YoY +9.5%) [2][6] - EPS Forecast: - 2023: 0.26 Euros - 2024: 0.33 Euros - 2025E: 0.38 Euros - 2026E: 0.43 Euros - 2027E: 0.47 Euros [2][6] - Gross Margin: - 2024: 79.84% - 2025E: 79.80% - 2026E: 79.90% - 2027E: 80.00% [2][6] - Return on Equity: - 2024: 19.07% - 2025E: 19.84% - 2026E: 19.93% - 2027E: 19.63% [2][6] Retail Performance Summary - Miu Miu's total channel revenue increased by 82.9% YoY to 1.38 billion Euros, with a significant rise in direct retail efficiency [2][9]. - The company plans to optimize its retail network, with a focus on expanding Miu Miu into new markets while controlling general and administrative expenses [2][9]. - Retail revenue growth in 2024 was notable across regions, with Japan leading at 46% YoY growth, followed by the Middle East at 26% [2][9].