新秀丽（01910）：点评报告：24Q4业绩环比改善，美国二次上市取得进展

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5$680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9$940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7$110 million, up 22.7% year-on-year [1][5] Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year decrease in Asian revenue. Specifically, revenue from China was $70 million (up 2$50 million (down 28% year-on-year), Japan was $50 million (up 3$30 million (down 17% year-on-year) [2] Brand and Channel Performance - In Q4, revenue from the brands Samsonite, TUMI, and American Tourister was $480 million,$250 million, and $150 million, respectively, showing year-on-year growth of 3$280 million, $130 million, and$540 million from wholesale, DTC self-operated, and DTC e-commerce channels, respectively [3] Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, primarily due to the higher growth rate of the premium TUMI brand and effective discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, reflecting a year-on-year decline mainly due to a high base from previous impairment reversals [4] Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion,$3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8$370 million, $410 million, and$460 million for the same years, with corresponding growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for 2025, 2026, and 2027, respectively [5][12]