Investment Rating - The report maintains a "Buy" rating for the company [2][19] Core Insights - The company experienced a positive revenue growth in Q4 2025, with a revenue of $963 million, reflecting a year-on-year increase of 0.9% on a currency-neutral basis [3][9] - The company expects sales net revenue to remain flat year-on-year in Q1 2026 due to the impact of the Middle East conflict, but anticipates potential positive growth in subsequent quarters [3][9] Financial Summary - Total revenue projections for the company are as follows: - 2024A: $3,589 million - 2025A: $3,498 million - 2026E: $3,559 million - 2027E: $3,725 million - 2028E: $3,901 million - The company’s net profit is projected to be: - 2024A: $346 million - 2025A: $289 million - 2026E: $294 million - 2027E: $321 million - 2028E: $347 million - The company’s PE ratio is expected to decrease from 11.75 in 2024A to 8.11 in 2028E [5][11] Regional Performance - In Q4 2025, the Asia region showed strong growth with a year-on-year revenue increase of 5.1%, while North America experienced a decline of 2.8%, which improved to a growth of 8.2% when excluding Mexico [9][11] - The company’s brand performance in Q4 2025 showed TUMI achieving stable growth, while Samsonite and American Tourister improved their growth rates compared to Q3 [9][11] Future Outlook - The company plans to continue investing in product innovation and marketing to strengthen its competitive advantage [9][11] - The international complex situation will need to be monitored closely as it may impact future sales [3][9]
新秀丽（01910）：25Q4亚太和北美持续改善，26Q1国际复杂局势影响仍需观察