业绩再超预期，现金流显著改善

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [7]. Core Views - The company reported a revenue of $3.682 billion for the fiscal year 2023, representing a year-on-year growth of 27.9$417 million, a year-on-year increase of 33.3% (34.6% excluding currency effects) [2]. - The company anticipates a revenue growth of 10%-12% for 2024, with continued store expansion [2]. Financial Performance - The company achieved a revenue of $948 million in Q4 2023, marking a 15.8$301 million, up 18.5% year-on-year [2]. - The Asia-Pacific region showed strong recovery, with revenue growth of 61.7%, driven by a resurgence in travel demand in China, which saw an 88.4% increase in revenue [2]. - The company opened a net of 67 new stores, bringing the total to 1,052, with Asia being the primary driver of this expansion [2]. Profitability Metrics - The gross margin improved to 59.3%, up 3.5 percentage points from the previous year, benefiting from higher margins in Asia and the TUMI brand [2]. - EBITDA margin also improved, reaching 19.3%, an increase of 2.9 percentage points year-on-year [2]. - The company generated $285 million in free cash flow, a 240.6$470 million, $530 million, and$602 million for 2024, 2025, and 2026, respectively [5].