Investment Rating - The investment rating for the company is "Buy" with a target price set at 30 HKD, maintaining the rating for the next 6 months [2][10]. Core Insights - The company has experienced significant revenue growth due to increased marketing investments aimed at capitalizing on the recovery of the global tourism and travel industry, with a 27.9% increase in revenue year-on-year for 2023 [2][10]. - The company's gross profit margin reached a historical high of 59.3%, reflecting improvements across all regions and brands, particularly in Asia [3][4]. - Direct-to-consumer (DTC) sales have shown substantial growth, with DTC retail revenue increasing by 34.3% year-on-year, contributing to 38.9% of total revenue [5][10]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 948 million USD, a year-on-year increase of 16.2%, while net profit decreased by 24.8% to 149 million USD. For the full year 2023, revenue was 3.682 billion USD, up 27.9%, and net profit was 417 million USD, up 33.4% [2][10]. - The adjusted EBITDA margin improved to 19.3%, an increase of 2.9 percentage points, driven by revenue growth and cost management [3][4]. Regional Performance - Revenue in China surged by 88.4% in 2023, contributing to a 61.7% increase in the Asia region, with other regions also showing strong growth: North America (13.7%), Europe (16.8%), and Latin America (25.7%) [2][10]. Brand Performance - Core brands such as Samsonite, Tumi, and American Tourister saw revenue increases of 30.1%, 35.8%, and 28.7% respectively, indicating strong demand driven by the recovery in the travel sector [2][10]. Future Outlook - The company anticipates steady growth in the global tourism industry in 2024, with plans to increase marketing investments to support new product lines, expecting marketing expenses to account for approximately 7.0% of sales [6][9][10].
全球旅游复苏，核心品牌收入增长