Investment Rating - The report assigns an "Add" rating for the company, marking the first coverage of the stock [2][3]. Core Views - The company reported a strong recovery in global travel demand, with a 27.9% year-on-year increase in revenue to $3.68 billion for 2023, and a 50.2% increase in adjusted EBITDA to $710 million [3]. - The company expects a comparable revenue growth of 10-12% for 2024, particularly optimistic about the consumption potential in China [3]. - The company is on a path of high-quality scale expansion, with a focus on brand marketing and cost control, aiming to maintain a gross margin close to 60% [3]. Summary by Sections Financial Performance - For 2023, the company achieved a total revenue of $3.68 billion, with a year-on-year growth of 27.9% [4]. - Adjusted EBITDA for 2023 was $710 million, reflecting a 50.2% increase year-on-year [3]. - The net profit attributable to shareholders for 2023 was $417 million, up 33.4% year-on-year [4]. Product and Brand Analysis - Revenue growth was balanced across travel and non-travel categories, with travel products accounting for 66% of total revenue and non-travel products 34% [3]. - High-end brand Tumi led the growth, with a year-on-year revenue increase of 36% [3]. Regional Performance - Asia outperformed other regions with a 62% year-on-year increase in comparable revenue, surpassing North America as the largest revenue contributor [3]. - Revenue contributions from Asia, North America, Europe, and Latin America were 39%, 34%, 21%, and 6%, respectively [3]. Channel Performance - Direct-to-Consumer (DTC) sales grew by 34% year-on-year, while wholesale sales increased by 27% [3]. - DTC accounted for 39% of total revenue, up 1.3 percentage points from the previous year [3]. Profitability and Cash Flow - The gross margin improved by 3.5 percentage points to 59.3%, reaching a historical high [3]. - Free cash flow for the year was $290 million, a 241% increase year-on-year, with net debt decreasing to $1.8 billion [3]. Future Projections - The company projects net profits of $484 million, $559 million, and $628 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.0%, 15.5%, and 12.4% [4][5].
利润率创历史新高