PRADA(01913) 天风证券·2024-05-13 06:04Investment Rating - The report initiates coverage with an "Accumulate" rating for Prada [3]. Core Viewpoints - Prada Group is a global leader in the luxury goods industry, with a diverse portfolio of renowned brands that redefine contemporary luxury [8][12]. - The company achieved a revenue of €4.726 billion in 2023, representing a 12.5% year-on-year increase, and a net profit of €671 million, up 44.3% [12]. - The luxury goods market is experiencing a "Matthew Effect," where top brands are gaining more market share, particularly in the context of declining overall consumer sentiment [2][21]. Summary by Sections 1. Global Leader in Luxury Goods - Prada Group is recognized as a global leader in the luxury goods sector, owning multiple prestigious brands such as Prada, Miu Miu, and Church's [8]. - The company operates 26 owned factories and employs over 14,800 staff, distributing products through 606 direct stores and e-commerce channels across 70 countries [9]. 2. Market Expansion and Brand Advantage - The luxury market is maturing, with Chinese consumers driving significant growth. The Chinese luxury market expanded from 41 billion in 2021, with a CAGR of 11.4% [19]. - The report highlights that in 2023, Chinese luxury consumption rebounded to ¥1.042 trillion, returning to pre-pandemic levels [19]. - The report notes that 17 companies in the global top 100 luxury brands contribute approximately 70% of total sales, emphasizing the concentration of market power among leading brands [21]. 3. Financial Performance and Forecast - The company has shown consistent revenue growth from €3.226 billion in 2019 to €4.726 billion in 2023, with a CAGR of 10.02% [12]. - The report forecasts revenues for 2024-2026 to be €5.106 billion, €5.525 billion, and €6.001 billion, respectively, with net profits projected at €736 million, €800 million, and €873 million [2]. 4. Brand Performance - Prada brand revenue grew from €2.643 billion in 2019 to €3.912 billion in 2023, with a CAGR of 10.3% [15]. - Miu Miu's revenue increased significantly, from €450 million in 2019 to €753 million in 2023, reflecting a CAGR of 13.7% [15]. - Church's brand revenue showed a decline, with a net income decrease of 14.7% in 2023 [15]. 5. Regional Performance - The Asia-Pacific region is the largest contributor to sales, with revenues growing from €1.018 billion in 2019 to €1.446 billion in 2023, a CAGR of 9.2% [16]. - European revenues increased from €1.228 billion in 2019 to €1.312 billion in 2023, with a CAGR of 1.7% [16]. - The Americas region saw revenues rise from €455 million in 2019 to €767 million in 2023, with a CAGR of 13.9% [16]. 6. Innovation and Craftsmanship - The company emphasizes innovation and craftsmanship, maintaining high-quality standards through exclusive materials and strict production processes [25][26]. - Prada's commitment to preserving its heritage and enhancing its production capabilities is evident in its investment in training and development [26].