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大行評級|海通國際:奢侈品行業有望進一步增長 首予普拉達“優於大市”評級
格隆匯 02-10 10:28
海通國際發表報吿,首次覆蓋普拉達,予“優於大市”評級,目標價81.87港元。該行指,2024年因高通脹、地緣政治危機等宏觀經濟不利影響,高端消費信心疲軟。高單價+保值屬性高的奢侈品相對韌性較強,該行認為超高淨值人士奢侈品消費意願穩定。報吿指,亞太和歐洲是奢侈品公司最大的市場,預測歐美有望受惠宏觀改善+美國大選結果落地,短期內領增全球奢侈品市場,長期中國仍是奢侈品消費巨擎。龍頭奢侈品店效持續增長,LVMH、Hermes均於2024年擴張產能,奢侈品行業有望進一步增長,Prada 近三年已佈局增速較高的珠寶及美粧賽道。海通國際預計公司2024至2026年各年營業總收入為54.44億、60.17億及66.41億歐元,各年淨利潤料分別8.24億、9.4億及10.64億歐元,按年分別增長22.8%、14.1%及13.2%。
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