港股公司报告 | 公司点评 新秀丽（01910） 证券研究报告 2024年03月18日 投资评级 全球旅游复苏，核心品牌收入增长 行业 非必需性消费/纺织及 服饰 公司发布2023年业绩公告 6个月评级 买入（维持评级） 当前价格 30港元 23Q4收入9.48亿美元，同增16.2%，归母净利1.49 亿美元，同减24.8%。 目标价格 港元 23年全年收入36.82亿美元，同增27.9%，归母净利4.17亿美元，同增33.4%。 基本数据 业绩增长主要系：公司23年大幅增加营销投资，以把握全球旅游业及观光 港股总股本(百万股) 1,450.85 业的持续复苏增长由此带来的对公司产品的需求增加。公司在所有地区及 港股总市值(百万港元) 43,525.43 核心品牌收入强劲增长的推动下，显著提升盈利能力。 每股净资产(港元) 7.82 分地区，由于23 年年初防疫政策优化后国内旅游业复苏，23 年中国地区 资产负债率(%) 70.31 收入同增 88.4%，推动 23 年亚洲地区收入上升 61.7%，（亚洲地区收入较 一 年内最高/最低(港元) 30.80/19.50 19 年改善 20.1%，中国地区收入完全 ...

业绩简评 2024 年 3月 14日公司披露2023财年年报，实现营收36.82 亿美 元，同比增长 27.9%（剔除汇率影响同比+30%）；实现归母净利润 4.17 亿美元，同比增长 33.3%（剔除汇率影响同比+34.6%）。其中， 4Q23实现营收9.48亿美元，同比增长15.8%；实现归母净利润3.01 亿美元，同比增长18.5%。业绩超市场预期。 经营分析 亚太恢复性增长强劲，成熟市场稳定兑现。23全年公司亚洲/北美 /欧洲/拉美营收剔除汇兑分别实现 61.7%/13.7%/15.1%/25.7%增 长，其中亚洲主要受到中国出行需求恢复推动，（中国营收同增 港币(元) 成交金额(百万元) 88.4%，已恢复至 2019 年水平）；北美较19 年亦有2.3%小幅增长； 34.00 1,400 欧洲/拉美较19年同期实现26%/72%强劲增长。渠道净开店，合计 31.00 1,200 1,000 净增67 家至 1052 家，亚洲作为开店主力新增44家至 405 家，其 28.00 800 25.00 他地区增加个位数；平均店效同增 27%至98.4 万美元。 600 22.00 400 毛利率、EBI ...

Financial Performance - For the fiscal year ending December 31, 2023, the company reported a net sales of $3,682.4 million, representing a 27.9% increase compared to $2,879.6 million in 2022[15]. - Gross profit for the same period was $2,182.8 million, up 36.0% from $1,605.4 million in the previous year, with a gross margin of 59.3%[15]. - Operating profit increased by 51.1% to $743.7 million from $492.1 million in 2022, with total expenses rising by 56.5% to $659.1 million[15]. - The net profit for the year was $450.3 million, a 33.1% increase from $338.3 million in 2022, with profit attributable to equity holders rising by 33.3% to $417.0 million[15]. - Adjusted net income was $392.4 million, reflecting a 32.5% increase from $296.0 million in the previous year[15]. - Adjusted EBITDA for the year was $709.3 million, a 50.2% increase compared to $472.3 million in 2022, with an adjusted EBITDA margin of 19.3%[15]. - Basic earnings per share increased by 32.7% to $0.289 from $0.218 in the previous year, while diluted earnings per share rose by 32.1% to $0.287[15]. - The company reported consolidated net sales of $3,682.4 million for the year ending December 31, 2023, representing a year-over-year growth of 30.4%[23]. - The company reported a total comprehensive income of $429.1 million for the year, compared to $367.7 million in 2022, marking a 17% increase[63]. Market and Sales Growth - Sales in China increased by 88.4% year-over-year, significantly contributing to a 61.7% rise in net sales across Asia[23]. - The company continues to explore market opportunities and strategies for expansion, although specific future outlooks were not detailed in the provided content[6]. - The company anticipates steady growth in the global travel and tourism industry in 2024, driven by recovering consumer demand[28]. - The company plans to allocate approximately 7.0% of net sales to marketing expenses in 2024 to support new product lines[29]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[60]. - The company is currently evaluating the potential impact of the IAS 21 amendment on its consolidated financial statements, effective from January 1, 2025[138]. Cash Flow and Debt Management - Free cash flow for the year ended December 31, 2023, was $284.5 million, an increase of $201.0 million or 240.6% from $83.5 million in the previous year[19]. - As of December 31, 2023, the cash and cash equivalents were $716.6 million, with total financial debt of $1,824.0 million, resulting in net debt of $1,107.4 million[19]. - Net debt decreased from $1.4 billion at the end of 2022 to $1.1 billion by December 31, 2023, resulting in a net leverage ratio improvement to 1.53 times[27]. - The total liquidity amounted to $1,562.0 million, including cash and cash equivalents of $716.6 million and available borrowings of $845.4 million[11]. - The company issued new preferred credit facilities amounting to $1.5 billion, while settling past preferred credit facilities resulted in a cash outflow of $1.6 billion[70]. - The company has secured a new revolving credit facility with no outstanding amounts as of December 31, 2023[198]. Marketing and Investment - The marketing expenses increased by $85.5 million or 54.8% to $241.5 million for the year ended December 31, 2023, representing 6.6% of net sales[19]. - Capital expenditures increased to $110.1 million in 2023 from $62.8 million in 2022, aimed at expanding retail operations and investing in new product innovations[41]. - The company plans to increase marketing investment to approximately 7.0% of net sales in 2024 to support further growth[44]. Sustainability and Corporate Responsibility - The proportion of products made from recycled materials in net sales increased from approximately 23% in 2022 to about 34% in 2023[43]. - The company aims to continue increasing sales and profitability while striving to become the most sustainable fashion luggage and suitcase company globally[45]. Operational Efficiency - The company will continue to strictly limit promotional discounts to maintain improved gross margins[45]. - The focus will be on cash management to generate strong free cash flow, enhancing flexibility in capital allocation[45]. - The company will manage fixed SG&A expenses to achieve operational leverage and sustained profit growth[45]. Accounting and Financial Reporting - The company is committed to maintaining strong internal controls and governance to ensure the accuracy of its financial reporting[54]. - The group has consistently applied the significant accounting policy information as presented in the consolidated financial statements for all periods[85]. - The group recognizes financial assets and liabilities at the initial date of their occurrence[113]. - The group assesses uncertain tax treatments and recognizes tax reserves based on expected value and the most likely amount[128]. Future Outlook - The company anticipates strong growth in the global travel industry in 2024, with international tourism expected to fully recover to pre-pandemic levels[44]. - Management has expressed confidence in the company's ongoing viability and growth potential despite market challenges[60].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SAMSONITE INTERNATIONAL S.A. 13-15 avenue de la Liberté, L-1931 Luxembourg R.C.S. LUXEMBOURG: B 159.469 （於盧森堡註冊成立之有限公司） （股份代號：1910） 截至 2023 年 9 月 30 日止期間之季度報告 新秀麗國際有限公司（「本公司」，連同其綜合附屬公司統稱為「本集團」）董事會欣然呈列本集團於 2023年 9 月 30 日以及截至該日止三個月及九個月期間之未經審計綜合財務及業務回顧，連同截至 2022年 9月 30日止三個月及九個月 期間之比較數字。本公告是根據《證券及期貨條例》第 XIVA 部內幕消息條文及《香港聯合交易所有限公司證券上市規 則》第13.09(2)(a)條作出。 財務業績概要及財務摘要 財務業績概要 於本公告內，截至 2023年9月30日止三個月及九個月的若干財務業績與截至 ...

Samsonite International S.A. 新秀麗國際有限公司 Stock Code 股份代號 1910 Keep Moving We INTERIM REPORT 中期報告 2023 WE are extremely pleased with Samsonite's performance in the first half of 2023. With the reopening of China and the ongoing recovery in travel globally, Samsonite's net sales improved markedly across all of its regions. The Group achieved consolidated net sales of US$1,776.2 million for the first half of 2023, an increase of 45.7% and 16.2% versus the corresponding period in 2022 and 2019, respectively. 我們對新 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SAMSONITE INTERNATIONAL S.A. 13-15 avenue de la Liberté, L-1931 Luxembourg R.C.S. LUXEMBOURG: B 159.469 （於盧森堡註冊成立之有限公司） （股份代號：1910） 截至 2023年 6月 30日止六個月 中期業績公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SAMSONITE INTERNATIONAL S.A. 13-15 avenue de la Liberté, L-1931 Luxembourg R.C.S. LUXEMBOURG: B 159.469 （於盧森堡註冊成立之有限公司） （股份代號：1910） 截至 2023 年 3 月 31 日止期間季度報告 新秀麗國際有限公司（「本公司」，連同其綜合附屬公司統稱為「本集團」）董事會欣然呈列本集團於 2023年 3 月 31 日以及截至該日止三個月期間之未經審計綜合財務及業務回顧連同截至 2022年 3月 31日止三個月期間之比較數字。本 公告是根據《證券及期貨條例》第 XIVA 部內幕消息條文及《香港聯合交易所有限公司證券上市規則》第 13.09(2)(a)條 作出。 財務業績概要及財務摘要 財務業績概要 於 2023 年第一季度，本集團業務的復甦步伐持續加速，綜合銷售淨額及經調整 EBITDA 利 ...

Sams Samsonite International S.A. 新秀麗國際有限公司 Stock Code 股份代號 1910 RAVEL IS BACK 2022 Annual Report 年報 B Sams�nIte hartmann ebags We are pleased with Samsonite's progress in 2022. With the continued easing of pandemic-related restrictions, there has been a strong recovery in travel across most of our markets globally, enabling the Group to achieve strong results for the year ended December 31, 2022, and positioning the business for sustained revenue and earnings growth going forward. 我們對新秀麗於2022年取得的進展感到欣慰。隨着疫 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SAMSONITE INTERNATIONAL S.A. 13-15 avenue de la Liberté, L-1931 Luxembourg R.C.S. LUXEMBOURG: B 159.469 （於盧森堡註冊成立之有限公司） （股份代號：1910） 截至 2022年 12月 31日止年度 末期業績公告 ...