Core Viewpoint - The financial performance of Samsonite in Q1 2025 has shown a significant decline, with revenue and net profit both decreasing, raising concerns about the company's growth prospects and market confidence [1][4][10]. Financial Performance - In Q1 2025, Samsonite reported revenue of $800 million, a year-on-year decrease of 7.3%, and a gross profit of $473 million, down 8.9%. The net profit fell sharply by 39.7% to $55 million [1][4]. - The gross margin for Q1 was 59.4%, a decrease of 1 percentage point compared to the previous year, while the adjusted EBITDA margin was 16%, down 2.8 percentage points [8]. Regional Performance - Revenue from the Asian market was $307 million, representing 38.5% of total revenue, down 9.7% year-on-year. North American revenue was $262 million, accounting for 32.8% of total revenue, down 8.3% [5][7]. - In contrast, the European market showed resilience, with revenue remaining flat at $176 million, and a 4.4% increase when adjusted for constant currency [6][7]. Market Reaction - Following the release of the Q1 report, Samsonite's stock price dropped significantly, closing at HKD 14.06, down 8.58% on May 14, and further declining to HKD 13.96 the next day [3][4]. - Major investment banks have reacted by adjusting their target prices for Samsonite, with Citigroup lowering its target from HKD 26 to HKD 19.7, while UBS slightly raised its target from HKD 15 to HKD 16, indicating mixed market sentiment [9][10]. Strategic Outlook - The company is pursuing a dual listing in the US, which is seen as a potential opportunity for value re-evaluation. However, the recent financial performance raises questions about the feasibility of this strategy [10]. - To mitigate external challenges, Samsonite has reduced marketing expenditures by 20% year-on-year, reflecting a proactive approach to address declining consumer confidence and sales [8].
低迷业绩挫伤股价，新秀丽（01910）何时再盼来拐点？