麦格理报告指，普拉达(01913.HK) 去年第四季零售销售按固定汇率计按年升18%，高于该行预期约3%，受“Miu Miu”品牌销售按年升84%，以及“Prada”增长由第三季1.7%加快至第四季4%支持。日本及欧洲市场继续录31%及16%稳定增长，亚太区市场增长由第三季10%加快至第四季16%。中国销售由第三季低单位数下跌转为第四季低单位数增长，北美市场同期由低单位数增长加快至高单位数增长。公司满意现财年首两个月表现，纵使按季变动受高基数影响，有信心今年跑赢同业。
该行又指，公司去年下半年毛利率按年跌0.7个百分点，扣除汇兑影响则持平，经营溢利率升1.6个百分点至24.4%，高于该行预测60点子。公司去年净开设7间Miu Miu品牌店，并将增加Miu Miu店面面积10%至15%，Prada店面面积亦有低单位数增加。公司今年资本开支5.5亿欧元，高于去年的4.93亿欧元。公司仅表示考虑策略性并购，未提及收购Versace问题。
该行上调对公司今明两年净利润预测2.1%及4.6%，反映经营杠杆较预期强劲，目标价由86元上调至88元，评级“跑赢大市”。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-04 16:25。)
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