金吾财讯 | 中金发布研究报告指出，普拉达(01913)按固定汇率计算，全年纯利同比增长17%，达到54.32亿欧元，与预期相符；息税前利润同比增长21%，至12.8亿欧元，毛利率为23.6%，同样符合预期。集团全年净利润占比同比上升25%，达8.39亿欧元，利润率为15.4%。这一表现得益于经营杠杆以及较低的税率，超出预期。
基于此，中金将普拉达今年的收入预测上调5%，息税前利润(EBIT)及集团占比纯利预测分别上调2%和4%。调整原因主要是资本开支略高于预期。同时，中金预计普拉达明年收入将达67.52亿欧元，EBIT达17.17亿欧元，集团占比纯利为11.42亿欧元。该行将其目标价上调6.7%至80港元，维持“跑赢大市”评级。
该行相信普拉达集团在2025 年有望继续录得快于行业的增长，主要驱动力包括：1）普拉达品牌和Miu Miu品牌的零售空间扩展和价格结构提升；2）集团专注于强化零售密度的策略，有助于提高利润率；3）2025 年诸多竞品经历设计转型及空窗期，而普拉达集团保持了创意的连贯性和持续性。
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