高盛:维持普拉达“买入”评级 上调目标价至78.1港元

新浪港股
Mar 10, 2025
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  高盛发布研报称,维持普拉达(01913)“买入”评级,将目标价由68.5港元上调至78.1港元。该行将普拉达2025及2026财年息税前利润预测上调4%;基本销售增长预期基本保持不变。另外,2025财年息税前利润率预测由23.8%提高至24.1%;2026财年预测则由24.6%提高至24.9%。该行认为普拉达2024财年业绩主要正面因素为市场份额增长与利润率扩张,反映Prada主品牌及MiuMiu在品牌动力上的强劲表现。

  高盛提及,Prada品牌于2024财年的直营销售增长4%,与同行业相比表现优异;至于MiuMiu于2024财年93%的基本销售增长,反映该品牌目前正处于扩张阶段及其相对较小的基数,然而增长主要反映基本销量的扩张。该行引述普拉达管理层指,计划实现双位数的零售店面扩张,这支持该行对普拉达2025财年零售销售增长21%的预测。总体而言,该行对普拉达2025财年息税前利润(EBIT)预测上调4%,并继续认为集团有获市场提升盈测及重新评级的空间。

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