新秀丽(1910.HK):24Q4各地区环比提速 25Q1预计欧洲和印度领增

海通证券
17 Mar

24Q4 收入微降,盈利水平提升,所有地区品牌环比提速。24Q4 收入同比降0.1%至9.4 亿美元,汇率中性增1%,毛利率提升0.3pct 至60.2%,调整EBITDAmargin 提升1.6pct 至20.7%。汇率中性,亚洲/北美/欧洲/拉美收入环比提速5.2/11.7/7.3/0.3pct,北美提速幅度最大,主因部分客户提前下单,新秀丽/TUMI/美旅收入环比提速6.8/13.2/8.2...

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