里昂研究报告指，普拉达(01913.HK) 上半年业绩表现略逊预期，收入录27.4亿欧元，较该行及市场预期低2%，主要因Prada与Miu Miu品牌零售净销售均稍逊预期，分别跌3.6%及升40%。渠道结构优化带动毛利率超预期，但收购Versace相关成本及销售疲软，令净利润低于预期。第三季至今旅游消费需求持续承压，料Miu Miu品牌面对最大的按年比较基数压力。
该行将2025至27年净利润预测下调5%至6%，基于Prada与Miu Miu销售额预测下调、广告及促销开支和销售成本预测获上调；降估值基础，以预测未来一年企业价值对Ebit约9倍计(原先为13倍)，目标价由72元调降至50元，但维持“跑赢大市”评级，因Miu Miu市场份额仍在增长，且风险回报比具吸引力。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-30 16:25。)
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