大行评级|花旗:下调普拉达目标价至45.5港元 维持“中性”评级

格隆汇
Aug 06

花旗发表研究报告指,普拉达次季收入增速放缓至单位数(6%),其中Prada品牌自2020年以来首次出现负增长,而Miu Miu表现虽然逐渐正常化,但增长仍优于同行。该行认为集团仍需要大量投资于广告与促销、生产、IT基础设施及Miu Miu的零售网络扩张,或限制利润率进一步扩张。该行将2025年的销售额、EBIT及每股盈利预测分别下调2%、2%及4%,2026年下调3%、5%及6%,基于由于汇率增长预期略微下调、汇率不利因素,以及持续的营运和资本开支投资,目标价由52.3港元降至45.5港元,维持“中性”评级。

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