研报掘金丨中金:上调新秀丽目标价至24港元 销售反弹趋势稳步推进

中金财经
Nov 14, 2025

  中金发表报告指,新秀丽第三季净销售额8.73亿美元,按固定汇率计算按年下降1.3%;经调整EBITDA为1.43亿美元;经调整净利润6360万美元,去年同期为7970万美元。   报告指,新秀丽于亚洲复苏势头超预期,且第四季购物季即将到来,将2025年收入及净利润预测分别上调3%和12%,至35.13亿美元及3.02亿美元。由于Tumi(途明)业务与直销渠道表现超预期,叠加经营杠杆改善,该行将2026年收入及净利润预测分别上调3%和8%,至分别37.53亿美元及3.42亿美元。   中金维持新秀丽“跑赢行业”评级,考虑到销售反弹趋势稳步推进,将目标价上调20%至24港元。   

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