According to a research report released by Tianfeng Securities, maintaining Samsonite's (01910) “buy” rating, the company's revenue for 24-26 is estimated to be US$4.114 billion, US$4.542 billion, and US$5,067 billion, respectively; net profit to mother is US$480 million, US$530 million, and US$596 million, respectively. As a leading enterprise in the global luggage industry, it attracts consumers with its diversified brand portfolio and continues to develop new materials and designs; Tumi targets the high-end luggage market and continues to grow in revenue share; considering the company's 24Q1 net interest rate growth, improved gross margin, increased scale effect, and effective cost and expense control, the profit forecast is adjusted.
According to the report, the company's 24Q1 revenue was US$860 million, an increase of 0.9%; net profit to mother was US$83 million, an increase of 12.3%; the 24Q1 revenue growth was mainly due to the company's use of marketing to increase investment, while seizing opportunities for continued recovery and growth in leisure and business tourism around the world, particularly in Asia. By brand, Samsonite's revenue was US$440 million, up 3.7%, accounting for 51.2%; Tumi's revenue was US$194 million, down 0.3%, accounting for 22.5%; American
Tourist's revenue was US$151 million, down 0.1%, accounting for 17.6%; other revenue was US$75 million, down 9.1%, accounting for 8.7%; core brand revenue growth benefited from the continued recovery and growth of global leisure and business travel. By region, revenue from Asia was US$340 million, up 3.3%, mainly driven by the continued recovery and growth of leisure and business tourism; North America's revenue was US$285 million, up 0.3%; European revenue was US$176 million, down 2.5%; and revenue from Latin America was US$59 million, up 0.2%.
The bank said that the company will continue to invest in the company's core brands, focus on product innovation, sustainable development solutions and further strengthen the company's global retail network, continue to achieve strong net sales growth and strictly limit promotional discounts to maintain increased gross profit margins. As China's outbound travel continues to improve, the company expects Asian tourism to continue to grow strongly in 2024. In markets that have reopened earlier, including North America and Europe, the company expects tourism to grow steadily, close to historic trends, while the prospects for Europe are relatively good as Chinese tourists continue to return. The company has set marketing expenses at 7.0% of net sales in 2024. With outstanding new products and exciting advertising campaigns planned to be launched in 2024, the company will continue to achieve strong net sales growth, and it is expected that Asian regions and Tumi brands with high profit margins will perform well.