缇庤锤鏄撴懇鎿� 涓夊搴︾鍖呭法澶存柊绉�涓介攢鍞浆璺�
china. 銆�銆�2018-11-14銆�銆�鏉ユ簮锛氱綉缁�
绠卞寘宸ㄥご鏂扮涓藉浗闄呴攢鍞闀挎瘡鍐垫剤涓嬶紝杩囧幓涓や釜瀛ｅ害澧為暱閫愮骇澶у箙鏀剧紦锛屾埅鑷�9鏈堝簳涓夊搴�5.2%鐨勫浐瀹氭眹鐜囧骞咃紝杩滀綆浜庝竴銆佷簩瀛ｅ害鐨�21.1%鍜�12.7%銆� 5鏈堜唤锛屾步绌烘満鏋凚lue Orca Capital 瀵圭編鍥藉法澶磋繘琛岀嫏鍑讳箣鏃讹紝鍗宠川鐤戣闆嗗洟璇曞浘閫氳繃涓嶆柇鐨勬敹璐紝鎺╃洊鍚屽悕鍝佺墝澧為暱鏀剧紦鐨勪簨瀹炪�� 鑰屼腑缇庤锤鏄撴懇鎿︼紝瀵圭鍖呭唴浜у搧鍔犲緛鍏崇◣鐨勬斂绛栵紝鍒欒繘涓�姝ュ奖鍝嶈绠卞寘琛屼笟榫欏ご鑰佸ぇ鐨勫搴︿笟缁┿�� 7-9鏈堬紝鏂扮涓藉浗闄呴攢鍞�9.452浜跨編鍏冿紝杈�2017璐㈠勾涓夊搴�9.156浜跨編鍏冧粎澧�3.2%銆傚叾涓寳缇庡競鍦哄闀垮嚑涔庡仠姝紝0.2%鐨勫疄闄呭骞呭拰0.4%鐨勫浐瀹氭眹鐜囧骞呰〃鐜扮柌寮憋紝闆嗗洟鏂颁换棣栧腑鎵ц瀹楰yle Francis Gendreau 琛ㄧず锛屾湡鍐呬腑缇庤锤鏄撴懇鎿﹀奖鍝嶄簡閿�鎯呫�� 涓浗甯傚満閿�鍞湡鍐呮洿鏄綍寰�4.8%鐨勮穼骞咃紝鍥哄畾姹囩巼璁＄畻浜︽湁3.2%鐨勮穼骞呫�傞櫎璐告槗鎽╂摝锛屼紒涓氳鍗曚害瀵逛腑鍥戒笁瀛ｅ害閿�鎯呴�犳垚鍐插嚮锛屾拠闄や紒涓氳鍗曚笅婊戯紝涓浗甯傚満涓夊搴﹂攢鍞弽鏈�2.4%鐨勫骞咃紝鍥哄畾姹囩巼澧為暱4.1%銆� 浜氭床甯傚満鍙椾綆杩蜂腑鍥戒笟鍔″奖鍝嶏紝涓夊搴﹂攢鍞骞�5.1%鑷�3.242浜跨編鍏冿紝鍥哄畾姹囩巼璁＄畻澧�7.2 %銆傛湡鍐咃紝闊╁浗甯傚満璺屽箙2.7%锛屽浐瀹氭眹鐜囪穼骞�4.1%銆� 涓嶈繃锛孠yle Gendreau 琛ㄧず瀵逛笁瀛ｅ害涓氱哗鍜屽叕鍙告寔缁繘灞曟弧鎰忥紝鍞涓哄叏鐞冪粡娴庡墠鏅笉鏄庢湕锛岃锤鏄撴懇鎿︺�佽劚娆у拰缁忔祹涓嶇‘瀹氬姞鍓ф褰卞搷鍏ㄧ悆瀹忚缁忔祹锛岀浉淇＄煭鏈熶笂杩版儏鍐典細鎸佺画锛岃�岄泦鍥㈡嫢鏈夋姉閫嗚兘鍔涖�� 涓夊搴︼紝鏂扮涓藉浗闄呭噣璧�7,550涓囩編鍏冩垨姣忚偂鏀剁泭0.052缇庡厓锛岃緝涓婂勾鍚屾湡5,660涓囩編鍏冩垨姣忚偂鏀剁泭0.039缇庡厓澧為暱33.3%锛屽浐瀹氭眹鐜囧骞�34.2%銆傜粡璋冩暣鍚嶦PS 0.057缇庡厓锛屽悓姣斿骞�23.9%缇庡厓銆� 鏈熷唴钀ヤ笟鍒╂鼎1.226浜跨編鍏冿紝鎸夊勾寰1.6%锛屽浐瀹氭眹鐜囧骞�3.5%锛涚粡璋冩暣鍚嶦BITDA 1.546浜跨編鍏冿紝鎸夊勾璺�3.6%锛屽浐瀹氭眹鐜囪穼骞�1.5%锛宎dj EBITDA 鍒╂鼎鐜囧ぇ璺�110涓熀鐐硅嚦16.4%銆� 姣涘埄鐜�57.4%杞诲井鏀瑰杽30涓熀鐐癸紝涓昏鍥犻珮绔搧鐗孴umi 姣涘埄鐜囨敼鍠勫強DTC 娓犻亾鍗犳瘮鎻愬崌鍒烘縺锛屾姷娑堜簡浣庢瘺鍒〢merican Tourister 鍝佺墝鐨勯攢鍞闀裤�� 鎶ュ憡鏈熷唴锛孌TC 娓犻亾閿�鍞骞�7.9%鑷�3.489浜跨編鍏冿紝鍥哄畾姹囩巼澧炲箙9.8%锛屽悓搴楅攢鍞骞�1.5%锛屽叾涓簹娲层�佹娲层�佹媺缇庡悓搴楅攢鍞垎鍒綍寰�3.9%銆�3.1%鍙� 3.0%鐨勫骞咃紝鑰屽寳缇庡悓搴楅攢鍞穼骞�1.0%锛屼笁瀛ｅ害DTC 娓犻亾鏀跺叆鍗犳瘮鎻愬崌160涓熀鐐硅嚦36.9%锛涙壒鍙戜笟鍔℃湡鍐呴攢鍞骞�0.9%锛屽浐瀹氭眹鐜囧骞�2.9%銆� 鐢靛晢涓氬姟涓夊搴︽敹鍏ュ崰姣�15.5%鎴�1.468浜跨編鍏冿紝鍚屾瘮澧為暱9.0%锛屽浐瀹氭眹鐜囧骞�9.9%銆� 鎸夊搧鐗岋紝Samsonite 涓夊搴︽敹鍏ヤ笅璺�0.4%鑷�4.285浜跨編鍏冿紝鍥哄畾姹囩巼澧炲箙1.8%锛屼富瑕佸洜鍚戞姌鎵ｉ浂鍞晢鐨勬壒鍙戦攢鍞噺灏戜互鍙婄編鍥芥梾娓告笭閬撻攢鍞笅婊戝奖鍝嶃�� Tumi 涓夊搴︽湡鍐呭寳缇庡競鍦洪攢鍞骞�0.3%锛屽浐瀹氭眹鐜囧骞�0.5%鐨勶紝浣嗕簹娲插拰娆ф床甯傚満鍒嗗埆褰曞緱27.0%鍜�12.0%鐨勫骞咃紝鍥哄畾姹囩巼浜氭床鍜屾娲插競鍦哄骞�27.7%鍜�14.2%锛屾帹鍔ㄨ鍝佺墝涓夊搴﹀浐瀹氭眹鐜囬攢鍞骞�10.3%锛屽疄闄呭骞�9.7%鑷�1.832浜跨編鍏冦�� 鎴嚦9鏈堝簳鍓嶄笁瀛ｅ害锛屾柊绉�涓藉浗闄呭綍寰楀噣閿�鍞�27.939浜跨編鍏冿紝杈冧笂骞村悓鏈�25.017浜跨編鍏冨闀�11.7%锛屽浐瀹氭眹鐜囧骞�10.1%锛岄櫎鍖楃編甯傚満澶栵紝鍏朵粬涓昏甯傚満鍧囨湁鍙屼綅鏁板闀匡紝鏈熷唴绾埄澧炲箙2.4%鑷�1.433浜跨編鍏冩垨姣忚偂鏀剁泭0.099缇庡厓锛屼笂骞村悓鏈熶负1.400浜跨編鍏冩垨0.098缇庡厓锛宎dj EBITDA 15.4%锛屽悓姣旇悗缂�70涓熀鐐癸紝涓昏鍥犻浂鍞笟鍔℃墿寮犳墍鑷淬�� 鍦ㄥ搴︿笟缁╂斁姒滃墠锛屽ぇ琛岄噹鏉戝氨鍙戝竷鎶ュ憡锛屽敱琛版柊绉�涓藉浗闄咃紝棰勬湡闆嗗洟鏄腑缇庤锤鏄撴懇鎿︾殑澶ц緭瀹讹紝涓旈鏈熸槑骞翠笟缁╁彈鎹熸洿鍔犱弗閲嶃�傞噹鏉戞寚锛�9鏈堝疄鏂界殑绗簩杞叧绋庤皟鏁达紝娑夊強琛屾潕绠变骇鍝侊紝瀵圭編鍥藉法澶存墦鍑诲法澶э紝姒傚洜鏂扮涓藉浗闄�80%缇庡浗閿�鍞骇鍝佹潵鑷腑鍥界敓浜э紝鏁呭鍏ㄥ勾绾埄閫犳垚6%鐨勮礋闈㈠奖鍝嶏紝鑻ユ槑骞村垵杩涗竴姝ュ姞绋庤嚦25%锛岄�犳垚涓嶅埄褰卞搷浜︽洿澶э紝鑰屾柊绉�涓藉浗闄呰嫢閫氳繃鎻愪环鎴栬浆绉讳緵搴旈摼瀵瑰啿鍏崇◣褰卞搷锛岄渶瑕佹极闀挎椂闂达紝涓嬭皟涓浗浜ц兘75%鑷�60%锛屽嵆闇�涓夊勾銆傝琛屽洜姝ょ粰浜堟柊绉�涓�“涓��”璇勭骇銆� 鍛ㄤ簩锛孲amsonite International SA 锛�1910.HK锛夋柊绉�涓藉浗闄呬即闅忔腐鑲′綆寮�楂樿蛋锛屽叏澶╂敹娑�0.44%鎶�23.00缇庡厓锛岃鑲′粖骞磋縿浠婃毚璺�38.09%锛岃繙璺戣緭鎭掓寚鍚屾湡15%鐨勮穼骞呫�� |
| 鍥剧墖骞垮憡锛堝箍鍛婄儹绾匡細3632 2968锛� | |||||
| 鐩稿叧鏂囩珷 | ||||||||||||||||||||
|