【华泰金融】1Q25 Rev. Robust; Humanoid Machine Tool Product Unveiled.pdf

在哪里 Rev Up

–2Q rev／np +1%／3%; all eyes on cost savings

- 2Q rev ／ np + 33% ／ 49% ； 强度延长至 2H

- 2Q Rev ／ NP + 20.4 ／ 21.0% ， 如预先公布

–3Q reported／cFX rev +3%／+10%; Miu Miu +48%

4Q preview: rev/np reach RMB30.7bn/1.1bn

–1H rev／EBIT +13%／26%; Heineken grew 60%

–3Q rev／np +13%／16%; mixed near-term outlook

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

业绩符合预期，Q2 Rev PAR恢复超疫前