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

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

–3Q prelim rev／np +28%／93%; estimates unchanged

- 3Q rev ／ np - 4.6% ／ + 4.7% ； 高于市场预期

–1H core rev／np +3%／10%; a surprising beat

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

收入业绩超预期，收入Rev PAR全年指引上调

在哪里 Rev Up

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

- 3Q rev ／ np + 3% ／ 59% ； 成本削减是利润增长的关键

Main Biz. Rev. Grew Steadily; Instrument Installation Robust