MYT NETHERLANDS PARENT：4Q24业绩超预期;预计1H25完成对YNAP的收购

中金公司2025-02-19

2QFY25 (4Q24) 盈利超出市场一致预期Mytheresa 发布4Q24（2QFY25）业绩：商品交易总额（GMV）达2.45亿欧元，同比增长11.9%，收入达2.23 亿欧元，同比增长13.4%。4Q24调整后EBITDA 达1,620 万欧元，对应7.3%利润率（vs. 4Q23 的3.8%），超过市场一致预期的1,140 万欧元。4Q24 收入增长主要受到欧洲不含德国（同比+20%）...

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Expected to close the acquisition of YNAP in 1H25","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MYTE":0.9,"ETH":1},"content_text":"2QFY25 (4Q24) 盈利超出市场一致预期Mytheresa 发布4Q24（2QFY25）业绩：商品交易总额（GMV）达2.45亿欧元，同比增长11.9%，收入达2.23 亿欧元，同比增长13.4%。4Q24调整后EBITDA 达1,620 万欧元，对应7.3%利润率（vs. 4Q23 的3.8%），超过市场一致预期的1,140 万欧元。4Q24 收入增长主要受到欧洲不含德国（同比+20%），美国（同比+18%），以及世界其他地区（同比+11%）增长驱动，而德国地区收入同比下滑4%。4Q24 毛利率恢复至50.9%（vs. 4Q23 的49.8%和3Q24 的43.9%），得益于全价销售占比提升。在4Q24，Mytheresa 录得过去十二个月平均订单价值（AOV）736 欧元（vs. 3Q24 的720 欧元和4Q23 的672欧元），为历史新高。管理层确认此前发布的FY25 全年业绩指引：基于宏观不确定性带来的不利影响，预计GMV 和收入同比增长 7-13%，调整后 EBITDA 利润率达 3-5%。发展趋势在2024 年10 月7 日，Mytheresa 公告计划从瑞士历峰集团收购YOOXNet-A-Porter 集团(YNAP)，以建立一个全球性的奢侈品电商集团。管理层预计收购会在1H25 完成，但仍需符合惯例条件（包括监管的批准）。Mytheresa 将会发行新股，用完全摊薄后的33%的股份同瑞士历峰集团换取YNAP 100%的股份（附带5.55 亿欧元净现金，无债务）。我们认为，YNAP 交易完成后，得益于收购带来的潜在利好（包括市场份额的整合、与瑞士历峰集团关系进一步加强、以及商业协同效应），Mytheresa 集团的市场领导地位和长期竞争优势或将得到进一步强化。盈利预测与估值我们维持FY25 和FY26 收入预测基本不变，但由于我们剔除掉更高的交易相关费用以及预计在FY25 和FY26 全价销售趋势和经营杠杆有望进一步改善，我们上调FY25 和FY26 调整后EBITDA 预测26%和3%至4,538 万欧元和5,561 万欧元。我们维持跑赢行业评级，但基于上述提到的收购带来的潜在利好以及YNAP 收购公告发出后股票流动性的改善，上调目标价从5.6美元至12.5 美元。对应22.9 倍FY25 EV/EBITDA。当前股价对应19.7 倍FY25 EV/EBITDA。我们的目标价较当前股价有13%上行空间。风险宏观经济不确定性；YNAP的收购及整合进度慢于预期；存货风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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