爱马仕:估值已反映‘法拉利式重置.pptxVIP

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  • 2026-04-22 发布于北京
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爱马仕:估值已反映‘法拉利式重置.pptx

GlobalLuxuryGoods

Hermès:ValuationsalreadydiscountaFerrarireset

Hermèsisseeminglyexperiencingfadingmomentum:ThesecondarymarketpriceofHermèsiconicproductshasnormaIizedposta2022peak,inIinewithotherpeericons(e.g.theRoIexDaytona-seeHermès:TheSecondhandPricingTracker-MarI26).In-storetrafficfromour“mega-transect”isrecedinginChinaat-25%-incontrastwithdirectpeers:

ChaneI+130%,Dior+139%(seeGIobaILuxuryGoodsMega-transect:StrongLNY2026foottraffic).1Q26EexpectationshavereducedtoMSDpositiveinthepastweek.

Therecou

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