历峰集团2026年第一季度业绩表现强劲

BuyEurope 15July2026 Switzerland LuxuryLuxury GoodsVery strong 1Q performance AdamCochrane Research Analyst+44-20-754-17812Shwetha RamachandranResearch Associate RichemonthasdeliveredastrongQ1update,withgroupcFXsalesgrowthof+20% comfortably overconsensus+11% (DBe+10%)and anelevated buy-sidebaratc.+16%plus.Thebeat was drivenbybroad-based strengthacrossregionsandsegments.JewelleryMaisonsremainedthestandout,withsalesup+24%cFX,(++11ppts ahead of consensus at +13%),underliningits continued exceptionalmomentum.SpecialistWatchmakers delivered+8%cFXgrowth,aheadofexpectationsandupfrom+2%cFXin4Q26,indicatingamarkedimprovementintrading momentum, while Other was up +9% (vs Cons +6%). Research Associate+44-20-754-19487Andre Juillard Research Analyst+33-1-4495-6585 ByregionincFX,Americas+27%,Japan+36%,andAsiaPacific+21%withdouble-digitgrowthinChina/HK/Macau,whichshouldbeviewedpositivelygivenconcernsaroundChineseluxurydemand.Europewas+11%withME/Africa+3%alsobettervsexpectations(DBe&Cons-6%).ThestrengthwasbroadbasedwithRetail+24%Online+18%andwholesale+9%.Othercall-outsincludestrengthonallothermainAsianmarketsincludingKoreaandTaiwan,EuropebenefitingfromlocalclientsandUS and Middle Eastern tourists with local Middle Eastern demand also offsettinglower tourist spend in the region. Overall,this was a solidprintandand weviewtheresults asapositiveread-acrossfor the broader luxury sector although it remains to be seen how much of thestrength was luxury spend, jewellery driven versus Richemont specific.This is averystrongperformanceagainsthighexpectationsand,combinedwiththegrossmargintailwindsfromfallinggold prices,should supportmaterialconsensus EPsupgradestodayandweseetheshares upHSD%. 1QFinancials GroupSaleswere6,329mat+20%cFX(DBe5,898mat+10%cFX,Cons5,897mat +11% cFX). By segment,JewelleryMaisongrew+24%cFXto4,732m(DBe4,347mat+12%,Cons4,356mat+13%);SpecialistWatchmakers+8%to873m(DBe849mat+4%,Cons838mat+4%);Otherwas+9%cFXto724m(DBe749mat+5%,Cons699mat+6%) By region, Europe was up +11% cFX(DBe +6%; Cons +7%) to 1,429m with strong IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoesandseekstodobusinesswithcompaniescovered in itsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhavea conflict of interestthat couldaffectthe objectivity of this report. Investors should considerthisreport as only a singlefactorinmakingtheirinvestmentdecision. Luxury GoodsRichemont MiddleEasternclients;AsiaPacific+21%cFXto2,068m(DBe+12%;Cons+11%)with +DD% in China/HK/Macau and strong Korea; Americas +27%(DBe +13%;Cons+16%)to1,670msupportedbycontinuedstrengthinlocaldemand;Japan+36%to632m(DBe+20%;Cons+22%)duetostrengthof local demandandtourist spending and ME/Africa+3% (DBe &Cons-6%)to530m. +9%to1,452m(Cons+7%to1,436m)withOnline+18%to373m(Cons+8%to 348m). Luxury GoodsRichemont Richemont is a Swiss luxury goods group managedwith a view to the long-term development of successful international brands. Richemont owns several of the worldsleading luxury goods companies, with particular strength injewellery, luxury watches and writing instruments. CashFlow (EURm)Cash flow from operations Margin Trends35 BalanceSheet (EURm) KeyCompanyMetrics AdamCochrane+44 20 754-17812adam.cochrane@db.com Luxury GoodsRichemont Appendix 1 *Other information available upon request information is sourced from Deutsche Bank, subject companies,and other sources.For disclosures pertaining to recommendations orestimates made on securities otherthan the primaryare stronglyencouragedtoreviewthisinformation before investing.Aside fromwithin this report, important risk and conflictdisclosures can also befound at https://research.db.com/Research/Disclosures/Disclaimer.Investors Important Disclosures Required by U.S. Regulators 2.Deutsche Bankand/oritsaffiliate(s)mayactas amarketmakerorliquidityproviderinthefinancialinstruments issued bythiscompany8.DeutscheBank and/or its affiliate(s)expects to receive,or intendstoseek,compensationforinvestmentbankingservices from this companyin the nextthreemonths.14.DeutscheBankand/or its affiliate(s)hasreceived compensationfromthiscompanywithinthepastyearfornon-investmentbankingrelated services.15.investmentbankingservices ImportantDisclosuresRequiredbyNon-U.S.Regulators ImportantDisclosures RequiredbyNon-US Regulators and Explanatory Notes.DeutscheBankand/oritsaffiliate(s)mayactasamarketmakerorliquidityproviderinthefinancialinstrumentsissued 2.bythiscompany24.Deutsche Bank and/or its affiliate(s) is orhas been over the previous 12 months partyto an agreement with thecompanyrelatingtotheprovisionofservicessetoutinSectionsAandBofAnnexiofDirective2014/65/EU,orhasprovisionofservicessetoutinSectionsAandBofAnnexIofDirective2014/65/EU. Fordisclosures pertainingto recommendations or estimates madeon securities otherthanthe primarysubject of thisathttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthisreport,importantriskandconflictdisclosurescanal