CICC released a research report stating that maintaining the Prada (01913.HK) “outperforming the industry” rating, based on the continued strong momentum of the Prada and Miu Miu brands, raised the 2024 and 2025 revenue forecasts by 3% to 5.196 billion euros and 5.616 billion euros, and raised the 2024 and 2025 net profit forecasts 7% and 6% to 757 million euros and 867 million euros based on the faster growth rate of the leather goods sector with impressive profit margins. The company announced the 1Q24 revenue update: Group revenue increased +16% year over year at a fixed exchange rate and +12% year over year to 1.19 billion euros under financial disclosure, exceeding the agreed expectations of the institutional market of 1.17 billion euros and China Financial Group's 1.16 billion euros. The impact of currency headwinds was 500 basis points.