Samsonite 4000-word in-depth research report

$SAMSONITE(01910.HK)$Samsonite(SMSEY.US) Recently researched Samsonite (01910.HK), the global leader in luggage. Its value proposition and short-term challenges can be summarized as "dual moats + growth pause".
🎯 Core business is luggage manufacturing and retail, a global discretionary consumer segment. Demand recovers with air travel (2023 passenger volume recovered to 95% of pre-pandemic levels), maintaining global leadership. Built dual moats with Samsonite's century-old brand (gross margin consistently above 50%) and global omnichannel (over 6,000 points of sale, scarce transportation hub resources). Multi-brand portfolio (Samsonite+Tumi+American Tourister) covers high/mid/low price segments.
📈 Financially, 2024 gross margin near 60%, positive free cash flow for three consecutive years (2024: $461M), reliable financials (stable goodwill, healthy inventory turnover). But 2024 revenue dipped 2.5%, 2025Q1 revenue down 7.3% with net profit plunging nearly 40%. ROE fell from 36% in 2022 to 23.6% in 2024, debt-to-asset ratio exceeds 69% (high leverage). Short-term growth hindered by weak North American consumption and declining Asia share.

$American Battery Tech(ABAT.US)