2024财年三季报点评：上调业绩指引；大中华区优衣库转型效果仍待验证

Investment Highlights - The report indicates that the company achieved revenue of 767.5 billion yen in FY3Q24, representing a year-on-year growth of 13.5%, slightly exceeding the expected 744.3 billion yen [19] - The revenue breakdown shows that Uniqlo Japan, overseas Uniqlo, GU, and global brands generated revenues of 236.9, 408.9, 86.9, and 34.4 billion yen respectively, with year-on-year growth rates of +10%, +19%, +5%, and -5% [19] - The company expects the gross profit margin for FY2H24 to remain stable, with a sales gross margin of 56.5% in FY3Q24, an increase of 2.7 percentage points year-on-year [19] Financial Forecasts - For FY2024, the company raised its revenue guidance from 3.03 trillion yen to 3.07 trillion yen, a 1.3% increase, and the operating profit guidance from 450 billion yen to 475 billion yen, a 5.6% increase [19] - The net profit guidance for FY2024 was also raised from 320 billion yen to 365 billion yen, reflecting a 14.1% increase [19] - The company plans to distribute a dividend of 400 yen for FY2024, with an interim dividend of 175 yen and a final dividend of 225 yen [19] Regional Performance - In the Greater China region, Uniqlo achieved revenue of 162 billion yen in FY3Q24, a year-on-year increase of 4.3%, but showed a decline when measured in RMB [19] - The report highlights challenges in the Greater China market, including decreased consumer spending and geographical product mismatches [19] - Future strategies include focusing on store quality in cities with sales potential and enhancing the synergy between online and offline sales, aiming to increase e-commerce sales from over 20% to 30% of total revenue [19] Valuation and Ratings - The report maintains the company's net profit forecasts for FY2024-2026 at 341.9, 374.6, and 408.4 billion yen respectively, with current stock prices corresponding to P/E ratios of 41, 38, and 36 times [19] - The target price is set at 47,300 yen, with a "neutral" rating maintained [19]