纺织服饰行业全球观察之迅销：FY2024Q3：公司业绩再创历史新高，但中国区表现欠佳

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [15]. Core Insights - The report highlights that the company achieved record-high performance in FY2024Q3, with revenue reaching 236.65 billion JPY, a year-on-year increase of 10.4%. The revenue for FY2024Q3 alone was 76.75 billion JPY, up 13.51% year-on-year, driven by strong performances in North America, Europe, and Southeast Asia, with Japan also showing rapid growth [2][3]. - The net profit attributable to shareholders for FY2024Q1-3 was 31.28 billion JPY, reflecting a year-on-year increase of 31.15%, while FY2024Q3 net profit was 11.69 billion JPY, up 37.33% year-on-year [2]. - The gross profit margin improved to 56.51% in FY2024Q3, an increase of 2.66 percentage points year-on-year, while the net profit margin reached 15.96%, up 2.61 percentage points year-on-year [2][3]. - The company has raised its FY2024 revenue forecast to 307 billion JPY, expecting an 11.0% year-on-year growth, and a net profit of 36.50 billion JPY, which is a 23.2% increase year-on-year [2]. Summary by Sections Company Performance - Revenue for FY2024Q3 was 76.75 billion JPY, a 13.51% increase year-on-year, with strong contributions from North America, Europe, and Southeast Asia [2]. - Net profit for FY2024Q3 was 11.69 billion JPY, a 37.33% increase year-on-year [2]. - The gross profit margin for FY2024Q3 was 56.51%, up 2.66 percentage points year-on-year [2]. Brand Performance - UNIQLO generated revenue of 64.58 billion JPY in FY2024Q3, a 15.96% increase year-on-year, accounting for 84.14% of total revenue [3]. - GU's revenue for FY2024Q3 was 8.69 billion JPY, up 5.41% year-on-year, representing 11.32% of total revenue [3]. - Global Brands saw a revenue decline of 5.10% year-on-year, totaling 3.44 billion JPY, which accounted for 4.48% of total revenue [3]. Regional Performance - Japan's revenue for FY2024Q3 was 23.69 billion JPY, a 10.42% increase year-on-year [3]. - Revenue from China was 16.20 billion JPY, up 4.29% year-on-year, but profitability in this region decreased significantly [3]. - North America reported a revenue of 5.18 billion JPY, a substantial increase of 41.08% year-on-year [3]. - Europe experienced a revenue increase of 54.83% year-on-year, reaching 6.33 billion JPY [3]. Operational Metrics - The total number of stores reached 3604, with a net increase of 10 stores year-on-year [3]. - Cash and cash equivalents at the end of FY2024Q3 were 109.76 billion JPY, an increase of 18.99% year-on-year [3]. - Accounts receivable stood at 11.06 billion JPY, up 8.68% year-on-year, while inventory was 40.48 billion JPY, a 4.49% increase year-on-year [3].