纺织与服装行业周报：Nike FY25Q1新品销售佳，看好优质品牌修复行情
Haitong Securities·2024-10-10 03:37

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [2]. Core Insights - Nike's FY25Q1 performance exceeded consensus expectations, with revenue declining by 10.4% to $11.59 billion, while gross margin improved by 1.2 percentage points to 45.4% [2][3]. - The decline in revenue is attributed to a decrease in sales volume, despite an increase in average selling price (ASP), primarily due to tightened supply of classic shoe models in direct channels [3]. - The report highlights a positive outlook for premium brands, suggesting that current policy benefits support valuation recovery in the textile and apparel sector [4]. Summary by Sections Financial Performance - Nike's net profit fell by 27.5% to $1.05 billion, with a net profit margin decrease of 2.1 percentage points to 9.1% [2]. - The ending inventory stood at $8.25 billion, a year-on-year decrease of 5.1% [2]. Sales and Revenue Trends - Direct and wholesale revenue declined by 12% and 7% year-on-year, respectively, with direct e-commerce sales down by 20% [3]. - New shoe products and running shoes showed strong sales, with new performance models experiencing significant growth [3]. Regional Performance - Revenue from North America, EMEA, Greater China, and Asia-Pacific showed varying declines, with EBIT margins remaining relatively stable or improving in certain regions [3]. Market Outlook - FY25Q2 is expected to continue the trend of declining revenue, with a forecasted year-on-year decrease of 8-10% [3]. - The new CEO's appointment is anticipated to bring positive changes in the long term, with expectations of improved revenue growth in H2 FY25 [3]. Investment Recommendations - The report suggests focusing on leading brands in the sports sector, recommending companies like Anta Sports, Xtep International, and Li Ning for potential investment [4]. - Emphasis is placed on companies with share buyback policies and high dividend yields, such as Samsonite and Bosideng, for stable returns [4].