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2024财年业绩点评：营业利润超预期，欧美优衣库业务已开启正循环
东吴证券国际经纪·2024-10-20 08:33

Core Viewpoints - Revenue meets expectations, operating profit exceeds expectations by approximately 6% [1] - Japan Uniqlo sales gross margin increased by 2.9pct year-on-year [2] - Europe and America Uniqlo business has entered a positive cycle [2] - FY2025-27 revenue is expected to be 3.5/3.9/4.4 trillion yen, with net profit attributable to the parent company of 3,964/4,285/4,734 billion yen [2] Financial Performance - FY2024 revenue: 3.1 trillion yen, up 12.2% year-on-year [1] - Japan Uniqlo: 932.2 billion yen, up 5% [1] - Overseas Uniqlo: 1,711.8 billion yen, up 19% [1] - GU: 319.2 billion yen, up 8% [1] - FY2024 operating profit: 500.9 billion yen, up 31.4% year-on-year, exceeding expectations by 6.1% [1] - Japan Uniqlo: 155.8 billion yen, up 32% [1] - Overseas Uniqlo: 283.4 billion yen, up 25% [1] - GU: 33.7 billion yen, up 29% [1] - FY2025 revenue guidance: 3.4 trillion yen, up 9.5% [1] - FY2025 operating profit guidance: 530 billion yen, up 5.8% [1] Business Segments - Japan Uniqlo: - FY2024 sales gross margin increased by 2.9pct to 50.8% [2] - Duty-free sales accounted for 8% of total revenue in FY2H24, doubling year-on-year [2] - FY2025 revenue and sales gross margin expected to grow slightly, with operating profit margin remaining flat [2] - Europe and America Uniqlo: - FY2024 revenue grew by 34.6% year-on-year [2] - Operating profit margin increased by 3.2pct to 16.4% [2] - Overall overseas Uniqlo operating profit margin increased by 0.8pct to 16.6% [2] Financial Forecasts - FY2025-27 revenue forecast: 3.5/3.9/4.4 trillion yen [2] - FY2025-27 net profit attributable to the parent company forecast: 3,964/4,285/4,734 billion yen [2] - Current P/E ratio: 44/41/37 times [2] - Target price adjusted to 53,000 yen, with a "Neutral" rating maintained [2] Market Data - Closing price: 54,490 yen [3] - 52-week low/high: 32,590/55,310 yen [3] - P/B ratio: 7.4 times [3] - Market capitalization: 17.3 trillion yen [3] - Net asset value per share: 6,731.0 yen [3] - Debt-to-asset ratio: 43.3% [3] - Total shares outstanding: 318.2 million [3]