纺织与服装行业周报：多家海外运动公司上调全年指引，奢侈品增速进一步放缓

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - Recent performance of several overseas sports companies has led to upward revisions of their full-year guidance, while luxury goods revenue growth is slowing down. Companies like Deckers and Skechers have reported better-than-expected quarterly results and raised their revenue and profit forecasts for the year. In contrast, luxury brands such as LVMH and Kering have seen a decline in revenue growth due to weak consumption from Chinese customers [2][5][6] Summary by Sections Recent Performance - Deckers reported a 20.1% increase in revenue to $1.31 billion for FY25Q2, with a net profit increase of 35.7% to $240 million, exceeding Bloomberg consensus estimates by 9% and 28.7% respectively. The company's direct-to-consumer and distribution channels both achieved over 20% year-on-year growth [3] - Skechers' revenue for 24Q3 increased by 15.9% to $2.35 billion, with a net profit increase of 32.9% to $190 million. However, inventory levels rose by 23.5% year-on-year, primarily due to high inventory levels in China [4] Market Trends - Adidas has revised its full-year revenue growth forecast to 10% (previously high single-digit growth) and expects an operating profit of €1.2 billion, a significant increase from the previous estimate of €1 billion. Deckers anticipates a 12% revenue increase for FY2025, with HOKA brand revenue growth expected at 24% [4] - Luxury brands are experiencing a decline in revenue growth, with Hermès, LVMH, and Kering reporting year-on-year changes of +10.1%, -4.4%, and -15.2% respectively for 24Q3, which is below Bloomberg consensus expectations [5] Investment Recommendations - The report suggests focusing on brands with stable performance or those that are expected to bottom out, such as Bosideng and Tabo. On the manufacturing side, companies like Shenzhou International and Yuanyuan Group are recommended due to their resilience and ability to maintain supplier shares among core customers [6][21]