纺织服饰周专题：adidas 2024Q3业绩快速增长，大中华区表现优异

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [1] Core Insights - adidas reported a strong Q3 2024 performance with a 7% year-on-year revenue increase to €6.438 billion, and a 10% increase on a currency-neutral basis, driven by a 14% growth in core business revenue [2][21] - The company has improved its gross margin by 2 percentage points to 51.3%, with operating profit rising significantly to €598 million, up from €409 million in the same period last year [2][21] - Inventory levels decreased by 7% year-on-year to €4.524 billion, indicating improved inventory turnover efficiency [3][23] Summary by Sections adidas Q3 2024 Performance - Revenue increased by 7% to €6.438 billion, with a 10% increase on a currency-neutral basis [2][21] - Core business revenue grew by 14%, while Yeezy product sales generated approximately €200 million [2][21] - Operating profit rose to €598 million, with an operating profit margin (OPM) of 9.3%, up 2.5 percentage points [2][21] Regional Performance - North America revenue decreased by 8.3% to €1.36 billion, primarily due to reduced Yeezy sales, but showed growth when excluding Yeezy [3][26] - The Greater China region saw an 8.7% revenue increase to €946 million, maintaining high-quality growth over several quarters [3][26] - European revenue increased by 18.8% to €2.152 billion, reflecting strong market performance [3][26] Industry Recommendations - The textile manufacturing sector shows a positive order trend for 2024, with recommendations for companies like 伟星股份, 华利集团, and 申洲国际 based on their growth potential and valuation metrics [4][28] - In the apparel sector, brands like 安踏体育 and 波司登 are recommended due to their strong market positions and growth prospects [5][29] - The jewelry sector is facing challenges due to fluctuating consumer demand and high gold prices, with companies like 老铺黄金 and 周大福 being monitored for their operational efficiency improvements [6][30]