纺织服装海外龙头跟踪行业报告——迅销：FY24H2中国内地可比收入下降，欧美增量市场拓展顺利

Investment Rating - The report maintains a "Recommended" investment rating for the textile and apparel industry [1]. Core Insights - The report highlights that FY2024 revenue increased by 12.2% year-on-year to 3,103.8 billion yen, with operating profit rising by 31.4% to 500.9 billion yen, and net profit attributable to shareholders increasing by 25.6% to 372.0 billion yen [1]. - The performance in Japan and Europe exceeded expectations, with significant improvements in profit margins. Gross margin improved by 2.0 percentage points to 53.9%, and operating profit margin improved by 2.4 percentage points to 16.1% [1]. - The report notes a decline in comparable revenue in mainland China for FY24H2, while the expansion in the European and American markets is progressing smoothly, with revenue growth of 34.6% year-on-year to 494.2 billion yen [1]. Summary by Sections Financial Performance - For Q4, revenue increased by 18.3% year-on-year to 737.3 billion yen, with operating profit rising by 96.2% to 99.1 billion yen, and net profit increasing by 2.5% to 59.2 billion yen [1]. - The report indicates that the Lifewear segment's revenue grew by 19.1% year-on-year to 1,711.8 billion yen, with operating profit margins exceeding 15% across all regions [1]. Regional Performance - The Greater China region saw a revenue increase of 9.2% year-on-year to 677.1 billion yen, despite a decline in comparable revenue in the second half of FY24 due to a weak consumption environment [1]. - The North American and European markets showed strong growth, with revenue increasing by 32.8% and 36.2% year-on-year, respectively, reaching 217.7 billion yen and 276.5 billion yen [1]. Strategic Outlook - The report emphasizes the importance of quality growth, with plans to enhance human investment and accelerate global business expansion, projecting FY25 revenue growth of 9.5% year-on-year to 3.4 trillion yen [1]. - The company aims to continue channel reforms in Greater China and expects to restore positive revenue growth in FY25, with slight improvements in operating profit margins [1].