纺织服装：海外龙头跟踪行业报告——Adidas：再次上调指引，2025年轻装上阵

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, specifically for Adidas, indicating a positive outlook for the company's performance [1]. Core Insights - Adidas reported a Q3 revenue increase of 7.3% year-on-year to €6.44 billion, with operating profit rising 46.2% to €600 million and net profit increasing 71.0% to €440 million [1]. - The company has adjusted its guidance for 2024, expecting a currency-neutral revenue growth of 10% and an operating profit of approximately €1.2 billion [1]. - The performance in the Greater China region showed a comparable revenue growth of 14%, with strong direct-to-consumer (DTC) sales growth of 17% [1]. - The report highlights that Adidas's core business, excluding Yeezy, has seen a year-on-year growth rate exceeding 25% [1]. - The company is focusing on key shoe models such as SL72 and Low Profile for expansion, with expectations for further growth in 2025 [1]. Summary by Sections Financial Performance - Q3 revenue growth was driven by a 10% increase in currency-neutral terms, with a notable 14% growth when excluding Yeezy's impact [1]. - Gross margin improved by 2.0 percentage points to 51.3%, aided by lower product costs and favorable product mix [1]. - Operating profit margin for the core business improved significantly by 4.2 percentage points to 8.8% [1]. Regional Performance - Revenue growth in Europe, North America, Greater China, and emerging markets was reported at 21%, 1%, 8%, and 30% respectively [1]. - The company opened 17 concept stores and 16 factory outlets in Q3, contributing to a 15% year-on-year increase in offline direct sales [1]. Product and Brand Strategy - The lifestyle segment led growth, with specific products like Samba, Gazelle, Spezial, and Campus driving sales [1]. - The report emphasizes the importance of brand building and channel adjustments as Adidas steadily returns to a positive operational trajectory [1].