纺织服饰行业周专题：Puma2024Q3业绩发布，整体表现符合预期

Investment Rating - The report maintains a rating of "Buy" for several key companies in the textile and apparel industry, including Weixing Co., Anta Sports, Bosideng, and Shenzhou International, with corresponding 2024 PE ratios of 21x, 17x, 15x, and 14x respectively [4][12][15]. Core Insights - Puma's Q3 2024 performance met expectations, with revenue on a currency-neutral basis declining by 0.1% to €2.31 billion, but showing a 5% increase year-over-year when adjusted for currency [7][10]. - The gross margin for Q3 improved by 0.8 percentage points to 47.9%, attributed to product mix optimization and reduced transportation costs [7][10]. - The report highlights a positive trend in textile manufacturing orders for 2024, with a recommendation for companies like Weixing Co., Huayi Group, and Shenzhou International due to their strong revenue growth prospects [12][15]. Summary by Sections Puma Q3 2024 Performance - Puma's Q3 revenue was €2.31 billion, a 0.1% decline year-over-year, but a 5% increase on a currency-neutral basis [7][10]. - Gross margin increased to 47.9%, with operating profit rising by 0.3% to €237 million [7][10]. - Inventory levels decreased by 3.3% to €1.81 billion, indicating healthy inventory management [7][10]. Regional and Business Model Performance - In Q3 2024, revenue in the Americas grew by 11.4% to €872 million, with the U.S. market returning to growth [10]. - The Asia-Pacific region saw a 3% increase in revenue to €430 million, despite weaker demand in Greater China [10]. - Direct-to-Consumer (DTC) revenue grew by 17% to €580 million, with a notable 26.4% increase in e-commerce sales [10]. Textile Manufacturing Outlook - The textile manufacturing sector is expected to see stable growth in orders throughout 2024, with a focus on leading manufacturers [12]. - Recommendations include Weixing Co. for its strong revenue growth, Huayi Group for successful client collaborations, and Shenzhou International for improving gross margins [12]. Apparel Brand Performance - Retail sales in the apparel sector showed a cumulative year-on-year increase of only 0.2% from January to September 2024, underperforming the overall consumption industry [13]. - Key apparel companies reported a revenue decline of 2.8% and a net profit drop of 20.1% for the first three quarters of 2024 [13]. - The report recommends leading sportswear brands like Anta Sports and Bosideng, with respective 2024 PE ratios of 17x and 15x [13][15].