Investment Rating - The report indicates a positive outlook for the overseas consumption industry, suggesting a "Recommended" investment rating based on favorable industry fundamentals and performance relative to the Hang Seng Index [11]. Core Insights - The report highlights that Yum China achieved a record revenue of $3.07 billion in Q3 2024, marking a 5% year-on-year increase, with a net profit of $300 million, up 22% year-on-year [5]. - e.l.f. Beauty reported a 40% year-on-year increase in net sales for Q2 FY2025, reaching $301 million, continuing a trend of growth for 23 consecutive quarters [7]. - The report notes that the European retail sales increased by 0.5% month-on-month in September, the largest increase since March 2024, and a year-on-year increase of 2.9% [2]. Summary by Sections Macroeconomic Data - The Federal Reserve announced a 25 basis point rate cut, lowering the target range for the federal funds rate to 4.5%-4.75%, marking the second cut of the year [1]. - China's CPI rose by 0.3% year-on-year in October, with food prices increasing by 2.9% [2]. Company Performance - Yum China's total store count reached 15,861 as of September 30, 2024, with a net addition of 438 stores in Q3, of which 352 were KFC outlets [5]. - e.l.f. Beauty's gross profit for Q2 FY2025 was $214 million, with a gross margin increase of 40 basis points to 71% [7]. Stock Performance - The S&P 500 Consumer Discretionary index rose by 10.53% over the past 12 months, indicating strong performance in the consumer sector [2]. - Notable stock performances included Tesla (+29.01%) and Yum China (+17.97%) during the week of November 4-8, 2024 [3].
海外消费行业周更新：百胜中国营收创新高，e.l.f.销售额同比增40%
Guohai Securities·2024-11-10 11:07