纺织服饰周专题：Amer Sports 2024Q3经营表现优异，公司再次上调全年盈利预期

Investment Rating - The report maintains a "Buy" rating for Amer Sports and other recommended companies in the textile and apparel sector [2][9]. Core Insights - Amer Sports reported a strong Q3 2024 performance with a 17% year-over-year revenue increase to $1.354 billion, and it raised its full-year profit forecast [2][17]. - The overall apparel consumption is expected to improve in Q4 2024, driven by festive demand and promotional events [5][31]. - The textile manufacturing sector shows a positive trend in orders for 2024, with a focus on leading manufacturers [5][32]. Summary by Sections Amer Sports Performance - Q3 2024 revenue grew 17% year-over-year to $1.354 billion, with adjusted gross profit margin (GPM) up 4.1 percentage points to 55.5% and operating profit margin (OPM) up 2.8 percentage points to 14.4% [2][17]. - The company expects a revenue growth of 16% to 17% in 2024, with specific segments like Technical Apparel projected to grow by 34% [2][17]. Technical Apparel - The Technical Apparel segment, led by the Arc'teryx brand, saw a 34% revenue increase to $520 million in Q3 2024, with direct-to-consumer (DTC) sales up 40% [2][18]. - Adjusted profit margin for this segment improved by 3.7 percentage points to 20% due to enhanced product margins and channel optimization [2][18]. Outdoor Performance - The Outdoor Performance segment, centered around the Salomon brand, reported an 8% revenue increase to $534 million, with DTC sales growing over 50% [2][23]. - The segment's adjusted OPM decreased by 0.4 percentage points to 17.5% due to increased expenses aimed at driving growth in Asia-Pacific and Greater China [2][23]. Ball & Racquet Sports - The Ball & Racquet segment, featuring Wilson, achieved an 11% revenue increase to $300 million, with adjusted OPM rising by 6 percentage points to 6.9% [2][26]. - The improvement in profit margin was attributed to healthier inventory levels and reduced discounts [2][26]. Apparel Sector Outlook - The apparel sector is expected to see improved retail performance in Q4 2024, with a projected 8% year-over-year increase in retail sales for clothing and accessories in October 2024 [5][31]. - Recommended stocks include Anta Sports and Li Ning, with projected price-to-earnings (PE) ratios of 15 and 12, respectively [5][31]. Textile Manufacturing - The textile manufacturing sector is experiencing a positive order trend, with leading companies expected to outperform the industry [5][32]. - Recommended stocks in this sector include Weixing Co., Huali Group, and Shenzhou International, with projected PE ratios of 21, 21, and 15, respectively [5][32]. Jewelry Sector - The jewelry retail sector is anticipated to improve in Q4, with companies focusing on enhancing product and channel capabilities [5][33]. - Companies to watch include Chow Tai Fook and Lao Feng Xiang, with projected PE ratios of 12 and 13, respectively [5][33].