纺织服装行业周报：亚玛芬24Q3大中华区+57%，上调业绩指引

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that Amer Sports reported Q3 2024 revenue/net profit/adjusted net profit of $135.4 million/$5.6 million/$7 million, representing year-on-year growth of 17%/248.01%/651% [14] - The adjusted gross margin and operating net margin for Q3 2024 were 55.2% and 5.2%, respectively, with increases of 4.5 and 6.3 percentage points [14] - By business segment, revenue growth was 34% for functional apparel, 8% for outdoor, and 11% for ball sports and rackets, with functional apparel benefiting from favorable tariffs and logistics costs [14] - By region, growth rates were 57% for Greater China, 48% for Asia-Pacific, 8% for the Americas, and 4% for EMEA, with Greater China and Asia-Pacific leading the growth [14] - Direct-to-consumer (DTC) and wholesale channels saw year-on-year growth of 41% and 8%, respectively, driven by increased sales from existing retail stores and e-commerce platforms [14] - Amer Sports raised its full-year guidance, expecting revenue growth of 16%-17% for FY 2024, up from the previous 15%-17% [14] Market Review - The report notes that the SW textile and apparel sector rose by 0.96%, outperforming the Shanghai Composite Index by 2.87% [16] - The Shanghai Composite Index fell by 1.91%, while the ChiNext Index dropped by 3.03% [16] - The top-performing sectors included maternal and child products, home textiles, and e-commerce, while the worst performers were leisure, textile machinery, and underwear [16] - The report identifies the top gainers and losers in the textile and apparel sector, with Kuaijingtong rising by 10.13% and Hongdou Co. falling by 8.48% [16] Industry Data Tracking - The report indicates that the China cotton price index (3128B) fell by 0.56% to 15,282 RMB/ton as of November 22 [30] - The medium imported cotton price index (1% tariff) was 14,047 RMB/ton, down 0.2% [30] - The USDA forecasts a 2.79% year-on-year increase in global cotton production for the 2024/2025 season, with total production expected to reach 25.295 million tons [43] - The report states that textile and apparel exports from January to October 2024 totaled $247.89 billion, reflecting a year-on-year growth of 1.5% [54] - The report highlights that the export value of oilcloth, tents, and sunshades for January to October 2024 was $3.324 billion, up 2.23% year-on-year [54] - The report notes that the average export price of coarse wool yarn from China decreased by 8.66% year-to-date [36]