纺织品、服装与奢侈品：海外观察系列75丨OnFY2024Q3经营跟踪：毛利率创新高，全年指引略上调

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - For FY2024Q3 (July 1 - September 30), On achieved revenue of 640 million CHF, slightly exceeding expectations (Bloomberg consensus of 620 million CHF), with a year-on-year increase of 33% (at constant exchange rates) [5][6]. - The gross margin benefited from strong growth in the DTC channel, increasing by 0.7 percentage points year-on-year to 60.6% [5][6]. - Adjusted EBITDA margin increased by 2.0 percentage points year-on-year to 18.9%, primarily due to reduced warehousing costs and improved operational efficiency, while net profit margin decreased by 7.4 percentage points year-on-year to 4.8% due to foreign exchange losses [5][6]. Revenue Breakdown - Revenue by channel for FY2024Q3 showed DTC and wholesale channel revenues growing by 51% and 24% year-on-year, respectively, with DTC channel revenue significantly exceeding expectations [6]. - DTC channel accounted for 39% of total revenue in Q3, driven by increased brand awareness and traffic in e-commerce and retail stores [6]. - Revenue by product category showed footwear, apparel, and accessories growing by 33%, 35%, and 56% year-on-year, respectively, with running products being the main growth driver [6]. Regional Performance - Revenue growth by region was as follows: Americas +35% to 400 million CHF, EMEA +15% to 170 million CHF, and Asia-Pacific +86% to 70 million CHF [6]. - The Americas region's growth was attributed to brand building translating into increased transaction volumes, while the EMEA region saw strong performance in the UK and growth in France due to the Paris Olympics [6]. Profitability Metrics - The gross margin and EBITDA margin reached their highest levels since the company went public, with gross margin at 60.6% and adjusted EBITDA margin at 18.9% [6][7]. - The company reported a foreign exchange loss of 37.2 million CHF, impacting the net profit margin [6][7]. Inventory and Guidance - The company's inventory for FY2024Q3 was 350 million CHF, showing a year-on-year decrease of 19% and a quarter-on-quarter decrease of 13%, marking the lowest inventory level in the past 12 months [7]. - The company raised its guidance, expecting at least a 32% year-on-year revenue growth for FY2024 (previously 30%), projecting sales of 2.29 billion CHF and a gross margin of approximately 60.5% [7].