海外运动鞋服行业全球观察：24Q3财报总结：聚焦跑步公司表现更优，多数毛利率改善

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In Q3 2024, companies focused on running sports products showed superior revenue performance, with most companies improving their gross margins. Notable growth was seen in brands like On Running (33%), Deckers Outdoor (20%), and Asics (16%). However, most other overseas sports companies experienced single-digit revenue growth or declines due to factors like weak consumer demand in North America [2][25]. - The revenue growth guidance for the current fiscal year has slowed, with several companies adjusting their revenue forecasts upward after Q3 2024. Notably, companies like Deckers Outdoor, Adidas, Skechers, On Running, and Asics raised their guidance, while no companies lowered their forecasts [2][25]. - The overseas sports companies maintain a healthy and manageable inventory level, with the inventory-to-sales ratio showing a downward trend since October 2022, returning to pre-pandemic levels. Despite some increases in inventory ratios for brands like Nike and Under Armour due to weak consumer demand, most companies still operate below historical averages [2][25]. - The long-term outlook for the sports footwear and apparel industry remains positive, driven by a large market space and high demand. Key players are expected to maintain steady growth in performance, supported by increasing penetration rates among existing customers and the expansion of new customer bases [2][25]. Summary by Sections Section 1: Revenue Performance - Companies focusing on running sports products have maintained high revenue growth rates, with On Running, Deckers Outdoor, and Asics showing significant year-on-year increases [2][25]. - Most overseas sports companies, excluding a few, have seen revenue growth slow down or decline due to macroeconomic factors [2][25]. Section 2: Inventory Levels - The inventory levels in the overseas sports industry are healthy, with the inventory-to-sales ratio returning to pre-pandemic levels [2][25]. Section 3: Revenue Guidance - Many companies have adjusted their revenue growth guidance upward after Q3 2024, indicating a positive outlook despite some challenges [2][25]. Section 4: Investment Recommendations - The report suggests a positive long-term outlook for leading companies in the sports footwear and apparel sector, highlighting their competitive advantages and growth potential [2][25].