纺织服饰行业周专题：adidas2024年营收增长12%，表现优异

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Huayi Group, Weixing Co., and others, with projected PE ratios for 2025 ranging from 14 to 23 times [11][29]. Core Insights - Adidas reported a 12% revenue growth in 2024, achieving €23.683 billion, with a significant increase in operating profit to €1.337 billion from €268 million in 2023 [1][15]. - The company expects high single-digit revenue growth for 2025, with double-digit growth anticipated for the Adidas brand across North America, Greater China, emerging markets, and Latin America [2][16]. - The textile and apparel sector is expected to see a recovery in demand in 2024, with leading companies benefiting from improved inventory management and a healthy discount environment [4][27]. Summary by Sections Adidas Performance - In 2024, Adidas' revenue reached €23.683 billion, with a 12% year-on-year increase on a currency-neutral basis, and a 19% increase in Q4 alone [1][15]. - The gross margin improved by 3.3 percentage points to 50.8%, and operating profit surged to €1.337 billion [1][15]. - Yeezy contributed approximately €650 million in revenue for 2024, down from €750 million in 2023, with inventory cleared by Q4 2024 [1][15]. Regional Performance - Europe and North America showed strong growth, with European revenue increasing by 19.8% to €7.551 billion, while North America saw a slight decline of 1.8% to €5.128 billion [2][19]. - Greater China revenue grew by 8.4% to €3.459 billion, maintaining high-quality growth and becoming Adidas' third-largest market globally [3][22]. - Emerging markets and Latin America experienced robust growth, with revenues increasing by 16.2% and 21% respectively [3][23]. Industry Outlook - The textile and apparel sector is projected to recover in 2024, with leading companies expected to outperform the industry due to improved demand and inventory management [4][27]. - Recommendations include Anta Sports, Huayi Group, and Weixing Co., with expected PE ratios for 2025 indicating strong growth potential [4][27]. - The report highlights the importance of maintaining a healthy discount environment and manageable inventory levels for sustained growth in 2025 [4][27].