纺织服装行业周报：Puma披露2024年度业绩，预计2025年收入增长低至中单位数

Investment Rating - The textile and apparel industry maintains a rating of "Synchronize with the market" [1] Core Viewpoints - Puma's 2024 annual performance reveals a sales growth of 4.4% to €8.817 billion, with a net profit decline of 7.6% to €282 million due to increased financial costs and minority interests [4][15] - For 2025, Puma expects revenue growth to be in the low to mid-single digits, with adjusted EBIT projected between €520 million and €600 million [6][17] - The textile and apparel sector has shown a mixed performance, with a notable decline in retail sales for clothing, down 7.9% year-on-year in early 2025 [8][48] Summary by Sections Industry Performance - The SW textile and apparel sector increased by 3.95%, outperforming the Shanghai Composite Index by 2.36 percentage points [10][18] - The SW textile manufacturing PE-TTM is at 21.47 times, while the apparel and home textile sector stands at 23.58 times [22] Company Performance - Puma's direct-to-consumer (DTC) sales grew by 16.6%, increasing its share from 24.8% in 2023 to 27.5% in 2024 [4][15] - In Q4 2024, Puma's sales rose by 9.8% to €2.289 billion, with a net profit increase of 2897.6% to €2.45 million [5][16] Market Trends - The retail sales of major retail enterprises in China fell by 4.6% in early 2025, with significant declines in clothing and cosmetics [8][48] - The demand for sports and entertainment products increased by 16.8%, indicating a shift in consumer preferences [48] Inventory and Supply Chain - As of the end of 2024, Puma's inventory grew by 11.6% to €2.014 billion, attributed to increased in-transit goods for new product cycles [6][17] - The company maintains that its total inventory remains at a reasonable level with improved quality [6][17] Future Outlook - The textile and apparel industry is expected to face challenges, including tariff uncertainties and inventory adjustments from major brands like Nike [12] - The overall consumer confidence index in January 2025 was 87.5, indicating a weak recovery in the domestic consumption market [12]