纺织品、服装与奢侈品：望远镜系列1之Adidas FY2024经营跟踪：业绩优于预期，鞋类增长强劲

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - In FY2024, Adidas achieved revenue of €23.68 billion, a year-on-year increase of 12% at constant exchange rates, and a net profit of €764 million, marking a return to profitability [2][4]. - For Q4 FY2024, Adidas reported revenue of €5.97 billion, a 19% year-on-year increase at constant exchange rates, with a net loss of €39 million, significantly reducing losses compared to a loss of €359 million in Q4 FY2023 [2][4]. - The overall gross margin for FY2024 was 50.8%, up 3.3 percentage points year-on-year, attributed to product mix optimization, reduced discounts, and improved supply chain efficiency [8]. Summary by Sections Revenue Performance - FY2024 total revenue was €23.68 billion, with a 12% increase year-on-year. Q4 FY2024 revenue was €5.97 billion, reflecting a 19% increase year-on-year [2][4]. - Revenue by region showed strong performance: Europe (+19%), Latin America (+28%), and emerging markets (+19%). North America saw a slight decline of 2% [8]. Product Category Performance - Revenue from footwear reached €13.98 billion, a 17% increase year-on-year, driven by strong demand for Lifestyle and Performance products [8]. - Apparel revenue increased by 6% year-on-year to €8.22 billion, with Q4 showing accelerated growth [8]. Direct-to-Consumer and Wholesale Channels - Direct-to-Consumer (DTC) sales grew by 11% year-on-year, while wholesale sales increased by 14% [8]. - DTC channel's share of total revenue decreased by 1 percentage point to 40% [8]. Inventory and Guidance - Year-end inventory stood at €4.99 billion, a 10% increase year-on-year, with a healthy inventory structure [8]. - For FY2025, Adidas expects revenue growth at constant exchange rates and operating profit between €1.7 billion and €1.8 billion, representing a year-on-year increase of 27.2% to 34.6% [8].