迅销 FY26Q1 业绩超预期，优衣库大中华转增、其余地区双位数增长

Investment Rating - The report assigns an "Overweight" rating for the textile and apparel industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [2][11]. Core Insights - Fast Retailing's FY26Q1 performance exceeded expectations, with revenue and profit both showing significant growth. The company's revenue reached 1,027.7 billion JPY, a year-on-year increase of 14.8%, surpassing consensus expectations by 3.8%. Net profit attributable to shareholders was 147.4 billion JPY, up 11.7% year-on-year, also exceeding consensus expectations by 13.3% [4][6]. - The Greater China region saw a revenue increase, while all other regions achieved double-digit growth. Specifically, revenue growth rates for Uniqlo in Japan, Greater China, Asia-Pacific, North America, and Europe were +12.2%, +7.0%, +22.1%, +30.4%, and +34.3% respectively, all accelerating compared to the previous quarter [6][4]. - The report highlights improvements in discounting across most regions, although net profit margins were affected by foreign exchange gains. The gross margin for FY26Q1 was 55.2%, a year-on-year increase of 0.8 percentage points [6][4]. Summary by Sections - Performance Overview: Fast Retailing reported a strong FY26Q1 with revenue of 1,027.7 billion JPY, a 14.8% increase year-on-year, and net profit of 147.4 billion JPY, an 11.7% increase [6][4]. - Regional Performance: Uniqlo's revenue growth varied by region, with Japan at +12.2%, Greater China at +7.0%, Asia-Pacific at +22.1%, North America at +30.4%, and Europe at +34.3%, all showing acceleration from the previous quarter [6][4]. - Margin Analysis: The gross margin improved to 55.2%, with specific regional variations noted, including a slight decline in Japan's margin due to currency fluctuations and rising procurement costs [6][4]. - Guidance Update: The company raised its full-year guidance, expecting revenue growth of 11.7% and net profit growth of 3.9%, with all international markets outside Greater China projected to achieve double-digit growth [6][4].