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 "Outperform" rating for the stock, expecting a relative return exceeding 10% over the next 12-18 months [13]. Core Insights - Fast Retailing's FY26Q1 results exceeded expectations with revenue of 10.28 trillion JPY, up 14.8% YoY, and net profit attributable to shareholders of 147.4 billion JPY, up 11.7% YoY [4][3]. - Uniqlo's revenue in Greater China increased, while all other regions achieved double-digit growth, with specific YoY revenue growth rates of +12.2% in Japan, +7.0% in Greater China, +22.1% in APAC, +30.4% in North America, and +34.3% in Europe [4][3]. - The company raised its FY26 guidance to revenue growth of +11.7% and net profit growth of +3.9%, anticipating double-digit growth in all international markets except Greater China [4][3]. Summary by Sections Financial Performance - FY26Q1 revenue was 10.28 trillion JPY, a 14.8% increase YoY, surpassing consensus estimates by 3.8% [4][3]. - Net profit attributable to shareholders was 147.4 billion JPY, an 11.7% increase YoY, also exceeding expectations [4][3]. - Inventory at the end of the period was 546.1 billion JPY, up 6.4% YoY [4][3]. Regional Performance - Uniqlo Japan's revenue grew by 12.2%, Greater China's by 7.0%, APAC by 22.1%, North America by 30.4%, and Europe by 34.3% YoY [4][3]. - Same-store sales in Japan increased by 11.0%, while Greater China's revenue in RMB grew by 5.5% [4][3]. Margin Analysis - Gross profit margin for FY26Q1 was 55.2%, up 0.8 percentage points YoY [4][3]. - Selling, general and administrative (SG&A) expense ratio was 35.2%, down 1.7 percentage points YoY [4][3]. - Net profit margin was 14.3%, a decrease of 0.4 percentage points YoY due to reduced foreign exchange gains [4][3]. Guidance and Outlook - The company expects all international markets, excluding Greater China, to achieve double-digit growth, with Japan's same-store sales projected to grow by 4% [4][3]. - The guidance for FY26 has been raised, reflecting confidence in continued growth despite potential short-term challenges [4][3].