德克斯户外：Q2业绩超预期，终端需求强劲

Investment Rating - The report does not provide a specific investment rating for the company [4][6]. Core Insights - The company reported a strong Q2 performance with revenue growth of 20.1% year-over-year to $1.31 billion and net profit growth of 35.7$240 million [4]. - Strong terminal demand and balanced growth in wholesale and DTC channels contributed to the revenue increase [4]. - Domestic and international revenues grew by 23.0% and 20.8%, reaching $850 million and$460 million, respectively [4]. - The company’s brands, including UGG and HOKA, showed varied performance, with HOKA experiencing a significant revenue increase of 34.7% [4]. - The gross margin improved by 2.5 percentage points to 55.9%, driven by higher sales of high-margin products [4]. Financial Data Summary - Revenue: - FY2021: $2,546 million - FY2022:$3,150 million (19.4% growth) - FY2023: $3,627 million (15.1$4,288 million (18.2% growth) [3] - Net Profit: - FY2021: $383 million - FY2022:$452 million (38.5% growth) - FY2023: $517 million (14.4$760 million (47.0% growth) [3] - Gross Margin: - FY2021: 54.0% - FY2022: 51.0% - FY2023: 50.3% - FY2024: 55.6% [3] - Net Margin: - FY2021: 15.0% - FY2022: 14.3% - FY2023: 14.2% - FY2024: 17.7% [3] - Return on Equity (ROE): - FY2021: 29.6% - FY2022: 30.3% - FY2023: 31.3% - FY2024: 39.2% [3] - Earnings per Share (EPS): - FY2021: $13.64 - FY2022:$16.43 - FY2023: $19.50 - FY2024:$29.36 [3] Market Data - Closing Price: $162.26 - Total Shares Outstanding: 152 million - Net Assets:$2,223 million - Total Assets: $3,398 million - Book Value per Share:$14.63 [2]