Investment Rating - Buy (Maintained) [1] Core Views - Amer Sports is a multi-brand sports group with the technical apparel segment leading revenue growth The company has maintained rapid revenue growth since 2020, with 2023 revenue reaching 395 5 billion in 2023, with a 6 3% YoY growth, and is expected to maintain a growth rate above 6% from 2024 to 2028 The Greater China region is expected to lead in sportswear and footwear market growth with CAGRs of 9 0% and 8 8%, respectively, from 2022 to 2027 [4] - Arc'teryx has a relatively low penetration rate in the luxury consumer segment in China, with penetration rates of 14 2%-20 9% among luxury consumers, indicating significant future market potential [4] - Arc'teryx has developed a "sport-luxury" concept, while Salomon and Wilson have relatively late direct-to-consumer (DTC) expansion in China, targeting high-end commercial areas [4] Market Performance - Amer Sports' stock price has shown significant volatility over the past year, with a 12-month relative performance of 12 16%, underperforming the S&P 500's 28 57% [2] - As of September 19, 2024, Amer Sports' stock price was 10 11-7 357 billion and an average daily trading volume of 1 444 billion in 2023, a 52% YoY increase Salomon's revenue grew by 31% YoY in 2023, reaching $1 312 billion [31] - The ball sports segment's revenue growth has slowed, with a CAGR of 18% from 2020 to 2023, compared to the technical apparel segment's 32% growth [25] China Market Strategy - Arc'teryx has implemented a "sport-luxury" strategy in China, closing underperforming stores and focusing on larger, better-located stores to enhance customer experience The brand has also expanded its product matrix to include women's and footwear lines, with women's products accounting for 20% of revenue in 2023 and expected to exceed 40% in the future [75][91] - Salomon and Wilson have relatively late DTC expansion in China, with Salomon opening its first major DTC stores in 2022 and Wilson opening its first Shanghai store in 2023 Both brands are targeting high-end commercial areas [4][86] Product Innovation - Arc'teryx has continuously improved its product technology, with innovations such as the Alpha SV jacket, which has seen a 33% reduction in weight from 2002 to 2016 The brand has also developed the Veilance line, a high-end business segment with prices 2-3 times higher than its mainline products [88][91] - Salomon has introduced multiple innovative technologies, such as Sensifit and Contagrip, which have helped establish its position in the running shoe industry Wilson's innovative products accounted for 15% of its revenue in 2023 [88]
亚玛芬体育：深度报告：以奢以侈，运动不止