Investment Rating - The report assigns an "Overweight" rating to Amer Sports (AS.N) [1][3] Core Views - Amer Sports, under Anta Group's leadership, is accelerating its development through a secondary listing, with Arc'teryx and the Chinese market as key growth drivers [2] - The company has made effective adjustments in channels, products, and management post-Anta acquisition, leveraging the resurgence of the outdoor industry [3] - Revenue CAGR from 2020-2023 was 21%, with net profit turning positive in 2024 [3] - The technical apparel segment, led by Arc'teryx, is the primary growth driver, with a 32.4% CAGR from 2020-2023 [3] - The DTC channel has grown significantly, increasing by 14 percentage points from 2020-2023, with 326 company-owned stores globally by the end of 2023 [3] Financial Summary - Revenue is projected to grow from 6.453 billion in 2026, with a CAGR of 15.1% [4] - Net income is expected to increase from -454 million in 2026 [4] - The PE ratio is forecasted to decline from 51 in 2024 to 22 in 2026, indicating improving profitability [4] Market Performance - The stock price ranged between 18.23 over the past 52 weeks, with a current price of 8.111 billion with 489 million shares outstanding [5] Business Segments Technical Apparel - Revenue share increased from 28% in 2020 to 36% in 2023, driven by Arc'teryx's strong performance [3][24] - Arc'teryx accounts for 50% of revenue in Greater China, highlighting its importance in the region [3] Outdoor Sports - The segment contributed 38% of total revenue in 2023, with Salomon as the leading brand [3][30] - Salomon's revenue grew by 15.2% CAGR from 2020-2023, reaching 1.108 billion [46] Geographic Performance - Revenue from Greater China grew by 61% in 2023, contributing 19% of total revenue [3][26] - EMEA and Americas remain core markets, contributing 33% and 40% of revenue respectively in 2023 [3][26] DTC Channel Growth - DTC channel revenue share increased from 21.7% in 2020 to 35.7% in 2023 [3][28] - The company plans to expand its DTC presence, particularly in Greater China, with a focus on Arc'teryx and Salomon [28] Management and Ownership - Anta Group holds a 56% stake in Amer Sports, maintaining its position as the largest shareholder [21] - The management team has extensive experience in the sports industry, with key executives from Adidas, Foot Locker, and Anta Group [20][21]
亚玛芬体育：Amer Sports首次覆盖报告：全球顶尖体育用品集团，二次上市加速发展