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亚玛芬体育：FY24收入靠指引上限，加速成长可期
ASAmer Sports(AS) 天风证券·2025-01-22 00:47

Investment Rating - The report maintains a "Buy" rating for Amer Sports, indicating an expected relative return of over 20% within the next six months [5]. Core Insights - Amer Sports anticipates FY2024 revenue growth at the high end of its previous guidance range of 16-17%, with adjusted operating profit margin expected to be at the high end of 10.5-11.0% [1][4]. - The company has successfully repaid 1.2billionofitsoutstandingtermloansandexpectsadjustednetfinancialcostsforFY2025tobearound1.2 billion of its outstanding term loans and expects adjusted net financial costs for FY2025 to be around 120 million, down from previous guidance of 180−190million[1].−Despiteadverseforeignexchangeratefluctuations,thebrandportfolioisexpectedtoachievestronggrowthandprofitabilityinFY24Q4,demonstratingstrongmarketcompetitiveness[2].−Thecompanyhasbeenrecognizedasa"TopEmployer"inChinafor2025,highlightingitstalentdevelopmentstrategyandcorporateculture[3].−Theflagshipbrands,Arc′teryxandSalomon,areexpectedtoleadsustainablelong−termgrowthandmarginimprovementthroughglobalexpansion[2][3].FinancialProjections−RevenueprojectionsforAmerSportsare180-190 million [1]. - Despite adverse foreign exchange rate fluctuations, the brand portfolio is expected to achieve strong growth and profitability in FY24Q4, demonstrating strong market competitiveness [2]. - The company has been recognized as a "Top Employer" in China for 2025, highlighting its talent development strategy and corporate culture [3]. - The flagship brands, Arc'teryx and Salomon, are expected to lead sustainable long-term growth and margin improvement through global expansion [2][3]. Financial Projections - Revenue projections for Amer Sports are 5.1 billion, 5.8billion,and5.8 billion, and 6.7 billion for the years 2024, 2025, and 2026, respectively [4]. - The expected net profit attributable to shareholders is projected to be 170million,170 million, 320 million, and 440millionforthesameyears[4].−CorrespondingEPSestimatesare440 million for the same years [4]. - Corresponding EPS estimates are 0.35, 0.66,and0.66, and 0.90, with PE ratios of 85X, 45X, and 33X for 2024, 2025, and 2026, respectively [4].