Amer Sports-亚玛芬体育：乐观展望2025-20250227

Investment Rating - The report maintains a "Buy" rating for Amer Sports, expecting a relative stock price increase of over 20% within the next six months [6]. Core Insights - Amer Sports reported a strong performance in FY2024, with revenue reaching $5.183 billion, a 19% increase year-over-year. Adjusted operating profit margin (OPM) was 11.1%, up 1.3 percentage points, and adjusted net profit was$ 236 million, up 329% [2]. - The company anticipates revenue growth of 13-15% for FY2025, with an OPM of 11.5-12% and net profit projected between $360 million and$ 390 million [3]. - The brand Arc'teryx is leading global expansion, contributing to a positive long-term growth outlook for the company [4]. - The company is well-positioned for strong growth in 2025, driven by robust trends in sports and outdoor activities, alongside an untapped market potential [5]. Summary by Sections Financial Performance - In Q4 FY2024, Amer Sports generated $1.636 billion in revenue, a 24% increase year-over-year. Adjusted OPM was 13.6%, up 3.3 percentage points, with adjusted operating profit of$ 220 million, a 63% increase, and adjusted net profit of $90 million, up 388% [1]. - For the full year FY2024, revenue was$ 5.183 billion, with functional apparel revenue at $2.194 billion (up 38%), outdoor revenue at$ 1.836 billion (up 10%), and ball sports revenue at $1.153 billion (up 4%) [2]. Regional Performance - In Q4 FY2024, revenue from Greater China was$ 380 million (23% of total), up 54%. Revenue from the U.S. was $580 million (36% of total), up 15%, while EMEA saw an 8% increase [1]. - For FY2024, Greater China revenue was$ 1.3 billion (25% of total), up 54%, U.S. revenue was $1.86 billion (36% of total), up 7%, and EMEA revenue increased by 4% [2]. Business Segments - The functional apparel segment, including brands like Arc'teryx, showed significant growth, with Q4 revenue of$ 745 million (up 34%) and a same-store sales growth of 29% [1]. - The outdoor segment, including Salomon, generated $594 million in Q4 revenue, up 14%, while the ball sports and racquet sports segment generated$ 296 million, up 23% [1].