Amer Sports-亚玛芬体育：点评报告：技术服装引领增长，大中华区表现亮眼

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [22][26]. Core Insights - The company reported Q1 2024 revenue of $1.183 billion, a year-on-year increase of 13%, but a net profit of$ 5.1 million, down 73% year-on-year [1]. - The DTC (Direct-to-Consumer) channel showed significant growth, with revenue reaching $490 million, up 41% year-on-year, while wholesale channel revenue was$ 690 million, down 1% [4]. - The Greater China market demonstrated remarkable performance, with revenue of $310 million, a 51% increase year-on-year, driven by positive trends in the sports industry and increased consumer health awareness [3]. Financial Performance Summary - Q1 2024 revenue breakdown: EMEA region$ 360 million (+1% YoY), Americas $410 million (flat YoY), Greater China$ 310 million (+51% YoY), and Asia Pacific (excluding Greater China) $100 million (+34% YoY) [3]. - The company expects Q2 2024 revenue to grow approximately 10% year-on-year, with a gross profit margin (GPM) around 54% [23]. - The forecast for 2024-2026 projects revenues of$ 4.956 billion, $5.619 billion, and$ 6.287 billion, respectively, with net profits turning positive in 2024 at $148 million [18][26]. Market Position and Growth Drivers - The technical apparel segment led revenue growth, with Q1 2024 revenue of$ 510 million (+44% YoY), while the outdoor performance and ball sports segments saw revenues of $400 million (+6% YoY) and$ 270 million (-14% YoY), respectively [33]. - The report highlights the strong momentum of the Arc'teryx brand within the technical apparel segment, contributing significantly to overall performance [33]. - The company's multi-brand development strategy is viewed positively for long-term growth potential [26].