亚玛芬体育：大中华区及始祖鸟表现亮眼，上调全年收入指引

Investment Rating - The report upgrades the company's rating to "Buy" based on its strong performance and revised earnings forecasts [3][4] Core Views - The company's FY24Q2 revenue reached $990 million, up 18% YoY (constant currency), with adjusted net income of $25 million, a 129% YoY increase [1] - Functional apparel (Arc'teryx etc) grew 38% YoY to $400 million, driven by a 26% increase in Omni-comp channels [1] - Outdoor segment revenue increased 13% YoY to $300 million, with Salomon's soft goods and footwear performing well [1] - Ball & racquet sports segment grew 2% YoY to $280 million, with Wilson brand showing recovery and strong product pipeline for H2 [1] - The company raised its full-year revenue guidance to 15-17% growth (from mid-teens), with OPM expected to reach 10.5-11% [3] Regional Performance - Greater China revenue surged 54% YoY to $290 million in 24Q2 [2] - Asia Pacific (ex-Greater China) grew 45% YoY to $100 million [2] - Americas and EMEA regions both grew 1% YoY to $370 million and $230 million respectively [2] Channel Performance - DTC channel revenue increased 40% YoY to $450 million in 24Q2 [2] - Wholesale channel grew 2% YoY to $550 million [2] Financial Metrics - Adjusted gross margin improved 2 percentage points YoY to 55.8% in 24Q2 [2] - Adjusted OPM increased 0.5 percentage points YoY to 2.9% [2] - Functional apparel OPM improved 1.1 percentage points YoY to 14.2% [2] - Outdoor segment OPM increased 3.8 percentage points YoY to -2.1% [2] - Ball & racquet sports OPM decreased 1.6 percentage points YoY to 1.1% [2] Store Expansion - Functional apparel direct-operated stores increased by 29 to 203 as of June 30, 2024 [2] - Outdoor segment stores grew by 49 to 162 [2] - Ball & racquet sports stores increased by 14 to 26 [2] Future Outlook - Functional apparel expected to grow over 30% in FY24 (up from previous 25% guidance) with OPM slightly above 20% [3] - Outdoor segment projected to grow mid-to-high single digits with high single-digit OPM [3] - Ball & racquet sports expected to grow low-to-mid single digits with low-to-mid single-digit OPM [3] - Q3 2024 guidance: revenue growth of 12-13%, OPM of 11-12%, and gross margin of 54% [3] Earnings Forecast - Revised FY24-26 revenue estimates: $5.1 billion, $5.8 billion, $6.7 billion (up from $5.03 billion, $5.66 billion, $6.38 billion) [3] - Projected net income for FY24-26: $170 million, $320 million, $440 million [3] - Estimated EPS for FY24-26: $0.35, $0.66, $0.90 [3]