Investment Rating - The report assigns a positive investment rating to Amer Sports (AS), highlighting its strong financial performance and market expansion [2] Core Viewpoints - Amer Sports achieved significant financial results in Q3 2024, with EPS of $0.14, exceeding market expectations by $0.04, and revenue of $1.35 billion, surpassing expectations by $52.888 million [2] - Sales grew by 17% in Q3, driven by the flagship brand Arc'teryx, with an adjusted operating margin of 14.4%, well above the market expectation of 12.3% [2] - The company's performance in the Chinese market was particularly strong, with a 56% growth, and a 47% increase in the Asia-Pacific region (excluding China) [2] - Amer Sports raised its full-year revenue growth forecast to 16%-17%, with the Technical Apparel segment expected to grow by 34%, Outdoor Performance by 8%, and Ball & Racquet by 4% [5] - The company expects low to mid-double-digit annual revenue growth and a 30-70 basis point expansion in adjusted operating margin for 2025 [5] Financial Overview - Technical Apparel segment revenue increased by 34% to $520 million, driven by Arc'teryx, with an adjusted operating margin expanding by 370 basis points to 20% [2] - Outdoor Performance segment revenue grew by 8% to $534 million, primarily due to double-digit growth in Salomon footwear and apparel, though the adjusted operating margin decreased by 40 basis points to 17.5% [2] - Ball & Racquet segment revenue increased by 11% to $300 million, with an adjusted operating margin rising by 600 basis points to 6.9% [2] - Direct-to-consumer (DTC) sales grew by 41% year-over-year, while wholesale revenue increased by 8% to $870 million [2] Market Performance - In the EMEA region, revenue grew by 4% to $430 million, while the US market saw a 7% increase to $490 million [2] - Arc'teryx opened 9 new brand stores globally, bringing the total to 134 stores worldwide [2] - Salomon's footwear and apparel continued to show double-digit growth, with strong performance in Greater China and the Asia-Pacific region [2] Business Outlook - Amer Sports expects full-year adjusted EPS to be between $0.43 and $0.45, with an effective tax rate of approximately 37% and net financial costs estimated at $180-$190 million [5] - The company forecasts operating revenue of $5.122 billion for 2024, with a 17.3% year-over-year increase, and net profit of $153 million, a 173.1% increase from the previous year [7] - For 2025, operating revenue is projected to reach $5.825 billion, with a 13.7% increase, and net profit is expected to grow by 104% to $312 million [7]
亚玛芬体育：亚太市场领涨，全球布局成果显著