Investment Rating - 6-month rating: Buy (maintained) [2] Core Views - The company reported strong FY24Q3 results with revenue of $1.354 billion, up 17% YoY at comparable exchange rates, and adjusted net profit of $71 million, up 651% YoY [2] - FY24Q1-3 revenue reached $3.55 billion, up 15% YoY [2] - All brands and regions performed strongly, with Arc'teryx leading the growth and profitability in the global sports and outdoor market [2] - The company raised its FY24 revenue guidance to 16-17% YoY growth (previously 15-17%) and expects low-to-mid double-digit growth in FY25 [2][4] Business Segments - Functional Apparel (Arc'teryx etc): Revenue of $520 million in FY24Q3, up 33% YoY, with segment OPM of 20%, up 3.7pct YoY [2][3] - Outdoor (Salomon etc): Revenue of $534 million in FY24Q3, up 7% YoY, with segment OPM of 17.5%, down 0.4pct YoY [2][3] - Ball & Racquet Sports: Revenue of $300 million in FY24Q3, up 11% YoY, with segment OPM of 6.9%, up 6pct YoY [2][3] Regional Performance - Greater China: Revenue of $313 million in FY24Q3, up 56% YoY [3] - Asia-Pacific (ex-Greater China): Revenue of $125 million in FY24Q3, up 47% YoY [3] - Americas: Revenue of $488 million in FY24Q3, up 7% YoY [3] - EMEA: Revenue of $429 million in FY24Q3, up 4% YoY [3] Channel Performance - DTC: Revenue of $480 million in FY24Q3, up 41% YoY [3] - Wholesale: Revenue of $874 million in FY24Q3, up 8% YoY [3] Financial Metrics - Adjusted gross margin: 55.5% in FY24Q3, up 4.1pct YoY [3] - Adjusted operating margin: 14.4% in FY24Q3, up 2.8pct YoY [3] - Cash and equivalents: $312 million as of September 30, 2024 [3] Store Expansion - Functional Apparel: 212 directly operated stores as of September 30, 2024, up 33 YoY [3] - Outdoor: 196 directly operated stores as of September 30, 2024, up 80 YoY [3] - Ball & Racquet Sports: 45 directly operated stores as of September 30, 2024, up 36 YoY [3] FY24 Guidance - Revenue growth: 16-17% YoY (previously 15-17%) [4] - OPM: 10.5%-11% (high end) [4] - Gross margin: 55.3%-55.5% (previously 54.5%) [4] - Functional Apparel: Revenue growth over 34% (previously 30%), segment OPM slightly above 20% [4] - Outdoor: Revenue growth around 8%, segment OPM high single-digit [4] - Ball & Racquet Sports: Revenue growth of 4%, segment OPM low-to-mid single-digit [4] FY25 Outlook - Low-to-mid double-digit revenue growth [4] - Annual adjusted OPM growth of 30-70 basis points driven by gross margin expansion [4] Company Overview - Amer Sports is a global iconic sports and outdoor brand group with brands like Arc'teryx, Salomon, Wilson, Peak Performance, Atomic, and Armada [5] - The company is known for its craftsmanship, originality, and premium market positioning [5] - It creates high-performance apparel, footwear, and equipment for elite athletes and everyday consumers [5] Financial Projections - FY24-26 revenue: $5.1 billion, $5.8 billion, $6.7 billion [7] - FY24-26 net profit: $170 million, $320 million, $440 million [7] - FY24-26 EPS: $0.35, $0.66, $0.90 [7] - FY24-26 PE: 59X, 32X, 23X [7]
亚玛芬体育：大中华区成长靓丽，上调FY24收入指引并预计FY25低中双数增长