Investment Rating - The report maintains a "Buy" rating for Amer Sports, indicating an expected relative return of over 20% within the next six months [5]. Core Insights - Amer Sports anticipates FY2024 revenue growth at the high end of its previous guidance range of 16-17%, with adjusted operating profit margin expected to be at the high end of 10.5-11.0% [1][4]. - The company has successfully repaid $1.2 billion of its outstanding term loans and expects adjusted net financial costs for FY2025 to be around $120 million, down from previous guidance of $180-190 million [1]. - Despite adverse foreign exchange rate fluctuations, the brand portfolio is expected to achieve strong growth and profitability in FY24Q4, demonstrating strong market competitiveness [2]. - The company has been recognized as a "Top Employer" in China for 2025, highlighting its talent development strategy and corporate culture [3]. - The flagship brands, Arc'teryx and Salomon, are expected to lead sustainable long-term growth and margin improvement through global expansion [2][3]. Financial Projections - Revenue projections for Amer Sports are $5.1 billion, $5.8 billion, and $6.7 billion for the years 2024, 2025, and 2026, respectively [4]. - The expected net profit attributable to shareholders is projected to be $170 million, $320 million, and $440 million for the same years [4]. - Corresponding EPS estimates are $0.35, $0.66, and $0.90, with PE ratios of 85X, 45X, and 33X for 2024, 2025, and 2026, respectively [4].
亚玛芬体育：FY24收入靠指引上限，加速成长可期