Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company reported a strong performance in FY2024, with revenue reaching $5.183 billion, a 19% increase year-over-year. Adjusted operating profit margin (OPM) was 11.1%, up 1.3 percentage points, and adjusted net profit was $236 million, a 329% increase [2]. - The company is optimistic about its growth prospects for FY2025, projecting a revenue increase of 13-15% and an OPM of 11.5-12%. The net profit is expected to be between $360 million and $390 million [3]. - The brand "Arc'teryx" is leading global expansion, and the company is well-positioned to capture market share in the growing sports and outdoor trends [4]. Summary by Sections Financial Performance - In Q4 FY2024, the company achieved revenue of $1.636 billion, a 24% increase year-over-year. Adjusted OPM was 13.6%, up 3.3 percentage points, with adjusted operating profit of $220 million, a 63% increase, and adjusted net profit of $90 million, a 388% increase [1]. - For the full year FY2024, revenue was $5.183 billion, with functional apparel revenue at $2.194 billion (up 38%), outdoor revenue at $1.836 billion (up 10%), and ball sports revenue at $1.153 billion (up 4%) [2]. Regional Performance - In Q4 FY2024, revenue from Greater China was $380 million, accounting for 23% of total revenue, with a 54% year-over-year increase. Revenue from the U.S. was $580 million, making up 36% of total revenue, with a 15% increase [1]. - For FY2024, Greater China revenue was $1.3 billion (25% of total revenue, up 54%), while U.S. revenue was $1.86 billion (36% of total revenue, up 7%) [2]. Future Guidance - The company expects Q1 FY2025 revenue to increase by 14-16%, with an OPM of 11-11.5% and net profit projected between $78 million and $84 million [3]. - The company anticipates continued strong growth driven by its premium brands and market expansion opportunities [5].
亚玛芬体育：乐观展望2025-20250228