Investment Rating - The report assigns a positive investment rating to Amer Sports, indicating strong growth potential in the leisure goods industry [4]. Core Insights - Amer Sports reported a 23% revenue growth in Q4 2024, reaching 1.64 billion, with significant contributions from Technical Apparel, Outdoor Performance, and Ball & Racquet Sports segments [4][5]. - The company experienced a gross margin increase of 3.7 percentage points to 56.1%, driven by optimized business and product mix, as well as lower discount rates [5]. - For the full year 2024, Amer Sports achieved an 18% revenue growth to 5.18 billion, with notable increases in various segments and a significant reduction in leverage ratio from over 5 times to 1 time [5][11]. Revenue Growth by Segment - Technical Apparel: Revenue grew 33% to 590 million, benefiting from strong growth in Salomon brand products, particularly in the DTC channel [7]. - Ball & Racquet Sports: Revenue accelerated to a 22% growth, reaching 73 million for the full year, with a significant improvement in operating profit margin [5][11]. - For Q1 2025, revenue is expected to grow by 14%-16%, with a gross margin forecasted between 56.5%-57.0% [11]. - For the full year 2025, revenue growth is projected at 13%-15%, with an expected operating profit margin of 11.5%-12.0% [11]. Store Expansion Plans - Amer Sports plans to open 25-30 new Arc'teryx stores and increase Salomon stores in Greater China by 100 [12].
亚玛芬体育：24年第四季度主要品牌均錄得良好增长，以大中华和亚太地区表现更为强劲-20250228