安踏体育：Amer业绩符合预期，维持强劲增长-20250305

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - AMER reported a revenue of $5.18 billion for 2024, representing a year-on-year increase of 17.8$240 million, recovering from a loss of $340 million the previous year [2][4]. - In Q4, the company achieved a revenue of$1.64 billion, up 23.2% year-on-year, with an adjusted net profit of $90 million, recovering from a loss of$120 million [2][4]. - The company expects a revenue growth of 13% to 15% for 2025, with an adjusted operating profit margin projected between 11.5% and 12% [7]. Revenue Breakdown - By product category, revenue for Technical Apparel, Outdoor Performance, and Ball & Racquet increased by 36%, 10%, and 4% respectively, reaching $2.19 billion,$1.84 billion, and $1.15 billion [7]. - By region, revenue growth was strongest in Greater China (+54$2.27 billion, while wholesale revenue increased by 4% to $2.92 billion [7]. Financial Performance - The adjusted operating profit margin for 2024 was 11.1%, an increase of 1.3 percentage points year-on-year, with Q4 margin at 13.6%, up 3.3 percentage points [7]. - The company anticipates net profits of 12 billion, 13.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 17%, 15%, and 11% [7].