Workflow
亚玛芬体育（AS）：户外赛道标杆集团
Amer SportsAmer Sports(US:AS) Tianfeng Securities·2025-05-24 07:33

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26%, and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% and an adjusted operating profit margin (OPM) of 16% [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (+32% YoY), outdoor revenue was $500 million (+29% YoY), and racquet sports revenue was $300 million (+13% YoY) [2]. - By region, Greater China revenue grew by 43%, while the Americas and EMEA regions saw a 12% increase [2]. Store Expansion and Direct-to-Consumer (DTC) Growth - The company opened 220 technical apparel stores (+30 YoY) and 243 outdoor stores (+104 YoY), contributing to a DTC revenue increase of 39% [2]. - Same-store sales growth was 19% for technical apparel, 28% for outdoor, and 12% for racquet sports [2]. Revised Guidance - The company has adjusted its FY25 guidance upwards, now expecting revenue growth of 15-17% and an adjusted OPM of 11.5-12% [3]. - For Q2 FY25, the guidance includes revenue growth of 16-18% and an adjusted EPS of $0-$0.02 [3]. Earnings Forecast - The company forecasts revenues of $6 billion, $6.9 billion, and $7.9 billion for FY24, FY25, and FY26 respectively, with adjusted net income estimates of $380 million, $510 million, and $630 million [4]. - Corresponding EPS estimates are $0.69, $0.92, and $1.14 for FY24, FY25, and FY26 respectively [4].