Amer Sports-亚玛芬体育（AS）：动态研究：户外性能部门表现亮眼，大中华区门店快速扩张

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The outdoor performance department has shown strong performance, with rapid store expansion in the Greater China region [2] - The company reported a revenue of $1.473 billion for FY2025 Q1, a year-on-year increase of 26%, exceeding market expectations [8] - The company has raised its FY2025 revenue guidance to a year-on-year increase of 15%-17% [9] Financial Performance - The technical apparel department generated$ 664 million in revenue for FY2025 Q1, a year-on-year increase of 32%, surpassing market expectations of $631 million [3] - The outdoor performance department's revenue reached$ 502 million for FY2025 Q1, a year-on-year increase of 29%, exceeding market expectations of $452 million [3] - The company expects a revenue growth of 20%-22% for the technical apparel department in 2025 [3] Store Expansion and Market Strategy - The company plans to close some cooperative stores in the Greater China region in 2025, focusing on store optimization rather than expansion [3] - The Salomon brand has seen over 60% year-on-year sales growth in the Greater China and Asia-Pacific regions [3] - The company anticipates reaching 300 stores in China by the end of 2025 [3] Profitability Metrics - The adjusted gross margin improved to 58.0%, a year-on-year increase of 3.3 percentage points [8] - The adjusted operating profit for FY2025 Q1 was$ 232 million, a year-on-year increase of 79% [8] - The diluted EPS for FY2025 Q1 was $0.27, exceeding market expectations of$ 0.16 [8] Future Projections - The company forecasts revenues of $6.09 billion,$ 6.96 billion, and $7.90 billion for the fiscal years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 14%, and 14% [10] - The projected diluted EPS for 2025 is$ 0.71, with significant growth expected in subsequent years [10]