国海证券晨会纪要-20250530

Group 1: DTC Channel and Financial Performance of Deckers Outdoor (DECK) - The DTC channel is under short-term pressure, with FY2026Q1 guidance falling short of expectations. The company reported FY2025 revenue of $4.986 billion, a year-on-year increase of 16.3$1.022 billion, exceeding market expectations, with a gross margin of 56.7%, benefiting from an increase in full-price sales of UGG products [3][4] - The UGG brand achieved revenue of $2.531 billion in FY2025, a year-on-year increase of 13.1$2.233 billion, a year-on-year increase of 23.6%, with DTC revenue growth slowing to 3% in FY2025Q4 due to market pressures [5] - Management expects DTC channel price pressures to ease after FY2026Q1, with growth dynamics anticipated to recover [5][6] Group 3: Xiaomi Group (01810) - Xiaomi Group reported Q1 2025 revenue of approximately 111.3 billion yuan, a year-on-year increase of 47.4%, with adjusted net profit of 10.7 billion yuan, up 64.5% [9][10] - The company achieved a global smartphone market share of 14.1%, maintaining a top-three position for 19 consecutive quarters, with an average selling price (ASP) of 1211 yuan, a historical high [10] - Revenue from smart home appliances grew by 113.8% year-on-year in Q1 2025, driven by strong sales in air conditioners and refrigerators [11] Group 4: Amer Sports (AS) - Amer Sports reported Q1 FY2025 revenue of $1.473 billion, a year-on-year increase of 26$502 million, a year-on-year increase of 29%, with significant growth in the Greater China region [17] Group 5: Ball Sports Segment - The ball sports segment reported revenue of $306 million, a year-on-year increase of 13%, primarily driven by soft goods [18] - The company expects FY2025 revenue to grow by 15%-17%, with a gross margin of 56.5%-57% [19]