Amer Sports(US:AS) Haitong Securities International·2025-11-21 06:13Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of $45.2 based on a 49X PE for 2025 [10][11]. Core Insights - The company reported strong Q3 performance, with revenue of $1.76 billion, a 30% year-over-year increase, and net profit attributable to shareholders rising 156% to $140 million [11][12]. - All regions showed accelerated growth compared to Q2, with significant contributions from functional apparel, outdoor apparel, and ball sports segments [11][12][13]. Financial Summary - Projected total revenue for 2024A to 2027E is as follows: - 2024A: $5.183 billion - 2025E: $6.435 billion (up 24.1%) - 2026E: $7.530 billion (up 17.0%) - 2027E: $8.656 billion (up 15.0%) [3][6] - Projected net profit attributable to shareholders for 2025-2027 is: - 2025E: $511 million - 2026E: $650 million - 2027E: $818 million [10][11]. Segment Performance - Functional Apparel: Revenue grew 31% YoY, driven by strong performance in women's Arc'teryx and footwear. Direct-to-consumer (DTC) sales increased by 46% [12]. - Outdoor Apparel: Revenue increased by 36% YoY, primarily due to Salomon's strong performance. DTC sales rose by 67% YoY [13]. - Ball Sports: Revenue grew 16% YoY, with significant growth potential through partnerships with leading distributors [14]. Long-term Growth Outlook - The company has outlined a 5-year strategy targeting low to mid-double-digit revenue CAGR from 2025-2030, with expectations of improved operating margins across all segments [15].