纺织服饰周专题：AmerSports，2025Q3业绩表现超预期
GOLDEN SUN SECURITIES·2025-11-23 11:22

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Tabo, and Anta Sports [5][12][35]. Core Insights - Amer Sports reported a significant performance in Q3 2025, with adjusted net profit increasing by 161% and revenue growing by 30% year-on-year to $1.76 billion [1][15]. - The report highlights the strong growth in the Technical Apparel segment, particularly driven by the Arc'teryx brand, which saw a 31% revenue increase in Q3 2025 [16]. - The Outdoor Performance segment, led by Salomon, experienced a 36% revenue growth in Q3 2025, with direct-to-consumer (DTC) sales rising by 67% [22]. - The Ball & Racquet segment, centered around Wilson, achieved a 16% revenue increase in Q3 2025, with plans to expand store presence in China [25]. Summary by Sections Amer Sports Q3 2025 Performance - Adjusted net profit grew by 161% to $185 million, with revenue reaching $1.76 billion [1][15]. - Revenue growth by region: Americas +18%, Greater China +47%, EMEA +23%, Asia Pacific +54% [1][15]. - Expected revenue growth for 2025 is projected at 23%-24% [1][15]. Technical Apparel - Revenue increased by 31% to $683 million in Q3 2025, with a DTC revenue growth of 46% [16]. - The segment's adjusted operating profit margin (OPM) decreased by 1 percentage point to 19% [16]. Outdoor Performance - Revenue rose by 36% to $724 million in Q3 2025, with a 67% increase in DTC sales [22]. - The segment's adjusted OPM improved by 4.2 percentage points to 21.7% [22]. Ball & Racquet - Revenue grew by 16% to $350 million in Q3 2025, with an adjusted OPM increase of 0.7 percentage points to 7.6% [25]. - The segment's growth was primarily driven by apparel and racquet products, with plans to open 35 new stores in China [25]. Investment Recommendations - The report recommends several companies based on their strong fundamentals and growth potential, including Shenzhou International, Tabo, and Anta Sports, with respective PE ratios of 14x, 15x, and 16x for 2025 [32][33][35].