Amer Sports(US:AS) First Shanghai Securities·2025-11-27 11:48Revenue Growth - Total revenue increased by 30% year-on-year to $1.756 billion[7] - Revenue growth in Greater China reached 47%, while Asia-Pacific saw a 54% increase[7] - Functional apparel revenue grew by 31% to $683 million, and outdoor sports revenue increased by 36% to $724 million[7] Store Expansion - Total store count increased by 85 to 631, with a year-on-year increase of 178 stores[7] - Same-store sales growth for functional apparel improved from 15% to 27%[5] Profitability Metrics - Gross margin improved by 1.6 percentage points to 56.8%[7] - Operating profit margin was reported at 12.3%, with an adjusted operating profit margin of 15.7%[7] Strategic Outlook - The company expects full-year revenue growth of 23-24% and a gross margin of 58.0%[8] - Projected earnings per share for 2025 is between $0.88 and $0.92[8] Valuation and Rating - Target price set at $43.80, representing a 20% upside from the current stock price of $36.60[9] - The stock is rated as "Buy" based on a 27x price-to-earnings ratio[9] Risks - Increased competition in the mature outdoor market in Europe and the U.S. poses a risk to performance[10] - High dependency on single brands and markets could impact stability[10]