亚玛芬体育(AS.N)：25年收入超预期，Salomon加大投入影响短期Q4盈利

Investment Rating - The report assigns a rating of "Buy" for the company [1]. Core Insights - The company exceeded revenue expectations for 2025 and provided guidance for 2026 indicating a growth of 16-18%. The core brand is expected to expand its market influence through product marketing investments and particularly through store expansions in Europe and the United States [2][9]. - The company reported a 27% year-over-year revenue increase for 2025, reaching $6.566 billion, surpassing previous guidance of 23-24% growth. The adjusted operating margin increased by 1.7 percentage points to 12.8%, also exceeding prior guidance [9]. - For 2026, the company expects revenue growth of 16-18% and an adjusted operating margin of approximately 13.1%-13.3% [9]. Financial Summary - Total revenue projections for the company are as follows: - 2025: $6.566 billion - 2026: $7.795 billion (growth of 18.7%) - 2027: $9.088 billion (growth of 16.6%) - 2028: $10.519 billion (growth of 15.8%) [4]. - The net profit attributable to the parent company is projected to be: - 2025: $427 million - 2026: $604 million (growth of 41.2%) - 2027: $754 million (growth of 25.0%) - 2028: $901 million (growth of 19.5%) [4]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 49.53 in 2025 to 23.49 in 2028, indicating improving valuation over time [4]. Market Data - The current stock price is $37.85, with a market capitalization of $20.955 billion and a 52-week price range of $20.21 to $42.76 [5].