Investment Rating - The investment rating for Amer Sports is "Buy" with an expected investment return of over 15% in the next 6 months [23]. Core Insights - Amer Sports reported a strong revenue growth of 23% year-on-year to 4.368billionin2023,drivenbytherapidexpansionofitscorebrands:Arc′teryx,Salomon,andWilson[2][19].−Thecompanyanticipatesastablegrowthoutlookfor2024,withrevenueexpectedtogrowinthemid−teens,supportedbyongoingexpansionintheGreaterChinaregionandDTC(Direct−to−Consumer)channels[22][40].RevenuePerformanceandBreakdown−InQ42023,AmerSportsachievedrevenueof1.315 billion, a 10% year-on-year increase, with significant contributions from the Greater China region, which saw a 45% growth to 246million[19][20].−Forthefullyear2023,revenuefromtheGreaterChinaregiongrewby61841 million, while the Asia-Pacific region grew by 40% to 350million[20][24].−TheDTCbusinessexperienceda491.559 billion, with e-commerce and physical retail growing by 40% and 58%, respectively [26][27]. Performance Guidance - For Q1 2024, revenue is expected to grow by 6-8%, with professional sports category growth projected to exceed 30% [10][22]. - The adjusted gross margin is anticipated to be 53.5%, while the adjusted operating profit margin is expected to be between 9.0% and 10.0% [10][22]. Brand and Product Category Performance - The company operates across three main product categories: professional sports, outdoor sports, and ball sports, with respective revenue contributions of 36.5%, 38.2%, and 25.3% in 2023 [21][33]. - The professional sports category showed the highest growth, with Q4 and full-year revenue increasing by 26% and 45%, respectively [21][33].
