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聚焦Amer Sports，提示安踏布局机会
02020ANTA SPORTS(02020) 中泰证券·2024-04-24 02:02

Investment Rating - The report initiates coverage with a "Buy" rating for Amer Sports, highlighting its future growth potential [4]. Core Insights - Amer Sports is positioned as a leading global multi-brand operator in the sports and outdoor sector, with a strong portfolio including brands like Arc'teryx, Salomon, and Wilson. The company has shown significant revenue growth, with a 23% year-on-year increase in 2023, reaching 4.4billion[2][4].−Thereportemphasizesthecompany′srobustchannelandproductoperationcapabilities,particularlyundertheDirect−to−Consumer(DTC)model,whichhasledtoimprovedprofitabilityandrevenuegrowth[4][23].−AmerSportsisexpectedtoleverageAnta′sdistributionadvantagestoaccelerateitspenetrationintotheChinesemarket,whereoutdoorsportsapparelisexperiencingrapidgrowth[3][4].SummarybySectionsCompanyOverview−AmerSportsoperatesmultiplewell−knownbrandsacrossvarioussportscategories,includingprofessionalsports,outdooractivities,andballsports.Thecompanyhasexpandeditsbrandmatrixthroughacquisitionsandisnowaleadingplayerintheglobalmarket[2][6].IndustryContext−TheoutdoorsportsapparelmarketinChinaisgrowingrapidly,withaCAGRofapproximately204.4 billion [2][4]. - The report emphasizes the company's robust channel and product operation capabilities, particularly under the Direct-to-Consumer (DTC) model, which has led to improved profitability and revenue growth [4][23]. - Amer Sports is expected to leverage Anta's distribution advantages to accelerate its penetration into the Chinese market, where outdoor sports apparel is experiencing rapid growth [3][4]. Summary by Sections Company Overview - Amer Sports operates multiple well-known brands across various sports categories, including professional sports, outdoor activities, and ball sports. The company has expanded its brand matrix through acquisitions and is now a leading player in the global market [2][6]. Industry Context - The outdoor sports apparel market in China is growing rapidly, with a CAGR of approximately 20% over the past three years. Amer Sports has been increasing its presence in this market since its acquisition by Anta in 2019, with significant growth in the Greater China region [3][4]. Financial Performance - In 2023, Amer Sports reported revenues of 4.368 billion, a 23.1% increase year-on-year, and an adjusted EBITDA of 611million,reflectinga34.8611 million, reflecting a 34.8% growth from the previous year. The company has improved its net loss position, narrowing it by 17.6% compared to 2022 [9][10]. - The report forecasts revenue growth for 2024-2026, with expected revenues of 70.9 billion, 79.6billion,and79.6 billion, and 88.4 billion, respectively, indicating a positive growth trajectory [4][11]. Growth Drivers - The company is expected to achieve double-digit revenue growth in 2024, driven by strong brand positioning, product innovation, and effective channel strategies. The anticipated earnings per share for 2024 is projected to be between 0.30and0.30 and 0.40 [20][21]. - Amer Sports is focusing on enhancing its operational efficiency and profitability through strategic initiatives, including optimizing its debt structure following its IPO [10][11]. Market Positioning - Amer Sports has a diversified product portfolio and a strong brand presence across various regions, with 40% of its revenue coming from the Americas and 33% from Europe, the Middle East, and Africa [2][18]. - The company is committed to innovation and sustainability, continuously investing in research and development to meet evolving consumer demands [15][17].