| 财务摘要(百万美元) | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入 | 6566 | 7795 | 9088 | 10519 | | (+/-)% | 26.7% | 18.7% | 16.6% | 15.8% | | 毛利润 | 680 | 921 | 1120 | 1317 | | 归母净利润 | 427 | 604 | 754 | 901 | | (+/-)% | 488.7% | 41.2% | 25.0% | 19.5% | | PE | 49.53 | 35.08 | 28.07 | 23.49 | | PB | 3.65 | 3.31 | 2.96 | 2.63 | | 资料来源：Wind，国泰海通证券研究 | | | | | [Table_Market] 交易数据 | 52 周内股价区间(美元) | 20.21-42.76 | | --- | --- | | 当前股本(百万股) | 554 | | 当前市值(百万美元) | 20955 | 25 年收入超预期，Salomon 加大投入影 响 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

|  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

Key Takeaways DECK posted record UGG Q3 revenues of $1.3B, up 5% y/y, and HOKA sales of $629M, up 18%.HOKA grew DTC 19% and wholesale 18%, boosting revenues per consumer via revamped membership.Deckers raised the FY26 outlook to $5.4B-$5.425B revenues, a 57% gross margin and $6.80-$6.85 EPS.Deckers Outdoor Corporation (DECK) continues to reinforce its leadership in the global footwear market through the strong positioning of its flagship brands, UGG and HOKA. The company’s strategy centers on premium brand ...

Welcome back to Morning Trade Live. It's time now to take a closer look at Deca's brands after Argus upgraded shares this morning. So let's welcome in Marley Kaden for more details here.Obviously we are seeing some tariff sensitive areas of the market getting a lift. No doubt Decas is among those this morning off the back of the Supreme Court ruling out these tariffs on tariffs at least. Um so we did get a little bit of a juice from that but previously uh Decas had been rallying off the back of uh this Argu ...

Core Viewpoint - Vince Holdings has lowered its full-year profit guidance due to the impact of U.S. tariff policies, with management stating that "profits will be below expectations" [1][2] Tariff Cost Impact Overview - Vince Holdings has adjusted its full-year profit guidance as a result of U.S. tariff policies, although specific costs have not been quantified [2] - The company is implementing strategies such as price adjustments, supply chain collaboration, and business structure flexibility to mitigate pressure [2] Core Mitigation Strategies - Price adjustments are being made to pass on some tariff costs, with an average price increase of 6%-7%. Management noted that both consumers and wholesale partners have shown good acceptance of these price increases, with positive market feedback following the price hike of the Cloud6 series [2] Supply Chain Collaboration and Cost Optimization - The company is negotiating price concessions with suppliers and optimizing inventory management. Although inventory increased in Q2 due to rising tariff costs, the overall situation remains manageable. Internal cost reductions, such as operational process optimizations, are also being employed to alleviate some of the unpassed pressure [3] Business Structure Flexibility - In FY2025, the direct-to-consumer (DTC) business experienced growth in Q2, partially offsetting the impact of tariffs on wholesale business. The guidance for Q3 net sales is projected to be "flat to low single-digit growth," indicating business resilience [4] Financial Performance Comparison - The company faced short-term pressure, reporting a net profit of $56.9 thousand for Q2 FY2025 (ending August 3, 2025), but experiencing a significant net loss of $28.345 million in Q4 (ending February 1, 2026), reflecting the compounded effects of tariffs and seasonal factors [5] Gross Margin Support - The full-year operating gross margin reached 48.1%, with the price adjustment strategy helping to buffer against rising costs [6] Industry Response Reference - Other international brands like PUMA and Deckers are similarly adopting strategies such as supply chain diversification and selective price increases. Vince Holdings' approach aligns with common industry strategies, although there are no disclosed plans for overseas capacity relocation [7]

Financial Performance - Net sales for the three months ended December 31, 2025, reached $1,957,549, an increase of 7.1% compared to $1,827,165 for the same period in 2024[19] - Gross profit for the nine months ended December 31, 2025, was $2,513,088, reflecting a 9.0% increase from $2,305,895 in 2024[19] - Net income for the nine months ended December 31, 2025, was $888,500, a 9.1% increase from $814,680 in 2024[19] - The company reported a basic net income per share of $3.34 for the three months ended December 31, 2025, compared to $3.01 in 2024, an increase of 10.9%[19] - Net income for the nine months ended December 31, 2025, was $888,500, compared to $814,680 for the same period in 2024, representing a year-over-year increase of approximately 9%[24] - Income from operations for the nine months ended December 31, 2025, increased by 10.0% to $1,106,174[87] - Net income grew by 9.1% to $888,500, with net income per share increasing to $6.05 from $5.35, a rise of 13.1%[117] Assets and Liabilities - Total assets as of December 31, 2025, amounted to $4,102,150, up from $3,570,252 as of March 31, 2025, representing a growth of 14.8%[18] - Total current liabilities increased to $1,149,443 as of December 31, 2025, compared to $769,941 as of March 31, 2025, marking a rise of 49.2%[18] - Total stockholders' equity as of December 31, 2025, was $2,609,454, up from $2,513,013 as of March 31, 2025, representing a growth of 3.8%[18] - Retained earnings as of December 31, 2025, were $2,374,985, up from $2,307,699 as of March 31, 2025, indicating an increase of 2.9%[21] Sales Performance - Direct-to-Consumer sales for the nine months ended December 31, 2025, were $1,799,764, up from $1,719,569 in 2024, reflecting a growth of 4.7%[43] - Domestic net sales for the three months ended December 31, 2025, were $1,200,889, compared to $1,169,291 in 2024, indicating a growth of 2.7%[43] - International net sales for the three months ended December 31, 2025, were $756,660, up from $657,874 in 2024, representing a growth of 15.0%[43] - HOKA brand net sales rose by 16.3% to $1,916,087, while UGG brand net sales increased by 8.0% to $2,330,154[87] - Total wholesale net sales increased by 13.8% to $2,553,163, while direct-to-consumer sales rose by 4.7% to $1,799,764[110] Expenses - Selling, general, and administrative expenses for the nine months ended December 31, 2025, were $1,406,914, compared to $1,300,728 in 2024, reflecting an increase of 8.1%[19] - SG&A expenses increased by 8.2% to $1,406,914[87] - The company reported a depreciation, amortization, and accretion expense of $57,141 for the nine months ended December 31, 2025, up from $50,911 in 2024[24] Cash Flow - Cash provided by operating activities for the nine months ended December 31, 2025, was $1,086,113, slightly down from $1,117,515 in 2024[24] - Cash and cash equivalents at the end of the period were $2,086,746, compared to $2,240,923 at the end of the previous year[24] - The company experienced a net change in cash and cash equivalents of $197,558 for the nine months ended December 31, 2025, compared to $738,872 in 2024[24] - The net cash used in financing activities increased significantly to $824,371, up 160.4% from $316,638 in the previous period[132] Stock Repurchase - The company repurchased common stock totaling $813,488 during the nine months ended December 31, 2025, compared to $301,011 in the same period of 2024[24] - The total number of shares repurchased in the nine months ended December 31, 2025, was 8,019,067 at a weighted average price of $101.44 per share, totaling $813,488,000[73] - The remaining authorized shares for repurchase under the stock repurchase program as of January 13, 2026, is $1.77 billion[153] Tax and Compliance - Income tax expense for the three months ended December 31, 2025, was $145,768, with an effective income tax rate of 23.3%[52] - The effective income tax rate increased to 22.9% from 22.6%, primarily due to jurisdictional mix and reduced tax benefits[116] - The company is monitoring the impact of recent tax law changes, including the One Big Beautiful Bill Act, which has provided cash tax benefits in the current fiscal year[58] Other Comprehensive Income - The company reported a total other comprehensive loss of $11,686 for the nine months ended December 31, 2025[24] - The accumulated other comprehensive loss (AOCL) as of December 31, 2025, is $46,068,000, which includes an unrealized loss on cash flow hedges of $3,980,000[74] - Total other comprehensive income increased significantly by 176.1% to $3,586, driven by higher foreign currency translation gains[118] Operational Changes - The company has phased out standalone operations for the AHNU brand and Koolaburra brand, closing their respective websites and completing the transition in the wholesale channel[33] - The company entered into a 3PL service agreement with a minimum commitment of approximately $93,611 payable through March 31, 2029[59] - The company is evaluating the impact of several upcoming Accounting Standards Updates (ASUs) on its financial statements, with planned adoption periods ranging from Q1 FY 2027 to Q1 FY 2029[41]

Core Insights - The article emphasizes the importance of understanding that past performance does not guarantee future results, highlighting the need for careful analysis when considering investments [2][3] Group 1 - The article discusses the lack of any current stock or derivative positions held by the author in the companies mentioned, indicating a neutral stance [1] - It clarifies that the information provided is not a specific offer for products or services, nor does it constitute financial advice [2] - The content is presented as factual and up-to-date, but it does not guarantee accuracy or completeness in the analysis of the subjects discussed [2][3]

Core Viewpoint - The article emphasizes the potential of Asian equities (excluding China) in the US markets, highlighting that they are often overlooked and under-allocated in investor portfolios [1]. Group 1: Analyst Background - The analyst has a decade of experience as a buy-side equity analyst focusing on Asia Pacific equities [1]. - A fundamental bottom-up approach combined with a macroeconomic perspective is employed to identify stocks benefiting from global trends [1]. - The primary sectors of focus are Financials, Industrials, and Consumer Discretionary [1]. Group 2: Purpose of Writing - The intention behind writing on Seeking Alpha is to share insights and increase awareness of Asian equities listed in US markets [1]. - The articles aim to help expand the investment universe for readers by highlighting investment opportunities in the Asian market [1].