Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of $44.46 [1][9][10]. Core Insights - The company reported strong Q4 2025 performance with revenue of $2.1 billion, representing a year-over-year growth of 28% (26% at constant currency), driven by the technical apparel and outdoor performance segments [1][6]. - For 2026, the company expects revenue growth guidance of 16%-18% year-over-year, with adjusted EPS guidance of $1.10-$1.15 [6][9]. - The company is leveraging its multi-brand matrix and is expected to benefit from the global outdoor sports trend, with significant growth opportunities in various segments [6][9]. Financial Performance - Q4 2025 revenue breakdown: - Technical apparel segment: $1.0 billion, YoY +34% - Outdoor performance segment: $760 million, YoY +29% - Ball sports segment: $340 million, YoY +14% [6][7]. - Adjusted operating profit margin (OPM) for Q4 2025 was 12.5%, down 1.1 percentage points due to increased investments in Salomon [6][8]. - The company’s adjusted gross margin improved by 1.4 percentage points to 57.8% in Q4 2025, despite a 35% increase in SG&A expenses [8]. Regional Performance - All markets achieved double-digit growth in Q4 2025, with notable performance in the Greater China region, which saw a revenue increase of 42% [7]. - The Americas market is undergoing strategic optimization of traditional wholesale channels to enhance retail experience and profit margins [7]. Profitability and Valuation - The company’s net profit attributable to shareholders is projected to reach $648.87 million in 2026, with an EPS of $1.17 [5][9]. - The company’s PE ratio for 2026 is estimated at 38.0x, reflecting confidence in its multi-brand strategy and global expansion [9][11].

2026 年 2 月 25 日│美国 服装 证券研究报告 亚玛芬体育 (AS US) 4Q25 强劲势头有望延续 经营预测指标与估值 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | 计算同比+26%），由技术服装和户外性能板块引领增长，调整后 | OPM 同 | SFC No. BDO986 | +(852) 3658 6000 | 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com +(86) 755 8249 2388 | 杨耀* | 联系人 | | --- | --- | | SAC No. S057012407005 ...