证 券 研 究 报 告 评论： 行业研究 计算机 2026 年 01 月 12 日 推荐（维持） 计算机行业重大事项点评 CES 2026：端侧与 AI Agent 成核心焦点 事项： ❑ 2026 年美西时间 1 月 6 日-9 日，CES 2026 正式举行，端侧与 AI Agent 成为 核心议题。随着端侧 AI 对本地算力需求爆发式增长，英特尔、高通等纷纷亮 出新一代核心产品。 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 47,041.14 | 4.44 | | 流通市值(亿元) | 40,689.18 | 4.88 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 25.4% | 48.0% | | 相对表现 | 4.7% | 6.2% | 22.1% | -4% 15% 34 ...

Group 1: Company Overview - Amer Sports - Amer Sports reported Q3 2025 revenue of $1.76 billion, exceeding guidance with a year-on-year growth of 30%, surpassing the high end of the guidance range of 20% [3][41] - The adjusted gross margin increased by 2.4 percentage points to 57.9%, while the adjusted operating margin rose by 1.3 percentage points to 15.7%, also exceeding guidance [3][41] - The net profit attributable to shareholders surged by 156% year-on-year to $140 million [3][41] Group 2: Segment Performance - The functional apparel segment saw a 31% year-on-year revenue increase, driven by strong performance in the women's business and footwear, with direct-to-consumer (DTC) sales up 46% [3][42] - The outdoor apparel segment experienced a 36% year-on-year revenue growth, primarily due to strong sales of Salomon footwear and apparel, with DTC sales increasing by 67% [4][42] - The ball sports segment reported a 16% year-on-year revenue increase, with significant growth potential through partnerships with leading distributors [4][43] Group 3: Strategic Outlook - The company maintains a positive long-term growth outlook, projecting a compound annual growth rate (CAGR) of low to mid-double digits for revenue from 2025 to 2030, with annual operating margin improvements [5][43] - The strategic plan includes continued investment in product development and marketing, particularly in expanding store presence in North America and Europe [5][43] - The company anticipates a significant increase in revenue from the recovery of its South Korean distribution business, expected to add approximately $25 million in Q4 2025 [3][42] Group 4: Industry Context - Retail and Pharmaceuticals - The retail sector, particularly in the pharmaceutical industry, is experiencing pressure, with the company reporting a 1% decline in revenue for the first three quarters of 2025 [6][8] - The company is focusing on store expansion in lower-tier markets, with a total of 15,492 stores as of Q3 2025, including 9,741 direct-operated stores [9][8] - The pharmaceutical retail business reported a revenue of $13.144 billion, a slight decline of 1.27% year-on-year, with a gross margin of 36.71% [8][9]