亚玛芬也是安踏旗下公司，安踏体育于2019年完成了芬兰体育用品集团Amer Sports（亚玛芬体育）的 收购，该集团包含始祖鸟、Salomon萨洛蒙、威尔胜等多个品牌。 此前4月10日，安踏体育宣布与美国公司Topgolf Callaway Brands集团达成股本权益买卖协议，前者有条 件地同意购入目标公司"Callaway Germany Holdco GmbH"（Jack Wolfskin品牌所属公司）百分百的股本 权益，基础对价为现金2.9亿美元（约合21.15亿元人民币），加上净营运资金及其他惯常调整项进行调 整。 Jack Wolfskin狼爪品牌于1981年创立于德国，其产品线涵盖徒步、自行⻋、滑雪、露营等场景。狼爪一 直强调自身在户外领域有专业的核心竞争力，公司的TEXAPORE薄膜技术可实现防水指数达到20000毫 米的暴雨级防护，广泛应用于冲锋衣、登山鞋等产品线上。截至2025年1月，狼爪在全球拥有495家专卖 店，其中226家分布在欧洲，269家位于亚洲。 在完成收购后，安踏对狼爪品牌进行了新的人事任命。6月18日，安踏集团向智通财经确认，该公司管 理层任命姚剑为狼爪品牌总裁，负责狼爪 ...

逆势高增的高端多品牌户外运动集团 ---- Amer Sports 深度报告 [Table_PicQuote] 本报告导读： 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略显 著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 风险提示：零售环境疲软，拓店不及预期，汇率波动，贸易政策变化。 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 3549 | 4368 | 5183 | 6012 | 7011 | 8228 | | (+/-)% | 15.7% | 23.1% | 18.7% | 16.0% | 16.6% | 17.4% | | 毛利润 | 1764 | 2276 | 2872 | 3421 | 4018 | 4740 | | 净利润 | -253 | -209 | 73 | 447 | 566 | 712 | | (+/-)% | -100.1% | ...

[Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 股 票 研 究 海 外 公 司 （ 美 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 202 ...

Core Viewpoint - Amer Sports has experienced a significant stock price increase of approximately 187% since its public offering in February 2024, positioning it as a leading name in the consumer discretionary sector [1][2] Financial Performance - The company reported a strong Q1 earnings performance, with sales growth exceeding 23%, surpassing analyst expectations of just under 17% [3] - Adjusted diluted earnings per share (EPS) more than doubled from $0.11 to $0.27, significantly exceeding forecasts [4] - Amer Sports raised its full-year EPS guidance midpoint by over 4% and increased its revenue growth guidance from 14% to 16%, both ahead of analyst expectations [4] Brand and Market Position - Amer Sports' success is largely attributed to its key brand, Arc'teryx, known for high-end outdoor clothing, particularly lightweight waterproof jackets priced between $400 and $900 [6] - The technical apparel segment, which includes Arc'teryx, saw the fastest revenue growth at 28%, contributing 45% to total revenue [7] - Sales in Greater China grew by 43%, accounting for around 25% of total revenue, while the U.S. market contributed 26% with a 12% growth rate [7][8] Direct-to-Consumer Strategy - The company's direct-to-consumer (DTC) sales grew by 39%, significantly outpacing the 12% growth in its wholesale channel, indicating a positive trend for higher margins [8] Segment Performance - The Outdoor Performance segment, which includes Salomon footwear and apparel, saw its growth rate nearly double to 25%, making up 34% of total revenue [9] - Salomon generated $1 billion in revenue in 2024, capturing less than 1% of the global $180 billion sneaker market, with plans for further product launches [10] Valuation and Analyst Ratings - Analysts have raised their price targets for Amer Sports, with an average target just under $41, indicating a potential upside of 6% from recent closing prices [11] - The stock's price-to-earnings ratio stands at nearly 49x, significantly above the industry average of 29x, reflecting its strong earnings and sales growth profile [12] Future Outlook - The company is viewed as having high growth potential, particularly in the footwear segment, but expectations for continued outperformance will need to be managed [13]

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26% (at constant currency), and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% year-on-year and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% (up 3 percentage points year-on-year) and adjusted operating profit margin (OPM) of 16% (up 5 percentage points year-on-year) [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (up 32% year-on-year), outdoor revenue was $500 million (up 29% year-on-year), and racquet sports revenue was $300 million (up 13% year-on-year) [2]. - By region, revenue in the Americas grew by 12%, Greater China by 43%, EMEA by 12%, and Asia-Pacific by 49% [2]. Guidance and Projections - The company has adjusted its FY24-26 revenue forecasts to $6 billion, $6.9 billion, and $7.9 billion respectively, up from previous estimates of $5.2 billion, $6 billion, and $6.9 billion [4]. - Adjusted net income projections for FY24-26 are now $380 million, $510 million, and $630 million, respectively [4].

Core Viewpoint - Amer Sports, Inc. has experienced a significant stock surge of 59.4% over the past month, outperforming both the industry and the S&P 500 [1] Stock Performance - As of Wednesday, Amer Sports' stock closed at $37, nearing its 52-week high of $38.42 and well above its 52-week low of $10.11 [1] - The stock has outperformed competitors such as American Outdoor Brands, Academy Sports and Outdoors, and Clarus Corporation [1] Technical Indicators - The stock is trading above its 50-day moving average, indicating strong upward momentum and price stability, reflecting positive market sentiment [4] Growth Factors - Amer Sports is benefiting from robust growth in its Arc'teryx brand, which is the fastest-growing and most profitable, with a 38% year-over-year increase in the women's segment [8] - Arc'teryx is focusing on upgrading its store footprint and enhancing brand awareness through community events [9] - Salomon is gaining traction in the global sneaker market, particularly in footwear, with successful product launches and growth in soft goods [10] Brand Portfolio and Market Position - Amer Sports' portfolio of premium brands positions it uniquely in the active lifestyle market, with potential for sustainable multi-year growth [11] - Both Arc'teryx and Salomon are identified as breakout opportunities with significant global scaling potential [11] Financial Guidance - The company has raised its full-year revenue growth guidance to between 15% and 17%, up from the previous estimate of 13-15% [12] - Earnings per share are now expected to be in the range of 67 to 72 cents, an increase from the prior estimate of 64 to 69 cents [12] Valuation Metrics - Amer Sports is currently valued at a premium, with a forward 12-month P/E ratio of 47.67, compared to the industry's 32.27 and the S&P 500's 21.81 [13] - The Zacks Consensus Estimate for earnings per share has been revised upward by 2.9% to 70 cents, indicating a year-over-year growth of 48.9% [14] Investor Sentiment - The recent stock surge reflects growing investor confidence in Amer Sports' strong brand portfolio and effective strategies, making it an attractive investment opportunity despite its premium valuation [15]

Core Insights - Amer Sports reported a strong financial performance for the first quarter, with revenue increasing by 23% year-over-year to $1.473 billion, surpassing market expectations of $1.38 billion [1] - The net income for the quarter was $135 million, indicating robust profitability [1] Revenue Growth by Region - The Greater China and Asia-Pacific regions showed significant growth, with revenues of $446 million and $157 million, reflecting year-over-year increases of 43% and 49% respectively [3] - The Americas and Europe/Middle East/Africa regions experienced growth rates of 12%, with revenues reaching $465 million and $405 million [3] Performance by Product Category - The technical functional apparel segment, including the Arc'teryx brand, saw revenue growth of 28% to $633 million [7] - The outdoor performance segment, represented by Salomon, achieved a revenue increase of 24% to $502 million [7] - The racquet and ball sports segment, led by Wilson, reported a revenue growth of 12% to $306 million [7] Strategic Developments - CEO Zheng Jie highlighted the continued market expansion driven by high-end outdoor functional apparel brands, particularly Arc'teryx and Salomon [10] - Arc'teryx announced the establishment of a footwear division, aiming to strengthen its footwear product line and retail distribution [10] - The footwear business is projected to grow over 60% in 2024, with its share of the brand's revenue expected to increase from 10% to over 20% in the coming years [10] Revised Financial Guidance - Based on the strong first-quarter performance, Amer Sports raised its revenue guidance for 2025, now expecting a growth rate of 15-17%, up from the previous forecast of 13-15% [10] - The gross margin and operating margin are expected to remain stable at 56.5%-57% and 11.5%-12% respectively [10] Segment Forecast Adjustments - The revenue forecast for the technical apparel segment has been adjusted to 20-22%, up from the previous estimate of 20% [11] - The outdoor leisure segment's revenue forecast was raised from low double-digit growth to mid double-digit growth [11] - The racquet and ball sports segment's revenue forecast was upgraded from low to mid single-digit growth to mid single-digit growth [11]

21 May 2025 | 1:39AM HKT Anta Sports Products (2020.HK): Positive read from Amer: 1Q beat and guidance raised; solid China momentum continued; Buy Amer Sports (AS, Buy, covered by our US Consumer analyst Brooke Roach) reported 1Q25 adjusted EBITDA (incl. IFRS depreciation) of $299mn, above GS/FactSet consensus at $228mn/$227mn. Revenue grew 23% Y/Y, well above GS/consensus at 16%, with the beat largely driven by strong sales momentum across Arcteryx and Salomon. Adjusted gross margin expanded ~330bps Y/Y to ...