安踏体育：Amer Sports 2025 年四季度业绩及 2026 年指引喜忧参半；维持买入评级

Amer Sports (AS, covered by our US Consumer analyst Brooke Roach) reported a 4Q EPS beat (adjusted 4Q EPS of $0.31, above GS/FactSet consensus at $0.28). The beat was driven by outperformance across all segments but adjusted EBIT margin of 12.5% came in below GS/consensus of 13.3%/12.9% mainly due to elevated investments around Salomon. US consumer analyst pointed out AS's initiated formal FY26 guidance have mixed implications, where the company expect revenue growth of 16-18% (vs. GS/consensus at +15.9%/+1 ...