Amer Sports
(AS US)
大中華區成長靚麗,上調FY24收入指引並預計FY25低中雙數增長
24Q3E results: Greater China growth leap amid a generally strong showing; Amer upgrades full-year guidance
BUY (maintain) |
投資要點/Investment Thesis
投資要点/Investment Thesis
公司發佈FY24Q3業績公告
24Q3公司收入13.54億美金,可比匯率下同增17%;調後淨利0.71億美金,同增651%;
24Q1-3公司收入35.5億美金,同增15%;
24Q3分業務,功能服飾(始祖鳥等)收入5.2億美金,同增33%;戶外(薩洛蒙等)收入5.34億美金,同增7%;球類&球拍運動收入3億美金,同增11%。
24Q3所有品牌和地區表現都非常強勁;在Arc'teryx引領下,獨特的優質技術+品牌組合繼續保持出色的增長和盈利能力,並在全球運動和戶外市場佔據市場份額。公司抓住Arc'teryx和Salomon鞋類增長機會,Ball&Racquet部門收入加速實現兩位數增長。
分地區,公司24Q3大中華區收入3.13億美金,同增56%;亞太區(除大中華)收入1.25億美金,同增47%;美洲收入4.88億美金,同增7%;EMEA收入4.29億美金,同增4%。
分渠道,公司24Q3 DTC收入4.8億美金,同增41%;批發收入8.74億美金,同增8%。
公司24Q3調後毛利率55.5%,同增4.1pct;調後營業利潤率14.4%,同增2.8pct,其中功能服飾20%,同增3.7pct;戶外17.5%,同減0.4pct;球類&球拍運動6.9%,同增6pct。
截至2024年9月30日,功能服飾/戶外/球類&球拍運動部門直營門店分別為212/196/45家,較2023年9月底分別增加33/80/36家;庫存同增12%;季度末現金和等價物總計3.12億。
24Q3E strong revenue growth with net earnings growth spike of 651% yoy
Amer Sports released unaudited results for the third quarter on 19 Nov. Management said all brands and market regions did well in the third quarter, led by Arc’teryx. The company enjoys a premium positioning for a strong brand portfolio of functional products. This continued to drive stable strong growth and profitability trends, while helping the company expand market share in the global sports and outdoor categories. It took growth opportunities in Arc’teryx and Salomon footwear, while the ball and racquet division posted double-digit revenue growth.
Key financial metrics:
•24Q3E revenue arrived at USD1.35bn, up 17% yoy at constant currency; while adjusted net profit came to USD71m, up 651% yoy.
•24Q1-3E revenue amounted to USD3.55bn, up 15% yoy.
Segmental revenue performance in 24Q3E:
Product categories
•Functional apparel (including Arc’teryx) generated USD520m revenue, up 33% yoy;
•Outdoor market (including Salomon) generated USD534m revenue, up 7% yoy;
•Ball and racket sports contributed USD300m revenue, up 11% yoy.
Market regions
•Greater China generated revenue of USD313m, up 56% yoy;
•Asia Pacific ex-Greater China contributed USD125m, up 47% yoy;
•Americas came to USD488m, up 7% yoy;
•EMEA posted USD429m, up 4% yoy.
Channels
•Direct-to-consumer (DTC) was USD480m, up 41% yoy;
•Wholesale revenue was USD874m, up 8% yoy.
Profitability
•Adjusted gross margin was 55.5% in 24Q3E, up 4.1ppt yoy;
•Adjusted operating margin was 14.4%, up 2.8ppt yoy; with
-Functional apparel at 20%, up 3.7ppt yoy;
-Outdoor sports at 17.5%, down 0.4ppt yoy; and
-Ball and racket sports at 6.9%, up 6ppt yoy.
Operations
•Store network: the functional apparel/outdoor/ball and racket sports divisions directly operated 212/196/45 stores as of 30 Sep 2024, up by 33/80/36 stores from end- September 2023;
•Inventory increased 12% yoy in Q3E;
•Cash and cash equivalents amounted to USD312m at the end of the quarter.
上調24全年收入指引,OPM向高端邁進
24全年指引:收入同增16-17%(此前15-17%);OPM10.5%-11%高段;毛利率55.3-55.5%(此前54.5%);其中功能服飾同增超過34%(原30%),部門OPM略高於20%;戶外部門同增約8%,部門OPM高個位數;球類&球拍運動營收同增4%,部門OPM低中個位數。
公司全球團隊將品牌和強大執行力相結合,推動毛利率和營業利潤率增長。Arc'teryx品牌利潤最高,增長強勁,加上球拍和冬季運動器材的改善趨勢,使得上調全年銷售額和收益指引。
公司同時對2025年初步展望充滿信心,即低中兩位數年收入增長,以及在毛利率擴張推動下實現30-70基點的年度調整後OPM增長。
2024E revenue guidance upgrade and OPM moves to high end of 10.5-11%
Key financial guidance: Amer Sports updated its guidance for 2024E performance:
•Revenue growth upgraded to a range of 16-17% (previously 15-17%);
•Operating profit margin moves to the high end of 10.5-11%;
•Gross profit margin of 55.3-55.5% (previously 54.5%).
Product segment guidance:
•Functional apparel: revenue upgraded to about 34% (previously 30%), with OPM edging past 20%;
•Outdoor division: revenue up about 8% yoy, with OPM at a high-single-digit percentage;
•Ball and racket sports: revenue growth of about 4%, with OPM at a low-to-mid single digit.
Guidance factors: the company said its rosy full-year guidance is fueled by the strong Q3E results, which it attributes to strong execution from its brand teams around the world in driving gross margin and operating margin growth. Amer Sports felt emboldened to raise full-year sales and earnings guidance on the strength of excellent growth at Arc’teryx, its most profitable brand, alongside rackets and winter sports equipment uptrends.
2025E initial outlook: the company feels confident enough to provide initial guidance for 2025E revenue growth of a low-to-mid double-digit and 30-70ppt adjusted OPM growth on GPM expansion.
投資建議/Investment Ideas
維持盈利預測,維持“買入”評級
Amer Sports是一家全球性的標誌性運動和戶外品牌集團,旗下擁有始祖鳥(Arc'teryx)、薩洛蒙(Salomon)、威爾勝(Wilson)、Peak Performance、Atomic和Armada等品牌。公司旗下品牌以精湛工藝、堅持原創和高端市場定位而聞名。
作為卓越服裝、鞋類和設備的創造者,公司憑藉尖端創新、性能和設計,助力精英運動員和普通消費者都能發揮最佳水平。
預計公司24-26年收入分別為51億美元、58億美元、67億美元;
歸母利潤為1.7億美元、3.2億美元、4.4億美元;
對應EPS分別為0.35美元/股、0.66美元/股、0.90美元/股;
對應PE分別為59X、32X、23X。
Valuation and risks
Amer Sports’ sports and outdoor brand stable includes Arc’teryx, Salomon, Wilson, Peak Performance, Atomic and Armada. We tend to agree with the company’s view that its brands are recognized in the market for their high-end functionality, originality and craftsmanship. We forecast revenue of USD5.1bn/5.8bn/6.7bn and net profit at USD170m/320m/440m in 2024/25/26E; implying EPS of USD0.35/0.66/0.90 and PE of 59x/32x/23x. We maintain our BUY rating on the stock.
風險提示:行業競爭加劇風險;供應鏈相關風險;商品價格風險;通貨膨脹風險;資金風險;流動性風險等。
Risks include: intensifying competition; supply chain risks; merchandise pricing risks; inflation risks; capital risks; and liquidity risks.
Email: research@tfisec.com
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