2025-05-20-Bernstein-亚玛芬体育公司（AS）_Amer_Sports2025年第一季度收益超出预期75_并上调全年指引_15页_392kb

Amer Sports Inc reported strong Q1 2025 results, with 23.5% YoY revenue growth driven by robust performance across all business segments and regions. Key highlights include a 78.9% YoY jump in operating income and a 19.0% increase in SG&A costs, but strong margins due to efficient management.

Operational improvement is noted, with a significant restructuring of the business. The Outdoor Performance segment achieved a 25.0% YoY revenue growth and a 245.8% YoY jump in operating profit, contributing to overall margin expansion, and has an adjusted operating margin of 14.7%.

Amer Sports raised its FY25 guidance to a $0.67-0.72 EPS range, a 4.5% increase from previous projections—attributed to accelerated sales momentum and a modest tax rate improvement. For the implied YTD implied performance, the guidance seems conservative.

Investment views were enhanced with Bernstein increasing its price target from $32 to $43, citing stronger than expected revenue growth. Salomon is highlighted as a key growth driver, with over 60% YoY growth in Greater China and improved margins.

Risks include increased competition and potential tariff impacts on margins.

Valuation metrics improvements (EV/EBIT down to 39x) support growth expectations, with metrics indicating upside potential.