安踏体育Amer业绩符合预期，维持强劲增长

长江证券2025-03-05

事件描述AMER发布2024年业绩公告，全年实现营收51.8亿美元，同比+17.8%，经调整净利润为2.4亿美元，同比扭亏3.4亿美元。其中Q4实现营收16.4亿美元，同比+23.2%；经调整净利润为0.9亿美元，同比扭亏1.2亿美元。事件评论业绩情况：Amer Sports公布2024年经营情况。公司2024全年实现收入51.8亿美元(彭博预期51.3亿美元)，同比+17.8%(此前指引+16%...

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Apparel产品销售强劲，引领收入增长。2)分地区，2024年EMEA/美洲/大中华/亚太地区收入分别+4%/-13%/+54%/+46%，大中华区和亚太地区在表现较优，美洲地区相对承压。3)分渠道，DTC/批发渠道2024年收入分别同比+43%/4%至22.7/29.2亿美元，DTC渠道延续强势增长，在公司收入比重逐步提升。业绩指引：公司预计2025全年收入+13%-15%(彭博预期58.9亿美元，同比+13.7%)，全年经调整经营利润率为11.5%-12%(彭博预期11.8%)。预计2025Q1收入+14%-16%(彭博预期13.8亿美元，同比+16.7%)，经调整经营利润率为11%-11.5%(彭博预期12.1%)。AMER收入稳健增长，财务费用收缩下预计后续持续为安踏贡献业绩。因此综合预计2024-2026年安踏体育实现归母净利润分别为120、139及154亿元(不考虑Amer一次性收益16亿元)，同比增长17%/15%/11%，现价对应PE分别为19/16/14倍，维持“买入”评级。风险提示1、运动鞋服需求疲软风险；2、开店不及预期风险；3、美国渠道库存积压风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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