Amer 發佈FY2024業績預告
公司預計FY2024全年營收增長率將處於此前指引區間（16-17%）的高端，預計全年調整后營業利潤率將處於此前指引區間（10.5-11.0%）的高端。
此外，FY24Q4已償還全部12億美元的未償還定期貸款，並預計FY2025調整后的凈財務成本約為1.2億美元，此前的指引為1.8-1.9億美元。
公司成長勢能確認
儘管FY24Q4不利的外匯匯率波動帶來的阻力不斷加大，但公司預計品牌組合在FY24Q4依然實現了強勁的增長和盈利，表明其品牌組合具有較強市場競爭力。同時，近期的融資舉措以及第四季度強勁的現金轉換能力，使公司能夠在年底前償還一半以上的債務，顯著降低了資產負債表的槓桿率。
公司預計未來在旗艦品牌始祖鳥（Arc’teryx）和薩洛蒙（Salomon）鞋類產品持續全球擴張的引領下，有能力實現可持續的長期增長和利潤率提升。
公司榮膺“2025中國傑出僱主”
2025年1月，傑出僱主調研機構（Top Employers Institute）發佈“2025中國傑出僱主”榜單，公司憑藉卓越的人才發展戰略、創新員工關懷計劃以及深厚的企業文化等多方面突出表現榮膺“中國傑出僱主”。以“2025中國傑出僱主”這一榮譽為新起點，公司將持續深化人才發展戰略，吸引多元化優秀人才，強化卓越僱主品牌，打造運動行業的標杆典範。
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基點的年度調整后OPM增長。
Amer Sports clinched an industry accolade as one of China’s top employers more days after it released a rosier preview of 2024E results. Amid volatile FX headwinds in 24Q4, its strong stable of brands drew solid performances across all markets and categories. We maintain our BUY call.
The gist: BUY
·Revenue and OPM set to touch top end of guidance range on brand growth
·Repaid USD1.2bn in outstanding term loans despite currency headwinds
·Lands Top Employer certification for best workplace practices
2024E preliminary results: rosier expectations ahead of final results report
Key financials:
Amer Sports (AS) released preliminary results for 2024E on 13 Jan, ahead of its final results release slated for 25 Feb. AS expects:
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Revenue growth could come in at the high end of its previously announced 16-17% guidance range; and
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Adjusted operating margin could touch the top end of its 10.5-11.0% guidance range.
Paid off loans:
the company said it fully repaid USD1.2bn in outstanding term loans during 24Q4. It now expects adjusted net financial costs for 2025E to be about USD120m (vs the guided USD180-190m).
Solid growth across the board in all markets and businesses
Brand strength:
despite growing headwinds from unfavorable fluctuations in FX rates in 24Q4, AS expects its brand portfolio drive strong growth and profitability, which is indicative of its brands’ sharp competitive edge in the market.
Lower leverage:
recent financing initiatives and strong cash conversions also enabled the company to repay more than half of its debt before the 2024 year-end, which significantly reduced leverage on the balance sheet.
Outlook:
the company expects sustainable long-term growth that would continue to widen profit margins as it expands the global market for Arc’teryx and Salomon, its flagship footwear brands.
Milestone accolade: international recognition as a China Top Employer 2025
AS has been named among 157 organizations in China as a Top Employer for 2025 by the Top Employers Institute, an internationally recognized certification authority that showcases excellence in manpower practices at organizations that meet its rigorous standards. The company earned the accolade for its commitment to fostering best human resource strategies and practices. It excels in many areas, including talent development, employee welfare and nurturing a vibrant workplace culture. Moving ahead, AS plans to keep grooming and attracting top talent, strengthening its employer brand and establishing strong benchmarks for the sports industry.
Strong execution:
its global team is able to drive margin expansion by tapping strong brand power and execution capabilities. The company’s most profitable brand, Arc’teryx, enjoys robust growth, backed by improving trends in rackets and winter sports equipment, which led the company to boost its guidance for full-year sales and earnings.
Outlook:
AS is confident of achieving double-digit revenue growth in 2025E and gross margin expansion, which would help widen adjusted operating profit margin by 30-70ppt.
