本报告导读：品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc’teryx DTC 战略显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。投资要点：投资建议:我们预测公司2025-26 年净利润4.47/5.66 亿美元，同比增516%/27%，给予2025 年PE 估值52X，对应目标价42.00 美元，维持“增持”评级。高景气市场开拓+渠道优化扩张，业绩显著提速...
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