滔搏(6110.HK):库存去化顺利 期待FY26业绩弹性

海通证券
Dec 23, 2024

FY25Q3 销售环比改善。FY25Q3(2024 年9 月-11 月),公司零售及批发业务之总销售金额同比录得中单位数下跌,FY25Q2 为10-20%低段下跌,去年同期为10-20%低段增长。FY25Q3 公司销售环比Q2 有所改善,我们预计主要源于:1)受假期及线上大促提前影响,线上渠道促销氛围浓厚,公司紧抓线上销售窗口期加大投入,线上渠道收入增长较快提振整体表现;2)为优化库存水平,折扣...

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