瑞银研究报告指，滔搏(06110.HK) 2025财年收入及净利润，分别按年下滑7%和42%，至270亿和12.86亿元人民币(下同)，当中下半财年收入及净利润为140亿和4.11亿元，符合公司此前指引。虽然股息表现优于预期，但管理层对2026财年利润保持稳定的展望，未达该行预期。该行将其目标价由3.6港元下调至3.55港元，评级“买入”。
报告指，滔搏2025财年下半年毛利率按年下降2.9个百分点至36%，大致符合该行预期。销售及管理费用率按年上升0.5个百分点至33.1%，较预期高出1个百分点，因线上销售增长带动其他费用增加；惟部分被税率下降至8.9%所抵销，相对于2025财年为17.6%。公司派息率达135%，优于该行预期的100%。
瑞银表示，滔搏管理层对2026财年持保守态度，预计净利润保持平稳，并着重提升效率以改善净利润率。虽然对毛利率看法审慎，但目标透过控制营运成本增强盈利能力。(hc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-22 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.