滔搏(06110.HK) 公布业绩后股价受压，今早平开后沽压增加，盘中曾低见2.87元一度下挫7.1%，最新报2.92元下滑5.5%，成交额5,737万元。滔搏公布2月止财政年度纯利12.86亿人民币，倒退41.9%，每股盈利20.74分。每股末期息2分，另派特别息12分
汇丰环球研究发表报告表示，滔搏(06110.HK) 2025财年(截至今年2月底止财年)净利润按年跌42%，符合公司指引，因公司于下半财年积极去库存。不过派息有惊喜，公司宣派末期息及特别息分别为每股0.02元人民币(下同)及0.12元，令全年股息达0.28元，派息比率为135%；以全年股息计算，股份收益率达8.7%。虽然管理层未有明确承诺维持相关派息比率，但指会维持于高水平。
滔搏管理层指引2026财年收入将按年下降，但目标净利润增长持平。该行预期2026财年净利润大致按年持平至13.04亿元，收入跌2.6%；又预期派息比率将回落至130%，并料8.5%的收益率可为股价带来下行支持。但由于内地的运动服饰行业仍然很高竞争，将抑制盈利上行空间以及重新评级。
该行将滔搏目标价由2.9港元降至2.8港元，维持“持有”评级，因相信在销售下行周期中，现金流可支持股息的上升潜力，提高其股息收益率。(ss/w)
(港股报价延迟最少十五分钟。沽空资料截至 2025-05-22 16:25。)
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