宝胜1H25零售折扣同比加深低单位数,令1H25毛利率同比下降0.7ppt,而收入下滑(同比下降8.3%)所带来的负经营杠杆导致经营利润与归母净利润分别同比下降42%和44%。我们预测滔搏FY26(2025年3月至2026年2月)至今的收入跌幅小于宝胜,零售折扣与毛利率表现与宝胜相近,但净利润端的表现远好于宝胜。基于以上判断,我们小幅调整滔搏的盈利预测,并维持“买入”评级,最新目标价为3.52港元...
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