金吾财讯 | 国信证券研报指，宝胜国际(03813)上半年收入下滑8%，折扣扩大致毛利率下滑，库存保持健康水平。公司全渠道表现稳健，线下门店受客流下滑影响承压。1）线上全渠道收入增长16%，直播销售表现突出。2）线下直营门店数量及店铺面积维稳，同店增速受客流疲软影响。3）多元矩阵布局：计划优化产品组合，发展自主品牌、风口细分赛道、自有渠道胜道仓+胜道生活。该机构看好销售恢复正向增长后业绩弹性。今年受消费力疲软影响营收增长承压，在库存健康基础上，盈利能力有望维稳；未来伴随销售恢复正向增长，在正向经营杠杆下将有较好的业绩弹性。基于短期零售环境压力仍较大，该机构下调盈利预测，预计2025-2027年净利润为3.9/4.7/5.2亿元（前值为4.9/5.4/6.0亿元），同比-21%/+21%/+11%；维持0.59~0.69港元目标价，对应2026年6-7xPE，维持“优于大市”评级。
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