【券商聚焦】国金证券维持滔搏(06110)买入评级 预计FY26公司业绩维持稳定

金吾财讯
Oct 24

金吾财讯 | 国金证券研报指出,滔搏(06110)于10月22日公布FY2026中期业绩。H1实现营收122.99亿元,同降5.8%,归母净利润7.89亿元,同降9.7%,公司宣告派发中期股息每股0.13元,派息率约102%,分红维持高水平。该机构指出,H1公司毛利率为41.0%,同比微降0.1pct,主要得益于零售业务对整体收入的贡献占比提高以及耐克阿迪等品牌方的支持,有效对冲了线上业务占比提升及折扣加深带来的负面影响。销售及管理费用率同比基本保持稳定,体现了公司审慎的费用管控能力和全域零售布局带来的灵活性。期末存货周转天数为150天,同比增加2天,库存水平健康。该机构表示,公司维持全年业绩持平,净利润率提升的指引,公司将继续聚焦全域零售,线上多平台协同与线下渠道优化有望驱动增长。从主要品牌来看,耐克FY26Q1营收恢复超预期,主力品牌业务有望筑底回升。2)持续提升运营效率,深化数字化赋能。3)新拓品牌布局跑步和户外赛道,如nordaTM、soar、Ciele 和 Norrøna 等,并开设跑步集合店ektos,逐步从传统经销商向品牌运营商转变,拓展能力圈,为长期增长注入新动能,期待公司未来在流水稳健恢复叠加经营提效背景下业绩弹性逐步释放。该机构预计FY26公司业绩维持稳定,净利率有所提升。预计FY2026-FY2028年EPS为0.21/0.24/0.28元;PE分别为14/12/10倍,维持买入评级。

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