【券商聚焦】交银国际维持滔搏(06110)中性评级期待下半财年出现更加明确的修复信号

金吾财讯

Oct 27

金吾财讯 | 交银国际研报指，滔搏(06110)2026上半财年营业收入为123.0亿元人民币，同比下降5.8%，上半年毛利率同比微降0.1个百分点至41.0%。净利率同比下降0.3个百分点至6.4%，净利润同比下降9.8%至7.9亿元人民币，大致符合预期。管理层维持全年净利润同比持平、净利润率改善的指引，并表示近期销售趋势与2季度相若，折扣仍然同比有所加深。分品牌看，主力品牌/其他品牌分别同比下降4.8%/12.2%，主力品牌跌幅优于其他品牌及整体表现。公司表示目前正积极与主力品牌合作完善线上线下渠道管理、改善整体折扣水平。此外，公司计划重点深化跑步和户外细分赛道，发展norda、soar、Ciele和Norrøna等新品牌。该机构指，公司继续调整门店结构和改善质量，截至2025年8月末，公司直营门店数量净减少332家至4,688家，仍处于下降趋势，总销售面积同比减少14.1%，但单店面积同比增长6.5%。管理层表示，目前线下客流仍面临压力，期内线下同店客流下滑双位数。公司正实施"优选+优化"原则，对新店和改造店执行更严格的标准，单店面积更大但装修投入更克制。该机构期待下半财年出现更加明确的修复信号，目前保持盈利预测和目标价不变，维持中性评级。公司中期派息率为102%，接近7%的预期股息率将为公司股价提供下行保护。

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