金吾财讯 | 交银国际研报指，滔搏(06110)2026财年营业收入为257.4亿元（人民币，下同），同比下降4.7%，符合该机构此前预期，其中下半财年收入跌幅收窄至3.7%。期内毛利率同比下降0.4个百分点至38.0%，受折扣加深和线上占比提升拖累。费用管控成效显著，销售及行政费用率同比下降0.7个百分点至32.4%。最终，归母净利润同比下降1.5%至12.7亿元，净利率同比改善0.1个百分点至4.9%，大致符合该机构的预期。值得注意的是，公司自由现金流充沛，约为公司净利润的1.9倍；2026财年派息率达137%（对应股息率约12%），高股息率有望持续、有效保护股价下行风险。考虑到近期消费情绪偏软及品牌方的近期调整，该机构下调了2027-28年盈利预测并引入2029年预测，基于2027财年盈利的13倍目标市盈率，维持目标价2.98港元；公司股息率吸引，维持中性评级。虽然公司仍面临不确定性，但超过10%的预期股息率将为股价提供充分的下行保护。
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