【券商聚焦】长江证券维持滔搏(06110)买入评级指耐克线上终止短期承压

金吾财讯

Jul 29

金吾财讯 | 长江证券发布研报指，滔搏（06110）及宝胜国际（03813）相继公告，收到耐克（NKE.US）正式通知，其中国内地耐克产品线上平台销售将于2027年1月1日起全面终止。该行指出，耐克产品线上平台销售收入分别占滔搏FY2026总收入及宝胜国际2025年总收入的22%及15%，线上业务终止预计短期将对公司经营造成重大负面影响。但中长期看，此举有望助推打造更强大、更可持续的零售市场生态，滔搏及宝胜国际也将在线下销售渠道与耐克保持紧密合作。长江证券认为，耐克收回中国内地线上经销权，短期有利于本土品牌及海外龙头品牌持续获取中国市场份额，耐克库存清理及折扣控制后也有望优化中国运动市场竞争格局。耐克试图通过渠道重塑重新夺回线上定价权和品牌力，但其产品力及溢价能力近年趋于下行，且过去削减批发合作伙伴也为竞争对手腾出市场空间，因此后续仍需关注耐克产品更新情况及经销商线下渠道运营表现。基于此，该行下调滔搏全年业绩预期，预计公司FY2027-FY2029实现归母净利润9.68亿、6.08亿及6.75亿元人民币，对应市盈率分别为7倍、11倍及10倍。在100%分红预期下，FY2027股息率预计达14%以上，维持“买入”评级。风险方面，该行提示零售恢复、多品牌整合及海外品牌库存去化不及预期。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://www.itiger.com/news/2655857191"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2655857191\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2655857191?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250106/NGZhNmEwMzJkNDhkNWE0NjE0NjM0MTA4NTA5NzI5NDQz.jpg","is_english":false,"pubTime":"2026-07-29 15:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2655857191","market":"fut","top_or_hot":-1,"title":"【券商聚焦】长江证券维持滔搏(06110)买入评级 指耐克线上终止短期承压","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/000783\">长江证券</a>发布研报指，<a href=\"https://laohu8.com/S/06110\">滔搏</a>（06110）及<a href=\"https://laohu8.com/S/03813\">宝胜国际</a>（03813）相继公告，收到<a href=\"https://laohu8.com/S/NKE\">耐克</a>（NKE.US）正式通知，其中国内地耐克产品线上平台销售将于2027年1月1日起全面终止。该行指出，耐克产品线上平台销售收入分别占滔搏FY2026总收入及宝胜国际2025年总收入的22%及15%，线上业务终止预计短期将对公司经营造成重大负面影响。但中长期看，此举有望助推打造更强大、更可持续的零售市场生态，滔搏及宝胜国际也将在线下销售渠道与耐克保持紧密合作。长江证券认为，耐克收回中国内地线上经销权，短期有利于本土品牌及海外龙头品牌持续获取中国市场份额，耐克库存清理及折扣控制后也有望优化中国运动市场竞争格局。耐克试图通过渠道重塑重新夺回线上定价权和品牌力，但其产品力及溢价能力近年趋于下行，且过去削减批发合作伙伴也为竞争对手腾出市场空间，因此后续仍需关注耐克产品更新情况及经销商线下渠道运营表现。基于此，该行下调滔搏全年业绩预期，预计公司FY2027-FY2029实现归母净利润9.68亿、6.08亿及6.75亿元人民币，对应市盈率分别为7倍、11倍及10倍。在100%分红预期下，FY2027股息率预计达14%以上，维持“买入”评级。风险方面，该行提示零售恢复、多品牌整合及海外品牌库存去化不及预期。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】长江证券维持滔搏(06110)买入评级 指耐克线上终止短期承压</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】长江证券维持滔搏(06110)买入评级 指耐克线上终止短期承压\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-07-29 15:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/000783\">长江证券</a>发布研报指，<a href=\"https://laohu8.com/S/06110\">滔搏</a>（06110）及<a href=\"https://laohu8.com/S/03813\">宝胜国际</a>（03813）相继公告，收到<a href=\"https://laohu8.com/S/NKE\">耐克</a>（NKE.US）正式通知，其中国内地耐克产品线上平台销售将于2027年1月1日起全面终止。该行指出，耐克产品线上平台销售收入分别占滔搏FY2026总收入及宝胜国际2025年总收入的22%及15%，线上业务终止预计短期将对公司经营造成重大负面影响。但中长期看，此举有望助推打造更强大、更可持续的零售市场生态，滔搏及宝胜国际也将在线下销售渠道与耐克保持紧密合作。长江证券认为，耐克收回中国内地线上经销权，短期有利于本土品牌及海外龙头品牌持续获取中国市场份额，耐克库存清理及折扣控制后也有望优化中国运动市场竞争格局。耐克试图通过渠道重塑重新夺回线上定价权和品牌力，但其产品力及溢价能力近年趋于下行，且过去削减批发合作伙伴也为竞争对手腾出市场空间，因此后续仍需关注耐克产品更新情况及经销商线下渠道运营表现。基于此，该行下调滔搏全年业绩预期，预计公司FY2027-FY2029实现归母净利润9.68亿、6.08亿及6.75亿元人民币，对应市盈率分别为7倍、11倍及10倍。在100%分红预期下，FY2027股息率预计达14%以上，维持“买入”评级。风险方面，该行提示零售恢复、多品牌整合及海外品牌库存去化不及预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KCE","symbol_name":"SPDR KBW Capital Markets ETF","start_time":0,"source_url":"1987029","article_id":"2655857191","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250106/NGZhNmEwMzJkNDhkNWE0NjE0NjM0MTA4NTA5NzI5NDQz.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2655857191","pubTimestamp":1785311948,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 长江证券发布研报指，滔搏 及宝胜国际相继公告，收到耐克正式通知，其中国内地耐克产品线上平台销售将于2027年1月1日起全面终止。该行指出，耐克产品线上平台销售收入分别占滔搏FY2026总收入及宝胜国际2025年总收入的22%及15%，线上业务终止预计短期将对公司经营造成重大负面影响。但中长期看，此举有望助推打造更强大、更可持续的零售市场生态，滔搏及宝胜国际也将在线下销售渠道与耐克保持紧密合作。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"KCE":"SPDR KBW Capital Markets ETF","NKE":"耐克","000783":"长江证券","06110":"滔搏"},"translate_title":"[Brokerage Focus] Changjiang Securities maintains the buy rating of Taobo (06110), which refers to Nike's online termination of short-term pressure","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KCE":1.5,"NKE":1.5,"000783":1.5,"06110":1.5},"content_text":"金吾财讯 | 长江证券发布研报指，滔搏（06110）及宝胜国际（03813）相继公告，收到耐克（NKE.US）正式通知，其中国内地耐克产品线上平台销售将于2027年1月1日起全面终止。该行指出，耐克产品线上平台销售收入分别占滔搏FY2026总收入及宝胜国际2025年总收入的22%及15%，线上业务终止预计短期将对公司经营造成重大负面影响。但中长期看，此举有望助推打造更强大、更可持续的零售市场生态，滔搏及宝胜国际也将在线下销售渠道与耐克保持紧密合作。长江证券认为，耐克收回中国内地线上经销权，短期有利于本土品牌及海外龙头品牌持续获取中国市场份额，耐克库存清理及折扣控制后也有望优化中国运动市场竞争格局。耐克试图通过渠道重塑重新夺回线上定价权和品牌力，但其产品力及溢价能力近年趋于下行，且过去削减批发合作伙伴也为竞争对手腾出市场空间，因此后续仍需关注耐克产品更新情况及经销商线下渠道运营表现。基于此，该行下调滔搏全年业绩预期，预计公司FY2027-FY2029实现归母净利润9.68亿、6.08亿及6.75亿元人民币，对应市盈率分别为7倍、11倍及10倍。在100%分红预期下，FY2027股息率预计达14%以上，维持“买入”评级。风险方面，该行提示零售恢复、多品牌整合及海外品牌库存去化不及预期。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}