金吾财讯 | 浙商证券发研报指，受消费环境变化影响，滔搏(06110)在2024/3/1-5/31、6/1-8/30两个季度零售及批发业务总销售金额同比分别有中单位数和10%-20%低段的下滑，由此公司上半财年收入同比下滑7.9%至130.6亿元，其中销售货品收入129.6亿，同比-7.9%，联营收入电竞收入也分别同比下滑15.7%和0.5%。直营继续推进门店体验提升、新品牌表现略好于主力品牌；收入下滑的同时，上半财年公司毛利率同比下降3.6pp至41.1%，主要来自零售折扣加深、批发占小幅度提升以及库存拨备增加带来的影响，毛利额同比减少9.8亿元。考虑下半财年仍然存在零售环境压力，预计经营负杠杆影响仍在，期待在政策促进下26财年销售及盈利能力逐步复苏，预计FY25/26/27年收入-7%/+6%/+5%至268/283/298亿元，归母净利-38%/+16%/+13%至13.6/15.8/17.9亿元，对应PE11/9/8X，考虑到公司强力的合作品牌矩阵、健康的现金流以及高分红属性，维持“买入”评级。
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