本报告导读:FY2025Q3 流水符合预期,库存有望逐步改善,期待2025 年利润弹性。投资要点:投资建议:中 长期,看好公司在强大零售运营能力下实现健康稳健增长;短期,期待在Nike 经营改善及消费整体复苏下,滔搏业绩弹性释放,我们维持FY2025-FY2027 归母净利预测为13.9/15.9/17.9亿元人民币,对应PE 分别为12/10/9 倍,维持“增持”评级。FY2025Q3 流水符合...
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