金吾财讯 | 申万宏源发研报指，滔搏(06110)发布FY25财年三季度运营数据，表现符合预期。FY25Q3（24年9-11月）公司直营、批发合计税前销售额同比下滑中单位数，表现符合预期，环比上个季度（FY25Q26-8月）10-20%低段下跌的表现有明显改善（数据均来自公司公告），呈现底部回升趋势。分渠道看，线上销售优于线下，双十一取得亮眼表现。库存水平保持稳健，折扣率短期有所加深。该行指，公司深耕运动服饰零售业务，聚焦全域零售的高质量增长，品牌拓展打造多元成长曲线。深度合作NIKE、Adidas两大主力品牌，零售运营能力突出，渠道优化升级提质增效，新品牌持续拓展贡献增量。短期调整不改中长期向好趋势，看好未来随着品牌方走出低谷、消费环境改善下，公司凭借优秀的零售运营能力重回高质量增长。维持盈利预测，预计FY25-FY27财年净利润为13.2/16.7/19.3亿元，对应PE为12/10/8倍，维持买入评级。
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