金吾财讯 | 开源证券发研报指，滔搏(06110)FY2025Q3流水同比中单下降，线下客流下滑幅度略改善、线上流水占比显着提升，折扣加深、库销比略提升。另外，线下门店加速淘汰并精准开改，单店面积提升，持续践行全域一体化管理。该行维持盈利预测，预计FY2024-2026归母净利润为13.3/15.3/18.1亿元，当前股价对应PE为12.2/10.6/9.0倍，12月以来流水表现环比Q3改善，预计主力品牌渠道、产品表现预计在组织架构调整后有所改善，同时配合期货订单调整、补贴等，预计FY2025财年底库存改善后迎来业绩复苏阶段，维持“买入”评级。
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