金吾财讯 | 长江证券发布研报指，滔搏(06110)发布FY2025Q3（9-11月）零售数据，Q3流水同比中单位数下滑，环比改善显著（Q2低双下滑）。Q3延续去库，折扣仍同比加深，但预计去库表现符合公司预期，财年底库存有望迎来显著改善。
该行指，2025财年公司业绩&估值处于底部，当前FY2025股息率~8%具备绝对收益价值。Q3零售表现趋势向好，库存调整符合公司预期，明年库存改善后轻装上阵，毛利率恢复及强控费能力下，预计业绩&估值具备高弹性。此外Nike重视经销商关系，产品&渠道优化，发力大中华区，明年零售改善可期。
该行预测，FY2025-FY2027年归母净利润为13.9/16.6/18.8亿元，对应估值为12/10/9X，FY2025/2026股息率~8%/10%，高股息弹性标的，维持“买入”评级。
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