智通财经APP获悉，麦格理发布研报称，将滔搏运动(06110)评级由“中性”上调至“跑赢大市”，目标价由2.72港元上调至4.9港元，对滔搏2025财年净利润预测基本保持不变，但将2026财年净利润预测下调3%。
麦格理指出，滔搏运动旗下“Nike”品牌已在业务的不同方面进行调整，若Nike在中国市场有复苏迹象，相信将首先反映在滔搏的表现上。该行料公司收入同比下跌的幅度将有所收窄，以及在将于5月公布的2025财年下半年业绩中回归健康的库存水平。
麦格理预计，滔搏2025财年下半年收入将同比下跌4%;净利润将同比下降34%。另将滔搏2026财年下半年毛利率预测由37.3%上调至37.6%。该行提及，滔搏在2024及2025财年合计关闭约1,100间门店后，预计门店数量将大致稳定在5,500间;同时预计2026财年的线下流量将稳定，这应使线上零售销售比例稳定于约30%至40%。该行认为，线下流量的稳定对于滔搏进一步的利润率复苏至关重要。
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