招银国际发表研究报告指，透过该行的调查及参考不同品牌(如Adidas、宝胜及361度)管理层的评论，相信运动服装行业相比去年第四季，年初至今已呈转势。该行留意到滔搏(06110.HK) 在今年3月起2026财年的上行因素，包括宏观环境转好、推出更多新产品、更好的库存水平及折扣、主要品牌提供更多支持，以及户外品牌的增长快速。
该行料滔搏可在2026财年转势，销售回升4%以及纯利回升18%。而透过其调查，料滔搏截至今年2月底的第四财季零售销售将录得低单位数的跌幅，所以料今年2月底止2025财年的销售增长会录得5%跌幅，仍好过公司指引，纯利则料按年跌31%。意味2月底止下半财年销售及纯利按年分别跌2%及26%。
该行将其对滔搏2025财年至2027财年的纯利预测分别上调16%、18%及13%，以反映更好的销售增长以及零售折扣改善。另将公司评级升至“买入”，目标价由2.58元升至4.51元，认为现时估值不高。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-17 16:25。)
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