证券研究报告 | 2024年05月24日 滔搏（06110.HK） 买入 2024 财年净利润增长 20%，维持 100%以上高分红率 核心观点 公司研究·海外公司财报点评 高效经营驱动收入与利润高质量增长。公司在中国经营以国际运动品牌为主 纺织服饰·服装家纺 的全域零售平台。公司收入同比+6.9%至289.3亿元；基于零售驱动、新品 证券分析师：丁诗洁 证券分析师：刘佳琪 驱动、多品牌复苏、全域渠道同步增长，实现高质量增长，利润率稳步提升， 0755-81981391 010-88005446 dingshijie@guosen.com.cnliujiaqi@guosen.com.cn 归母净利润同比+20.5%至22.1亿元。分商业模式看：零售强势恢复带动增 S0980520040004 S0980523070003 长，零售/批发渠道分别同比+8.9%/-3.3%；零售渠道中线上渠道增长快于线 基础数据 下，线上私域渠道增速最快。零售线上业务对整体零售金额占比达到20-30% 投资评级 买入(维持) 中段，较疫情前单位数占比有明显提升。分品牌看：主力品牌/其他品牌分 合理估值 6.80 - 7.20港元 ...

证券研究报告 | 年报点评报告 2024年05月23日 滔搏（06110.HK） 终端零售逐步改善，FY2024 收入稳健增长 公司 FY2024 营收同比增长 7%，业绩增长 20.5%。公司 FY2024 买入（维持） （2023年3月~2024年2月）营收同比增长 6.9%至289.33 亿元， 股票信息 毛利率同比略有提升 0.1pcts 至 41.8%，期内品牌客户给予公司的特 行业 服装零售商 殊支持同比减少，但受益于零售折扣改善以及零售收入占比提升，公 前次评级 买入 司毛利率同比仍有小幅上升，销售费用率同比下降0.9pcts至28.9%， 5月23日收盘价(港元) 5.49 管理费用率同比下降 0.2pcts 至 3.9%，归母净利率同比提升 0.9pcts 总市值(百万港元) 34,044.71 至 7.6%，归母净利润同比增长 20.5%至 22 亿元，盈利能力改善明 总股本(百万股) 6,201.22 显。 其中自由流通股(%) 100.00 公司宣告派发年末股息人民币5分/股以及特别股息15分/股，连同中 30日日均成交量(百万股) 6.77 期股息16分/股，全财年派息率为100.9 ...

Investment Rating - The report maintains a **Buy** rating for Topsports International (6110 HK) with a target price of HKD 7.20, representing a potential upside of 26.3% from the current price of HKD 5.70 [1][2] Core Views - Topsports' FY24 results were in line with expectations, with sales and net profit growing by 6.9% and 20.4% YoY respectively, though slightly below consensus estimates by 3% [1] - The company achieved a payout ratio of over 100% and a dividend yield of 7%, continuing its trend of high shareholder returns [1] - Topsports is transitioning from a pure offline distributor to a robust omnichannel sports ecosystem, leveraging its strong membership base and content creation capabilities [1][2] Financial Performance - FY24 revenue reached RMB 28.93 billion, up 6.9% YoY, with net profit growing 20.4% to RMB 2.21 billion [1][5] - Gross margin improved by 0.1 percentage points to 41.8%, driven by reduced retail discounts and a higher proportion of retail sales [1][5] - Operating profit margin expanded by 0.7 percentage points to 9.6%, while net profit margin increased by 0.9 percentage points to 7.6% [5] Business Segments - Retail sales grew 9% YoY, supported by a 6% increase in average store size and high single-digit growth in sales per square meter, despite a 6% reduction in store count [1] - Wholesale sales declined 3% YoY, with a sharper drop of 6% in the second half [1] - Online retail sales accounted for mid-20% of total retail sales, up from low-20% in the previous year [1] Strategic Initiatives - Topsports is enhancing its omnichannel ecosystem through partnerships with Fanatics and the addition of the premium trail running brand norda [1] - The company is leveraging its 76.3 million members and WeChat followers to drive online sales and customer engagement [1] - Topsports is adapting its store operations to serve nationwide demand rather than just local demand, with increased focus on live streaming and online content marketing [1] Industry Comparison - Topsports' performance is compared with other major players in the sports apparel industry, including Li Ning, Anta, and Nike, highlighting its competitive positioning [8] - The report provides a detailed breakdown of retail and wholesale growth trends across different brands and regions [8] Valuation and Forecasts - The target price of HKD 7.20 is based on a 15.0x FY25-26E P/E ratio, down from a previous 17.0x FY24-25E average P/E [2] - Revenue is forecasted to grow at a CAGR of 9.5% from FY24 to FY27, reaching RMB 38.00 billion by FY27 [4][5] - Net profit is expected to grow at a CAGR of 14.4% over the same period, reaching RMB 3.31 billion by FY27 [4][5]

Investment Rating - Maintain "Overweight" rating with a current price of HKD 5.49 [1] Core Views - The company achieved a 6.9% YoY increase in revenue and a 20.5% YoY increase in net profit attributable to shareholders in FY2024, with a dividend payout ratio of 100.9% [2] - The company's profit growth outpaced revenue growth due to a slight increase in gross margin and a decrease in expense ratio [2] - The company continues to expand its brand portfolio and enhance its omnichannel retail capabilities, with a focus on improving operational efficiency and user engagement [5] Financial Performance Revenue and Profit - FY2024 revenue reached RMB 28.933 billion, up 6.9% YoY, while net profit attributable to shareholders was RMB 2.213 billion, up 20.5% YoY [2] - EPS for FY2024 was RMB 0.36, with a final dividend of RMB 0.05 per share and a special dividend of RMB 0.15 per share, combined with an interim dividend of RMB 0.16 per share [2] - Gross margin increased by 0.1 percentage points (PCT) to 41.8%, operating margin rose by 0.6 PCT to 9.6%, and net margin attributable to shareholders increased by 0.8 PCT to 7.6% [2] Segment Performance - Revenue from core brands (Nike + Adidas) grew by 6.5% YoY, while revenue from other brands increased by 10.5% YoY [2] - Retail channel revenue grew by 8.9% YoY, while wholesale channel revenue declined by 3.3% YoY [2] - The number of directly operated stores decreased by 6.4% YoY to 6,144, but average store size increased by 6.0% [3] Operational Efficiency - Inventory turnover days decreased by 13 days to 136 days, while accounts receivable turnover days increased by 1 day to 15 days [3] - Operating cash flow decreased by 28.1% YoY to RMB 3.129 billion [3] Brand and Channel Strategy - The company has expanded its brand portfolio by partnering with HOKA, Kailas, and norda, and has initiated a collaboration with Fanatics for IP commercialization in Greater China [5] - Online sales accounted for 20-30% of total direct sales, with live-streaming sales increasing approximately 5x YoY [5] - The company has 76.3 million cumulative users as of February 2024, with a 12.4% YoY increase in user count and high single-digit growth in per-user value [5] Future Outlook - The company is expected to maintain steady growth through brand diversification and omnichannel retail capabilities, with a high dividend payout ratio averaging 7.5% over the past three fiscal years [6] - FY2025-2027 EPS forecasts are adjusted to RMB 0.39, RMB 0.43, and RMB 0.47, respectively, with PE ratios of 13x and 12x for FY2025 and FY2026 [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TOPSPORTS INTERNATIONAL HOLDINGS LIMITED 滔搏國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：6110) 截至 2024 年 2 月 29 日止年度 全年業績公告 財務摘要 | | | 截至 | | | --- | --- | --- | --- | | | | 2 月 29 日止年度 | 2 月 28 日止年度 | | | | 2024 年 | 2023 年 | | 收入 | 人民幣百萬元 | 28,933.2 | 27,073.2 | | 毛利 | 人民幣百萬元 | 12,080.8 | 11,284.2 | | 經營利潤 | 人民幣百萬元 | 2,786.5 | 2,430.9 | | 本公司權益持有人應佔利潤 | 人民幣百萬元 | 2,213.0 | 1,836.6 | | 毛利率 | % | 41.8 | 41.7 | | 經營利潤率 | ...

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浦银国际研究 公司研究 | 消费行业 滔搏（6110.HK）：低估值、高股息、 林闻嘉 优质基本面带来较强的防御性 浦 首席消费分析师 银 richard_lin@spdbi.com 国 我们认为滔搏短期较弱的收入表现已基本反映在股价中，同时认为公 (852) 2808 6433 司当前较低的估值水平与较高的股息率，叠加其优秀的基本面和现金 际 桑若楠，CFA 流，为滔搏的股价提供了很强的防御性，可支撑滔搏后市维持稳健的 股价表现。下调滔搏目标价至 7.0 港元，维持滔搏“买入”评级。 消费分析师 serena_sang@spdbi.com  当前股价已反映 2024年以来较弱的收入趋势：基于疲弱的终端需求 (852) 2808 6439 公 以及较高的基数，我们预计滔搏 1-2 月收入同比小幅下滑低单位数， 司 2024年4月12日 与行业表现基本一致。结合 2023 年 12 月在低基数之上较高速的收 研 入增长，我们预测滔搏 4QFY24 整体收入同比增长中单位数。我们预 评级 究 计滔搏 3 月的收入延续了1-2 月小幅下跌的趋势，但跌幅远小于主要 同业（宝胜）。公司库存依然维持健康水平，2 月底库 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][62]. Core Views - The report emphasizes that the low valuation of the company is due to market misconceptions about retail distributors, which are seen as lacking brand ownership and pricing power. However, the company possesses operational efficiency and a strong retail management capability, making it a valuable partner for international brands [4][12]. - The company is expected to benefit from the recovery of international brands in the Greater China region and the introduction of new brands, which will support a new round of store expansions [5][50]. Summary by Sections Financial Performance - The company's projected net profits for FY2024-2026 are 2.29 billion, 2.61 billion, and 2.91 billion CNY respectively, with corresponding EPS of 0.4, 0.4, and 0.5 CNY. The current stock price corresponds to PE ratios of 13.0, 11.3, and 10.0 times [4][62]. - The revenue for FY2024 is expected to be 29.58 billion CNY, showing a year-on-year growth of 9.3% [7][62]. Market Position and Growth Potential - The company is positioned to enhance its market share due to its efficient retail operations and the ongoing recovery of international brands, particularly Adidas, which is expected to exceed expectations in terms of growth [6][50]. - The report highlights that the company's average monthly store efficiency is leading compared to peers, and its digital management capabilities are expected to further enhance operational efficiency [5][39]. Competitive Landscape - The retail industry is shifting from scale expansion to quality improvement, with the company leveraging its digital and refined management to maintain a competitive edge [5][12]. - The report notes that the competitive landscape is becoming increasingly concentrated, with larger retailers gaining more market share, particularly in first to fourth-tier cities [5][44]. Operational Efficiency - The company has demonstrated resilience during the pandemic, with its revenue recovery outperforming competitors. The report indicates that the company's gross margin has remained stable, supported by effective inventory and discount management [11][27]. - The operational metrics show improvements in inventory turnover and cash flow efficiency, which are expected to enhance the company's return on equity (ROE) in the medium term [58][61]. Future Outlook - The company is expected to continue expanding its store network while focusing on improving efficiency rather than merely increasing the number of stores. The report anticipates a gradual return to expansion in FY2024, with a focus on enhancing store performance metrics [56][62]. - The introduction of new brands and the ongoing recovery of existing brands are projected to create additional growth opportunities for the company [55][62].

目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 首席執行官報告書 | 4 | | 管理層討論及分析 | 13 | | 中期財務資料的審閱報告 | 19 | | 簡明綜合損益表 | 20 | | 簡明綜合全面收益表 | 21 | | 簡明綜合資產負債表 | 22 | | 簡明綜合權益變動表 | 24 | | 簡明綜合現金流量表 | 25 | | 簡明綜合中期財務資料附註 | 26 | | 一般資料 | 41 | 公司資料 董事會 執行董事 于武先生 （主席兼首席執行官） 梁錦坤先生 非執行董事 盛放先生 翁婉菁女士 胡曉玲女士 獨立非執行董事 林耀堅先生 華彬先生 黃偉德先生 授權代表 梁錦坤先生 翁婉菁女士 審核委員會 林耀堅先生 （主席） 華彬先生 黃偉德先生 薪酬委員會 華彬先生 （主席） 于武先生 林耀堅先生 提名委員會 黃偉德先生 （主席） 于武先生 林耀堅先生 公司秘書 梁錦坤先生，資深會計師 註冊辦事處 P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands 總辦事處及香港主要 營業地點 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TOPSPORTS INTERNATIONAL HOLDINGS LIMITED 滔搏國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：6110) 截至 2023年 8月 31日止六個月 中期業績公告 財務摘要 未經審核 截至8月31日止六個月 2023年 2022年 收入 人民幣百萬元 14,176.5 13,218.0 毛利 人民幣百萬元 6,340.8 6,030.7 經營利潤 人民幣百萬元 1,725.9 1,580.5 本公司權益持有人應佔利潤 人民幣百萬元 1,337.2 1,145.4 毛利率 % 44.7 45.6 經營利潤率 % 12.2 12.0 本公司權益持有人應佔利潤率 % 9.4 8.7 每股盈利－基本及攤薄 人民幣分 21.56 18.47 每股股息 - 中期 人民幣分 16.00 13.00 ...