Investment Rating - The report assigns a rating of "Accumulate" for the company [2][4]. Core Views - Short-term sales pressure is expected to continue, but the company has significant long-term operational advantages. The report anticipates a healthy and steady growth driven by strong retail operational capabilities [4]. - The company has adjusted its net profit forecasts for 2024-2026 to RMB 1.9 billion, RMB 2.21 billion, and RMB 2.45 billion respectively, down from previous estimates of RMB 2.39 billion, RMB 2.62 billion, and RMB 2.89 billion [4]. - The report highlights that online sales are expected to continue growing, with a projected increase in online revenue share to 30% in FY2025Q1, compared to 20-30% in FY2024 [4]. Summary by Sections Sales Performance - The company’s retail and wholesale business total revenue is expected to show a year-on-year decline in the mid-single digits for FY2025Q1, with online growth outpacing offline due to fluctuating consumer demand and weak foot traffic [4]. - The report references industry peers, noting that the company’s revenue performance in June and July is expected to mirror Q1 trends, with continued differentiation between online and offline channels [4]. Profitability - The report indicates that the increase in online sales and negative operating leverage may impact overall profit margins. The overall discounting is expected to deepen slightly due to the higher proportion of online sales [4]. - The company’s historical return on equity (ROE) remains high, and it is expected to achieve further growth through enhanced multi-channel retail operations and optimized store structures [4]. Dividend Policy - The company has maintained a high dividend payout ratio of around 100% since 2021, demonstrating a commitment to returning value to shareholders [4].

浦银国际研究 公司研究 | 消费行业 滔搏（6110.HK）：短期收入与利润率承 压，但长期基本面依然稳健 • 短期需求面临挑战，下调 FY25 收入与利润预期：继 1QFY25（2024 年 3-5 月）收入同比下滑中单位数之后，滔搏 6-7 月的收入依然面临较 大挑战。我们预计 6-7 月收入同比下滑高单位数，下滑幅度高于 1QFY25。 尽管 8 月初的零售流水表现出一定的回暖迹象，但可能是受到短期天 气转好以及奥运热度的影响，后续是否可持续依然未知。鉴于现阶段整 体较弱的终端需求，我们下调 FY25 的收入预测至全年同比下跌中单位 数。考虑到收入下降可能带来较大的经营负杠杆，我们预测 FY25 归母 净利润同比下降 17.4%。考虑到较弱的销售趋势以及市场情绪，我们下 调目标价至 3.76 港元（10 倍 CY25 P/E）。维持"买入"评级。 • FY25 恐将面临较大的经营负杠杆：受渠道结构的影响（线上占比增 加），我们保守预计全年零售折扣同比可能有所加深，令毛利率同比小 幅下滑。收入和毛利的下滑无疑将带来较大的经营负杠杆。尽管公司长 期致力于降本增效，但考虑到滔搏本身已经较高的运营效率，我们认为 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a decline in retail sales for FY2025Q1, with a year-on-year decrease in single digits and a 1.4% quarter-on-quarter decrease in gross sales area of direct stores, reflecting a challenging retail environment [5][6]. - The company is focusing on enhancing its online presence to offset weak offline traffic, with e-commerce channels expected to perform better due to content-driven marketing and private domain operations [5]. - The inventory levels are expected to remain healthy, with a stock-to-sales ratio projected to be within a healthy range of 4-5 months, despite increased competition from low-priced products in the market [5]. - The company aims to optimize store efficiency and enhance overall retail operations, with a stable average store area and a strategy to integrate online and offline sales channels [5]. - The company is positioned as a leading distributor of major sports brands in China, with potential growth from domestic brands and outdoor products, projecting net profits of 2.36 billion, 2.54 billion, and 2.73 billion for FY2025-2027, with corresponding P/E ratios of 10, 9, and 9 [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 performance for FY2024/25 met expectations, with sales declining by mid-single digits year-over-year [4] - E-commerce channels showed faster growth, with online direct sales accounting for over 30% of total direct sales in Q1 FY2024/25, up from 20%-30% in the previous fiscal year [4] - The company is focusing on improving the quality of its retail operations rather than expanding the number of stores, with total sales area of offline direct stores decreasing by 1.4% quarter-over-quarter and 0.5% year-over-year as of May 31, 2024 [4] - Inventory levels remained healthy, with a stock-to-sales ratio of 4-5 months, consistent with the previous year [4] - The company is advancing strategic partnerships with brands like Fanatics, Norda, and Columbia, aiming to explore new growth opportunities [4] - The company is expected to achieve net profits of 2.38 billion, 2.62 billion, and 2.84 billion yuan for FY2025-2027, with corresponding P/E ratios of 10x, 9x, and 8x [4] Financial Performance Summary - Revenue for FY2024 is projected to grow by 7% year-over-year, with further growth of 6%, 8%, and 8% expected for FY2025-2027 [5] - Net profit attributable to shareholders is expected to grow by 20% in FY2024, followed by 8%, 10%, and 8% growth in FY2025-2027 [5] - Gross margin improved slightly to 41.8% in FY2024, while net profit margin increased by 0.9 percentage points to 7.6% [6] - Sales expenses decreased by 0.8 percentage points to 28.9% in FY2024, and management expenses decreased by 0.2 percentage points to 3.9% [6] Operational Highlights - In FY2024, the company achieved a 6.9% year-over-year growth in sales, with Q1 FY2025 sales declining by mid-single digits [8] - The company's direct store sales area decreased by 1.4% quarter-over-quarter and 0.5% year-over-year in Q1 FY2025 [8] - The company is implementing a "one store, seven openings" strategy, integrating physical stores with digital platforms like TikTok live streaming and mini-programs [4] Strategic Initiatives - The company is deepening its partnership with Norda, planning to build offline experience stores and serve existing wholesale customers [4] - A strategic collaboration with Columbia is expected to expand the company's presence in the outdoor market [4] - The company is focusing on high-quality growth in omnichannel retail, improving efficiency, and enhancing shareholder returns [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a total sales amount for retail and wholesale business in Q1, showing a mid-single-digit decline year-on-year, attributed to foot traffic pressure and a high base from the previous year, with online performance outperforming offline [1] - For the fiscal year ending February 28, 2024, the company achieved a revenue of 28.933 billion, representing a 6.9% increase, with a gross margin of 41.8% and a net profit of 2.213 billion, reflecting a 20.4% increase [2] - The brand collaboration matrix continues to expand, with sales from Nike and Adidas products reaching 24.8 billion, accounting for 86% of total revenue, and the addition of new brands such as HOKA ONE ONE and norda [3] - Inventory turnover improved, with inventory at 6.29 billion and turnover days decreasing by 13 days year-on-year, while operating cash flow was 3.13 billion, equivalent to 140% of net profit attributable to the parent company [4] - Revenue forecasts for FY25, FY26, and FY27 are projected to grow by 5%, 6%, and 6% respectively, with net profit expected to increase by 8%, 8%, and 7% respectively, maintaining a "Buy" rating due to strong brand collaborations and healthy cash flow [5] Summary by Sections Financial Performance - FY2024 revenue is projected at 28.933 billion, with a year-on-year growth of 6.87%, and net profit at 2.213 billion, reflecting a growth of 20.49% [6] - The company expects revenue growth to continue in the following years, with FY2025E at 30.292 billion and FY2026E at 32.175 billion [10] Brand Collaboration - The company has strengthened its brand collaboration, with significant sales contributions from Nike and Adidas, and new partnerships enhancing its market position [3] Cash Flow and Dividends - The company reported a significant cash flow and a high dividend payout ratio, indicating strong financial health and shareholder returns [4]

公 司 研 究 商贸零售/专业连锁Ⅱ 滔搏(06110.HK) Q1 线下客流承压,新增合作哥伦比亚加码户外领域 2024 年 06 月 28 日 ——港股公司信息更新报告 投资评级:买入(维持) | 吕明(分析师) | |--------------------------| | lvming@kysec.cn | | 证书编号: S0790520030002 | 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 | 日期 | 2024/6/28 | |-------------------------|-------------| | 当前股价 ( 港元 ) | 4.150 | | 一年最高最低 ( 港元 ) | 7.460/4.120 | | 总市值 ( 亿港元 ) | 257.35 | | 流通市值 ( 亿港元 ) | 257.35 | | 总股本 ( 亿股 ) | 62.01 | | 流通港股 ( 亿股 ) | 62.01 | | 近 3 个月换手率 (%) | 6.73 | 股价走势图 滔搏 恒生指数 -48% -36% -24% -12% 0% 12% 2023-06 2023-10 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company experienced a mid-single-digit decline in overall sales for FY2025 Q1, attributed to weak offline traffic and a high base effect from the previous year [1]. - Despite the short-term challenges, the company is expected to enhance operational efficiency and improve sales through a combination of physical stores, community engagement, and live streaming [1]. - E-commerce sales are projected to continue growing, with online sales expected to account for 20%-30% of total direct sales in FY2024, further driving revenue growth [1]. - For FY2025, the company anticipates a revenue growth of 5% and an improvement in profitability, supported by a healthy inventory level and operational efficiency [1][2]. Financial Summary - The company's projected financials for FY2025 include: - Revenue of 30,371 million [3][9]. - Net profit of 2,406 million, reflecting an 8.7% year-over-year growth [3][11]. - EPS (Earnings Per Share) is expected to be 0.39 [3][11]. - The company’s revenue growth rates are forecasted at -15.1% for 2023, 6.9% for 2024, and 5.0% for 2025 [3][11]. - The projected P/E ratio for FY2025 is 10.4 [3][11].

纺织服装业 滔搏(6110) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 4.40 2024.06.28 ——滔搏 FY2025Q1 经营数据点评 | [table_Authors] | 刘佳昆 ( 分析师 ) | 曹冬青 ( 研究助理 ) | |-------------------|---------------------------|-----------------------------| | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | 本报告导读: FY2025Q1 流水符合预期,线上明显优于线下, 6 月至今销售符合公司预期,新增与 Columbia 合作。 | 交易数据 | | |----------------------------|-----------| | 52 周内股价区间 ( 港元 ) | 4.40-7.30 | | 当前股 ...

Financial Performance - Revenue for the fiscal year ending February 29, 2024, was RMB 28,933.2 million, an increase of 6.9% from RMB 27,073.2 million in the previous year[4]. - Gross profit reached RMB 12,080.8 million, up from RMB 11,284.2 million, resulting in a gross margin of 41.8% compared to 41.7% last year[4]. - Operating profit increased to RMB 2,786.5 million, reflecting an operating margin of 9.6%, up from 9.0% in the prior year[4]. - Profit attributable to equity holders was RMB 2,213.0 million, representing a profit margin of 7.6%, compared to 6.8% in the previous year[4]. - The company reported a basic and diluted earnings per share of RMB 35.69, an increase from RMB 29.62[4]. - Net profit attributable to equity holders rose by 20.5% year-on-year to RMB 2,213.0 million, with a profit margin increase of 0.8 percentage points to 7.6%[21]. - Retail business revenue grew by 8.9% year-on-year to RMB 24,702.7 million, supported by a balanced development of online and offline sales[22]. - The gross profit margin improved to 41.8% for the year ending February 29, 2024, up from 41.7% in the previous year, driven by improved discount rates and a higher revenue share from retail operations[51]. Liquidity and Cash Flow - The company maintained a strong liquidity position with a current ratio of 3.2, up from 2.3 in the previous year[4]. - Cash generated from operating activities was RMB 3,129.0 million, 1.4 times the profit attributable to equity holders[14]. - Net cash generated from operating activities decreased to RMB 3,729.4 million for the year ended February 29, 2024, down from RMB 5,241.5 million in 2023[59]. - The company maintained a net cash position of RMB 1,362.0 million as of February 29, 2024, compared to RMB 2,098.4 million in 2023, with total cash and cash equivalents of RMB 2,082.1 million[62][60]. User Growth and Engagement - The company has over 70 million users, which is a core driver of growth, supported by an integrated online and offline retail strategy[10]. - The user base has grown from 10.2 million in August 2018 to over 70 million, reflecting continuous accumulation and development[34]. - Membership contribution to in-store retail sales (including VAT) was 93.4% for the fiscal year, maintaining a high and stable sales contribution[38]. - Single user value increased by a high single-digit percentage year-on-year despite fluctuations in the consumer environment[37]. - High-value members accounted for nearly 40% of total consumption contributions, despite only being a low single-digit percentage of total consuming members[37]. Store Operations and Strategy - The total number of stores operated as of February 29, 2024, was 6,144, representing a year-on-year decrease of 6.4%, while the gross sales area decreased by 0.8%[25]. - The total number of stores decreased by 421 during the fiscal year, with a net reduction of 1,130 stores in the previous fiscal year[29]. - The company has focused on enhancing store efficiency through structural upgrades and optimizing store types based on brand characteristics and consumer profiles[24]. - The number of store live broadcast accounts exceeded 100, with sales from live broadcasts increasing approximately fivefold year-on-year[30]. Sustainability and Corporate Responsibility - The company aims to become a promoter and leader in green consumption, aligning with the United Nations Sustainable Development Goals and national carbon neutrality targets[43]. - The group has established sustainability goals, with over 70% of brand partners setting carbon targets and over 50% committing to carbon neutrality[44]. - The company has integrated environmental elements into its membership reward system and launched initiatives like the "GREENBOX" public welfare IP to promote sustainable living[44]. - The company invested in a professional skiing equipment retailer, "Cold Mountain," to explore the potential of the ice and snow sports sector[39]. Governance and Management - The company has adopted the corporate governance code as its own governance framework, ensuring compliance with applicable principles and rules[155]. - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors as of February 29, 2024[156]. - The board held a total of four meetings during the fiscal year ending February 29, 2024, in line with operational and business development needs[163]. - The company has established a risk management and internal control system to achieve strategic goals and protect shareholder investments[188]. - The company has established a robust anti-corruption management system, including a fraud management policy and employee training programs to promote a culture of integrity[193]. Dividends and Shareholder Returns - The company plans to distribute a total dividend of RMB 0.36 per share for the fiscal year, with a payout ratio of 100.9%[14]. - The board declared an interim dividend of RMB 0.16 per share, totaling RMB 992.2 million, to be paid on December 20, 2023[77]. - The board proposed a final dividend of RMB 0.05 per share and a special dividend of RMB 0.15 per share, totaling RMB 930.2 million[77]. - As of February 29, 2024, the company's distributable reserves amounted to RMB 20,494.4 million, an increase from RMB 19,736.9 million in 2023[83].

公司研究 | 动态跟踪 滔搏 06110.HK 增持（维持） 业绩基本符合预期，维持高分红比例 股价（2024年06月13日） 5.01港元 目标价格 6.26港元 52周最高价/最低价 7.25/4.74港元 总股本/流通H股（万股） 620,122/620,122 H股市值（百万港币） 31,068 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布FY24财年业绩，实现营业收入 289.3亿，同比增长6.9%，实现归母净利 报告发布日期 2024年06月14日 润22.1亿，同比增长20.5%，全年分红比例为100.9%，维持高分红比例。 ⚫ 分品牌来看，FY24主力品牌收入增长6.5%，其他品牌收入同比增长10.5%。分渠 1周 1月 3月 12月 道来看，FY24零售业务收入同比增长8.9%，批发业务同比下滑3.3%，门店数量净 绝对表现% -1.76 -14.21 -6 -23.7 减少421家，我们推测由于Adidas NEO关店调整所致，毛销售面积同比减少 相对表现% 0.21 -8.97 -12.03 -16.48 0.8%，而单店销售面积同比增长6%，反映了公司追求符合品牌属性、品类 ...