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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue growth of 7% year-on-year for FY2024, with a significant net profit increase of 20.5% [2] - The gross margin slightly improved to 41.8%, supported by better retail discounts and an increase in retail revenue proportion [2] - The company declared a total dividend of RMB 0.20 per share, resulting in a dividend yield of 7% based on the closing price on May 22, 2024 [2] - The company is expanding its brand partnerships, with notable growth in sales from major brands like Adidas and Nike [2] - Retail business is the main growth driver, while wholesale revenue declined by 3.3% [2] Summary by Sections Financial Performance - FY2024 revenue reached HKD 289.33 billion, a 6.9% increase year-on-year, while net profit rose to HKD 22 billion [2][7] - The company’s operating profit margin improved, with a net profit margin of 7.6% [2][10] - The company expects a revenue growth of 5% for FY2025, with profit growth anticipated to exceed revenue growth [6] Brand and Business Model - The main brand revenue grew by 6.5%, while other brands saw a 10.5% increase [2] - The company is enhancing its online presence, with direct online sales accounting for 20%-30% of total sales [3] - Membership numbers increased by 12.4% to 76.3 million, with a strong repeat purchase rate among members [3] Store Optimization and Efficiency - The company reduced its store count by 421 to 6,144, while increasing the average store size by 6% [3] - The physical stores are evolving into multi-functional retail spaces, enhancing customer engagement [3] Cash Flow and Inventory Management - Inventory levels remained stable at HKD 6.28 billion, indicating healthy inventory management [6] - Operating cash flow decreased by 28% to HKD 3.13 billion, attributed to delayed cash settlements during the Chinese New Year [6][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]

Financial Performance - Total revenue for the year ended February 29, 2024, was RMB 28,933.2 million, an increase of 6.9% from RMB 27,073.2 million in the previous year[3]. - Gross profit for the same period was RMB 12,080.8 million, up from RMB 11,284.2 million, resulting in a gross margin of 41.8% compared to 41.7%[3]. - Operating profit increased to RMB 2,786.5 million, representing a growth of 14.7% from RMB 2,430.9 million, with an operating margin of 9.6%[3]. - Profit attributable to equity holders of the company rose to RMB 2,213.0 million, a 20.5% increase from RMB 1,836.6 million, leading to an earnings per share of RMB 35.69, up from RMB 29.62[4]. - The cost of goods sold amounted to RMB 16,816.2 million, up 6.6% from RMB 15,773.2 million in the prior year[23]. - Total income tax expense for the year ended February 29, 2024, was RMB 547.9 million, compared to RMB 485.8 million for the previous year, indicating an increase of approximately 12.8%[8]. - Basic earnings per share rose to RMB 35.69 for the year ended February 29, 2024, up from RMB 29.62 in the previous year, reflecting an increase of about 20.5%[28]. - Profit attributable to equity holders increased by 20.5% year-on-year to RMB 2,213.0 million, with a profit margin improvement of 0.8 percentage points to 7.6%[42]. Dividends and Shareholder Returns - The company declared a total dividend of RMB 36.00 cents per share, including a special dividend of RMB 15.00 cents, consistent with the previous year[3]. - The company plans to distribute a total dividend of RMB 0.36 per share for the fiscal year ending February 29, 2024, with a payout ratio of 100.9%[45]. - The board of directors proposed a final dividend of RMB 0.05 per share, totaling RMB 310.1 million, consistent with the previous year[91]. - A special dividend of RMB 0.15 per share was also proposed, amounting to RMB 930.2 million, unchanged from the prior year[91]. - The actual exchange rate for dividends paid in HKD is RMB 1.00 = HKD 1.0648, resulting in a final dividend of HKD 0.0532 and a special dividend of HKD 0.1597 per share[91]. Cash Flow and Financial Position - The company's operating cash flow for the year ended February 29, 2024, was RMB 3,729.4 million, a decrease of 29% from RMB 5,241.5 million for the year ended February 28, 2023[11]. - Net cash position maintained, with no significant debt, reflecting a strong balance sheet[3]. - The company reported a net financing cash outflow of RMB 3,332.3 million, slightly improved from RMB 3,440.3 million in the previous year[11]. - The company's cash and cash equivalents at the end of the year were RMB 1,956.0 million, down from RMB 2,357.4 million at the end of the previous year[11]. - As of February 29, 2024, the company maintained a net cash position of RMB 1,362.0 million, down from RMB 2,098.4 million in 2023[85]. Inventory and Asset Management - Inventory turnover period decreased to 136.1 days from 149.5 days, reflecting improved inventory management[3]. - The company's inventory as of February 29, 2024, was RMB 6,283.8 million, slightly up from RMB 6,247.3 million as of February 28, 2023, showing a growth of about 0.6%[31]. - Total assets decreased to RMB 14,544.0 million from RMB 16,820.7 million, primarily due to a reduction in cash and cash equivalents[7]. - Total liabilities decreased to RMB 4,693.6 million from RMB 6,987.1 million, indicating a reduction in financial obligations[9]. - The company's cost of inventory was RMB 16,816.2 million for the year ended February 29, 2024, compared to RMB 15,773.2 million for the previous year, indicating an increase of approximately 6.6%[31]. Market and Operational Strategy - The company plans to continue expanding its market presence in China, focusing on enhancing product offerings and operational efficiency[13]. - The company aims to expand its outdoor sports industry scale to RMB 3 trillion by 2025, supported by government policies[37]. - The company focuses on a consumer-centric, multi-brand, and multi-category retail operation platform to enhance market responsiveness[43]. - The company emphasizes the importance of maintaining supply-demand balance and expanding offerings in a fluctuating consumer environment[39]. - The company established retail partnerships with international brands such as HOKA ONE ONE and KAILAS to enhance product offerings and services[40]. Employee and Training Initiatives - Employee costs increased to RMB 2,931.1 million, a rise of 1.4% from RMB 2,890.5 million in the previous year[23]. - The total number of employees decreased by 4.9% year-on-year to 29,458, reflecting a narrowing decline in line with the overall recovery trend in the retail environment[60]. - The company upgraded its "Bo Academy" learning platform and conducted nearly 200 offline training sessions, achieving a training coverage rate of over 95% for employees[61]. Sustainability and Governance - The MSCI ESG rating for the company is BBB, positioning it at a leading level among listed companies in the Chinese sports footwear and apparel industry[62]. - The company aims to create long-term value for consumers, shareholders, partners, and society by adhering to sustainable development principles and responding to new market demands[64]. - The company has established sustainability goals, with over 70% of brand partners setting carbon targets and over 50% committing to carbon neutrality[66]. - The company continues to enhance its governance framework, receiving multiple awards for best management and ESG practices in Asia[66]. Digital and User Engagement - The user base has grown from 10.2 million in August 2018 to over 70 million, indicating significant user accumulation[53]. - The company launched the "Douyin Membership Pass" system, leading to a notable increase in new members on the Douyin platform[55]. - Membership contribution to in-store retail sales (including VAT) was 93.4% for the fiscal year, demonstrating a stable sales contribution despite fluctuations in the consumer environment[56]. - The average spending per high-value member continues to significantly exceed that of overall members, with high-value members contributing nearly 40% to total sales despite only representing a low single-digit percentage of total spending members[56]. - The company has connected with users through over 80,000 corporate WeChat groups, enhancing user interaction and engagement[50].

%% research.95579.com %% ...

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].

Financial Performance - Revenue for the six months ended August 31, 2023, reached RMB 14,176.5 million, a 7.3% increase from RMB 13,218.0 million in 2022[4] - Gross profit for the same period was RMB 6,340.8 million, with a gross margin of 44.7%, down from 45.6% in the previous year[4] - Operating profit increased to RMB 1,725.9 million, representing an operating margin of 12.2%, compared to 12.0% in 2022[4] - Profit attributable to equity holders rose to RMB 1,337.2 million, with a profit margin of 9.4%, up from 8.7% in the prior year[4] - Basic and diluted earnings per share increased to RMB 21.56, compared to RMB 18.47 in the previous year[4] - Revenue for the first half of the fiscal year 2023/24 increased by 7.3% year-on-year to RMB 14,176.5 million[11] - Retail business revenue grew by 8.8% year-on-year to RMB 11,987.7 million, driven by demand recovery and marketing activities[11] - Core operating profit (excluding other income) rose by 22.9% year-on-year to RMB 1,679.7 million, with a core operating profit margin of 11.8%[12] - Profit attributable to equity holders increased by 16.7% year-on-year to RMB 1,337.2 million, with a profit margin of 9.4%[12] - Cash generated from operating activities increased by 57.8% year-on-year to RMB 2,550.8 million, 1.9 times the profit attributable to equity holders[17] Inventory and Receivables Management - Inventory decreased by 10.1% compared to August 31, 2022, and the average inventory turnover period decreased by 26.7 days to 140.9 days[17] - The average trade receivables turnover period improved to 14.8 days from 16.4 days in 2022[4] - Trade receivables increased to RMB 1,230.6 million as of August 31, 2023, up 15.9% from RMB 1,061.2 million as of February 28, 2023[132] Store Operations - The number of stores decreased by 10.4% year-on-year to 6,209, while total sales area decreased by 3.5%[18] - Same-store sales growth was driven by improved new product sales, contributing to a healthier retail environment[11] - Rental cost ratio decreased by 0.5 percentage points to 13.3% due to improved store efficiency[19] Employee and Cost Management - Total employee count decreased by 8.7% year-on-year to 29,896, with a quarter-on-quarter decline of 3.5%[25] - The employee cost ratio decreased by 1.3 percentage points year-on-year to 10.0%, despite an increase in average employee costs[25] - Total employee costs for the six months ended August 31, 2023, amounted to RMB 1,413.4 million, accounting for 10.0% of total revenue, down from 11.3% in the previous year[66] Cash and Financial Health - The company reported significant growth in bank balances and cash compared to the previous year, indicating improved financial health[9] - As of August 31, 2023, the company held cash and cash equivalents totaling RMB 3,394.2 million, resulting in a net cash position of RMB 2,554.2 million after deducting short-term borrowings[58] - Cash generated from operating activities increased to RMB 2,680.7 million, up from RMB 2,133.7 million, reflecting a growth of 25.7%[93] - The company's total liabilities decreased to RMB 5,528.9 million from RMB 6,987.1 million, a reduction of approximately 21%[86] Strategic Initiatives - The company expanded its brand collaboration matrix, including partnerships with "HOKA ONE ONE" and "Kailas" to enhance product offerings[9] - Investment was made in professional ski equipment retailer "Cold Mountain" and outdoor content organization "Mounster" to diversify product categories[9] - The company is focusing on innovative business models and services to cater to the interests of the younger consumer demographic[31] - Future strategies include focusing on user engagement, global retail, and innovative business models to ensure long-term growth[40] Market Environment - The overall economic environment in China showed a GDP growth of 5.5% in the first half of 2023, supporting consumer demand recovery[7] - The overall consumption environment is recovering, and the company remains optimistic about future market demand[38] Corporate Governance - The company has adopted the corporate governance code as its own governance practices and has complied with all applicable code provisions except for one[150] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal control systems, discussing the interim financial data for the six months ending August 31, 2023[154] Dividends and Shareholder Information - The interim dividend declared is RMB 0.16 per share, with a payout ratio of 74.2%, up from 70.4% in the previous year[17] - The company declared an interim dividend of RMB 0.16 per share for the year ending February 29, 2024, totaling RMB 992.2 million[125] - The major shareholder HHBH Investment, L.P. holds 34.89% of the company's shares, totaling 2,163,605,107 shares[145]

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 ...