Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.8 [1]. Core Views - The company has returned to a growth trajectory with a revenue increase of 6.9% year-on-year, reaching HKD 28.93 billion, and a net profit growth of 20.5%, amounting to HKD 2.21 billion [1]. - The company emphasizes shareholder returns, declaring a final dividend of RMB 0.05 per share and a special dividend of RMB 0.15 per share [1]. - The brand matrix has been expanded, with significant partnerships established, including a strategic alliance with the Canadian brand Norda and collaboration with Fanatics for sports IP commercialization in Greater China [1]. - The company has optimized its retail layout, with improvements in store efficiency and sales per square meter, despite a net decrease in total store count [1]. - Profitability has improved, with a gross margin of 41.8% and a net profit margin of 7.6% [1]. Financial Summary - For FY2024, total revenue is projected at HKD 28.95 billion, with a year-on-year growth rate of 6.9% [2]. - The net profit for FY2024 is estimated at HKD 2.21 billion, reflecting a growth rate of 20.5% [2]. - The earnings per share (EPS) for FY2024 is projected at RMB 0.36, with a price-to-earnings (P/E) ratio of 13.0 [2]. - The company plans to maintain a high dividend payout ratio, with a total dividend of RMB 0.36 per share for FY2024 [1][2].

商贸零售/专业连锁Ⅱ 公 司 FY2024 维持高派息，全域运营能力进一步加强 研 滔搏（06110.HK） 究 ——港股公司信息更新报告 2024年05月25日 吕明（分析师） 周嘉乐（分析师） 张霜凝（联系人） 投资评级：买入（维持） lvming@kysec.cn zhoujiale@kysec.cn zhangshuangning@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070037  FY2024维持高派息，全域运营能力进一步加强，维持“买入”评级 日期 2024/5/24 FY2024 公司实现收入 289.3 亿元（同比+6.9%，下同），归母净利润 22.1 亿元 港 当前股价(港元) 5.080 （+20.4%），持续高派息，全财年派息率101%，过去五年派息率100%以上。考 股 一年最高最低(港元) 7.560/4.740 虑3-4月流水承压，我们下调FY2025-2026并新增FY2027盈利预测，预计净利 公 司 总市值(亿港元) 315.02 润分别为 24.8/27.8/31.1亿元(原为 2 ...

20240523【滔搏】FY203/24 业绩会交流 一、FY24 业绩情况 2023 年是疫情后消费重启的一年，消费趋势整体向好，运动行业稳步复苏，但环境变化更加复杂，复 苏节奏持续变动。23 年 10 月观察到消费者更加理性，品类喜好更加细分，需求和场景更加多元。 FY24H2 市场环境持续，对市场参与者提出更高要求。 公司战略：保持在场，持续进场。公司凭借领先的市场规模和效率优势，为未来的业务布局稳固经营 基础，同时以用户为中心，不断拓展服务场景，延伸业务领域。在清晰的战略与高效团队执行下，公 司达成预期目标，收入和利润高质量增长，为现金创收奠定基础。 股东回报：注重股东回报，保持领先行业的高派息水平，全年派息率 101%。 新财年展望：当前的零售环境还是有波动、有挑战，公司持续通过不断巩固市场地位和竞争力，在挑 战的环境下开拓新型，把能力走实、走全、把路走宽、走远。未来管理团队会带领企业持续向前，对 中国市场、中国运动市场、滔搏的未来充满信心。 ...

浦银国际研究 公司研究 | 消费行业 滔搏（6110.HK）：全域零售保障短期 林闻嘉 收入韧性，多品牌驱动长期收入增长 浦 首席消费分析师 银 richard_lin@spdbi.com 国 在较弱的消费环境下，主要国际运动服饰品牌 FY25的零售收入（sell- (852) 2808 6433 际 through）可能面临较大的压力。然而，我们相信（1）滔搏持续优化的 桑若楠，CFA 品牌矩阵以及不断提升的全域获客能力将帮助滔搏主要品牌的收入增 消费分析师 速高于品牌伙伴在中国区整体的收入表现；（2）滔搏出色的门店与库 serena_sang@spdbi.com 存管理能力将帮助公司 FY25的利润率水平保持稳定；（3）不断提升的 (852) 2808 6439 公 运营效率将促使公司经营性现金流持续远高于净利润，从而保证维持 2024年5月23日 司 研 较高的派息率。基于 17x CY24 PE的估值，我们维持滔搏目标价 7.0港 评级 究 元，维持“买入”评级不变。  全域零售助力稳健而有韧性的收入表现：尽管线下客流承压，但滔搏 目标价（港元） 7.0 不断拓展消费场景，夯实全域零售的能力。小程序 ...

Investment Rating - The report maintains a "Buy" rating for Topsports, with a target price (TP) adjusted down to HKD 6.78 from the previous HKD 9.23, reflecting a 23.5% downside from the current price of HKD 5.49 [1][2]. Core Insights - The report expresses cautious optimism regarding Topsports' performance in the upcoming quarters, despite a challenging high base and macroeconomic conditions. It anticipates potential catalysts for recovery in FY25E, even if growth is below expectations [1][2]. - Retail sales growth for Topsports was slow in 4Q24, with expectations of continued pressure in 1Q25E due to high bases from new product launches. However, healthier inventory levels and reduced retail discount pressures are noted [1][2]. - The report highlights the potential for online sales growth acceleration and improved offline sales as key factors for recovery, alongside investments in brand marketing for the Paris Olympics [1][2]. Financial Summary - Revenue for FY24A is reported at RMB 28.933 billion, with a year-on-year growth of 6.9%. For FY25E, revenue is projected to reach RMB 31.072 billion, reflecting a growth rate of 7.4% [2][11]. - Net profit for FY24A is reported at RMB 2.213 billion, with a year-on-year increase of 20.5%. The net profit for FY25E is expected to be RMB 2.532 billion, indicating a growth of 14.4% [2][11]. - The gross profit margin is expected to remain stable at around 42.0% for FY25E, while the net profit margin is projected to improve slightly to 8.1% [2][11]. Inventory and Sales Performance - Inventory days have decreased significantly by 13 days to 136 days, indicating improved inventory management [6]. - Direct retail sales grew by 9% in FY24, while wholesale sales declined by 3%. E-commerce sales are expected to grow by 21%, significantly outpacing offline sales growth [6][11]. Market Position and Valuation - The current trading price of Topsports is at a P/E ratio of 12 times, which is below its four-year average of 13 times, suggesting potential undervaluation [1][2]. - The report notes a dividend yield of 7% for FY25E, providing a protective cushion for investors [1][2].

M N 24 May 2024 CMB International Global Markets | Equity Research | Company Update Topsports (6110 HK) This is likely a rocky-road turnaround High bases are tough for both industry and Topsorts and we are cautious about Target Price HK$6.78 1Q25E. However, the turnaround in next few quarters is still an important (Previous TP HK$9.23) catalyst. Also, thanks to the 7% FY2/25E yield, we think the downside is limited. Up/Downside 23.5%  4Q24 retail sales growth was slow and there are still some pressure in C ...

Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company's FY2024 revenue and profit met expectations, with a revenue of 28.93 billion RMB, a year-on-year increase of 6.9%, and a net profit of 2.21 billion RMB, a year-on-year increase of 20.5% [3]. - The gross profit margin improved to 41.8%, up 0.1 percentage points year-on-year, while the net profit margin increased to 7.6%, up 0.8 percentage points year-on-year [3]. - The company maintained a high dividend payout ratio of over 100%, with a total dividend of 0.20 RMB per share for FY2024 [3]. Financial Summary - FY2024 revenue: 28,933 million RMB, +6.9% YoY [2]. - FY2024 net profit: 2,211 million RMB, +20.5% YoY [2]. - FY2024 gross profit margin: 41.8%, +0.1 percentage points YoY [3]. - FY2024 net profit margin: 7.6%, +0.8 percentage points YoY [3]. - FY2025-2027 net profit forecasts adjusted to 2,480 million, 2,780 million, and 3,100 million RMB respectively [3]. Market Performance - The stock price has ranged between 4.91 and 7.43 HKD over the past 52 weeks, with a current market capitalization of 35,347 million HKD [4].

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]