滔搏(06110.HK)：经营质量稳健 后续谨慎乐观

Core Viewpoint - The company reported a decline in revenue and net profit for FY2026H1, with a focus on the challenges in retail and wholesale segments, while maintaining a strong gross margin and effective cost control [1][2] Revenue Performance - FY2026H1 revenue reached 12.3 billion yuan, down 5.8% year-on-year; net profit attributable to shareholders was 790 million yuan, down 9.7% year-on-year [1] - Retail revenue in Q2 showed a significant decline, with high single-digit drop year-on-year, while wholesale revenue decreased by 20% year-on-year, contributing to the overall revenue decline [1] Operational Efficiency - The company closed 332 stores, bringing the total to 4,688, indicating a further reduction in store count; however, same-store sales area increased by 6.5% year-on-year, reflecting improved channel structure [1] - Despite a double-digit decline in offline customer traffic, retail revenue only decreased by 3% year-on-year, supported by strong online performance with double-digit growth [1] Inventory and Cash Flow - Inventory decreased by 5% year-on-year, aligning with revenue performance; inventory turnover days increased slightly to 150 days, maintaining a healthy level [1] - Net operating cash flow significantly exceeded net profit, indicating strong operational quality [1] Gross Margin and Cost Control - FY2026H1 gross margin stood at 41%, stable year-on-year, despite a challenging retail environment and increased discounts [2] - Sales and management expense ratios showed a slight decrease and increase respectively, indicating continued effective cost control [2] Future Outlook - The company is believed to be at the bottom of its operating cycle, gradually moving upwards; if the recovery of Nike in China exceeds expectations, there could be significant improvements in revenue and gross margin [2] - Projected net profits for FY2026-FY2028 are 1.28 billion, 1.43 billion, and 1.57 billion yuan respectively, with corresponding PE ratios of 15, 14, and 13 times; expected dividend yield for FY2026 is around 7% [2]