滔搏(06110):Q3销售仍有波动,关注品牌伙伴去库和上新节奏

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a high single-digit decline in total sales for FY2026Q3, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The retail environment remains volatile, with pressures from store closures and competition affecting offline sales [1] - E-commerce sales are expected to continue growing due to the company's strong operational capabilities and enhanced digital marketing strategies [2] - The company is focusing on expanding its brand portfolio in the outdoor and running segments, collaborating with various brands to meet diverse consumer needs [2] - The overall revenue is projected to decline by 7% and net profit by approximately 4% for FY2026, influenced by the current consumer environment and inventory management [2] Financial Summary - Revenue for FY2026 is estimated at 25,062 million, a decrease of 7.2% year-on-year [4] - Net profit for FY2026 is projected at 1,229 million, down 4.4% year-on-year [4] - The company’s earnings per share (EPS) for FY2026 is expected to be 0.20 [4] - The price-to-earnings (P/E) ratio for FY2026 is estimated at 14.3 [4] - The return on equity (ROE) is projected to be 13.6% for FY2026 [12]