研報掘金丨國信證券:滔搏3月至今收入雙位數增長,折扣同比改善,維持“買入”評級
格隆匯5月26日丨國信證券25日研報指出,疫情挑戰下滔搏(06110.HK)全年收入下滑15%,毛利率同比下降。2023財年公司實現收入270.7億,同比下滑15.1%;分渠道看,零售下降13.9%。公司保持運營效率優化,其中存貨週轉天數150天,同比增加19天、環比年中減少18天。現金流健康,銀行結餘及現金同比增加34.5%,主要正向貢獻來自於淨經營現金流,財年派息率111%。
3月至今收入雙位數增長,折扣同比改善。銷售面積同比增加,持續加強店效與坪效的提升。公司在外部壓力下加強全域運營、渠道優化、提升運營效率,保持業績韌性。2024財年初復甦趨勢逐步明朗,中長期看好消費復甦下基本面觸底反彈的機遇,在低基數下客流回暖疊加正向經營槓桿有望進一步加速業績增長。維持“買入”評級。
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