---
title: "《大行》瑞銀降滔搏目標價至 3.85 元  續予「買入」評級"
description: "瑞銀髮表研究報告，下調滔搏目標價至 3.85 元，維持「買入」評級。報告指出，滔搏第三財季零售及批發業務總銷售額按年錄得高單位數跌幅，遜於預期。瑞銀下調滔搏 2026 至 28 財年淨利潤預測 7% 至 14%，以反映銷售壓力。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/270562939.md"
published_at: "2025-12-23T02:52:31.000Z"
---

# 《大行》瑞銀降滔搏目標價至 3.85 元  續予「買入」評級

> 瑞銀髮表研究報告，下調滔搏目標價至 3.85 元，維持「買入」評級。報告指出，滔搏第三財季零售及批發業務總銷售額按年錄得高單位數跌幅，遜於預期。瑞銀下調滔搏 2026 至 28 財年淨利潤預測 7% 至 14%，以反映銷售壓力。

瑞銀髮表研究報告指，滔搏 (06110.HK) 第三財季的零售及批發業務之總銷售金額按年錄得高單位數跌幅，遜於預期。期內，零售業務表現優於批發業務，線上業務表現持續勝於線下業務，但與 2026 年上半財年相比，兩者差距因基數效應而收窄。

該行下調滔搏 2026 至 28 財年的淨利潤預測 7% 至 14%，以反映公司的銷售壓力，目標價由 4.06 元降至 3.85 元，維持「買入」評級。

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