公 司 点 评 报 告 公 司 研 究 | --- | --- | |---------------------------------|--------------| | | | | | | | ＃ | | | ＃市场数据 marketData | | | 市场数据日期 | 2024-11-12 | | 收盘价（元） 总股本（百万股） | 26.44 400.10 | | 流通股本（百万股） | 192.30 | | 净资产（百万元） | 2416.46 | | 总资产（百万元） | 4982.78 | | 每股净资产(元 ) | 6.04 | | 来源： | | ＃相关报告 relatedReport＃ 《【兴证社服&零售】赛维时代： Q3 归母净利润同比+97.84%，业 绩持续向好》2023-11-09 《【兴证社服&零售】赛维时代 2023 年报暨 2024 一季报点评： 盈利能力稳步提升，数字化赋能 品牌矩阵》2024-05-17 daiky@xyzq.com.cn S0190519050001 金秋 jinqiu@xyzq.com.cn S0190520080004 ＃分析师： emailAut ...

Investment Rating - The report maintains a "Buy" rating for Saiwei Times (301381 SZ) [6] Core Views - Saiwei Times achieved a 64% YoY revenue growth in Q3 2024, reaching 2 624 billion yuan, but reported a net loss attributable to the parent company of 40 18 million yuan, a 156% YoY decline [4] - The company's revenue growth momentum continued to accelerate in Q3 2024, with apparel categories growing 65% YoY and non-apparel categories growing 43% YoY [4] - Gross margin declined by 3 6 percentage points YoY in Q3 2024, mainly due to lower average selling prices and rising shipping costs [4] - Selling expenses ratio increased by 4 4 percentage points YoY in Q3 2024, driven by higher promotion expenses despite Amazon's commission reduction for low-priced apparel [5] - The company is expected to achieve net profits of 340 million, 480 million, and 520 million yuan in 2024, 2025, and 2026 respectively [5] Financial Performance - For Q1-Q3 2024, the company's revenue growth rates were 45%, 56%, and 64% respectively [4] - The gross profit margin for Q3 2024 was negatively impacted by increased shipping costs, particularly affecting non-apparel categories [4] - The company's net loss margin in Q3 2024 was 1 5%, a 6 0 percentage point decline YoY [5] - Management expects the company's growth momentum to continue, supported by brand expansion and new channel development in Europe [5] Market Data - The current stock price is 25 93 yuan as of November 6, 2024 [6] - The company has a total share capital of 400 10 million shares, with 192 30 million A-shares in circulation [6] - The 12-month high and low prices are 38 52 yuan and 20 34 yuan respectively [6]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——赛维时代 2024 年三季报点评 营收依旧强劲，利润阶段性承压 赛维时代(301381) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 陈笑 ( 分析师 ) | | | | | | | | | | | 021-38677706 | 021-38677906 | | | | | | | | | | | l ...

上 市 公 司 证 券 研 究 报 告 - 商贸零售 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 31 日 | | 收盘价（元） | 25.57 | | 一年内最高/最低（元） | 38.52/20.34 | | 市净率 | 4.2 | | 息率（分红 / 股价） | 3.13 | | 流通 A 股市值（百万元） | 4,917 | | 上证指数 / 深证成指 | 3,279.82/10,591.22 | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 6.04 | | 资产负债率 % | 51.50 | | 总股本/流通 A 股（百万） | 400/192 | | 流通 B 股/H 股（百万） | -/- | 一年内股 ...

赛维时代（301381.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 销售持续高增，新品开拓影响三季度业绩 2024 年 10 月 30 日 ➢ 业绩简述：24Q1-3 营收 68.02 亿元/YoY+55.50%，归母净利润 1.95 亿元 /YoY-12.20%，扣非归母净利润 1.63 亿元/YoY-21.47%。经营性现金流量净额 -4.85 亿元/YoY-242.87%，主要系因销售体量增加和新品开发数量提升而需增 加备货，以及为年底旺季备货所致。24Q3 营收 26.24 亿元/YoY+63.89%，归母 净利润-0.40 亿元/YoY-155.65%，扣非归母净利润-0.47 亿元/YoY-171.32%。 ➢ 商品销售收入保持快速增长，24Q3 增速环比提升。分品类看，24Q1-3 服 饰配饰品类收入为 48.58 亿元/YoY+57.79%，24Q3 收入为 18.56 亿元 /YoY+64.98%，主要得益于今年新品开发力度增强和营销端多措并举、强化投 放。24Q1-3 非服饰配饰品类收入为 16.36 亿元/YoY+37.66%，24Q3 收入为 6. ...

Revenue and Profit - Revenue for the third quarter reached 2,624,173,706.25 yuan, a year-on-year increase of 63.89%[3] - Net profit attributable to shareholders of the listed company was -40,179,789.07 yuan, a year-on-year decrease of 155.65%[3] - Total operating revenue for the first three quarters of 2024 reached 6.802 billion yuan, a year-on-year increase of 55.50%[16] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was 195 million yuan, a year-on-year decrease of 12.20%[16] - Total revenue for the current period reached 6,801,651,543.61 RMB, compared to 4,374,179,393.78 RMB in the same period last year, representing a growth of approximately 55.5%[22] - Net profit for the quarter was RMB 195.41 million, a decrease from RMB 222.55 million in the same period last year[23] - Net profit margin for the current period was approximately 3.7%, calculated based on total revenue and operating costs[22] Assets and Liabilities - Total assets as of the end of the reporting period were 4,982,777,373.51 yuan, an increase of 37.53% compared to the end of the previous year[3] - Total liabilities increased to 2,566,315,868.99 RMB from 1,208,714,398.19 RMB in the same period last year, a significant rise of approximately 112.3%[20] - Total equity remained relatively stable at 2,416,461,504.52 RMB, compared to 2,414,426,646.46 RMB in the same period last year[21] - The company's total assets increased to 4,982,777,373.51 RMB from 3,623,141,044.65 RMB in the same period last year, representing a growth of approximately 37.5%[21] - Total assets at the end of the period were 4,982,777,373.51 yuan, compared to 3,623,141,044.65 yuan at the beginning of the period[19] Inventory and Sales - Inventory increased by 159.32% to 2,081,070,618.75 yuan, mainly due to increased sales volume and new product development[7] - The apparel and accessories category saw a 57.79% year-on-year growth, contributing significantly to overall revenue growth[8] - Revenue from apparel and accessories category for the first three quarters of 2024 was 4.858 billion yuan, a year-on-year increase of 57.79%[16] - Revenue from non-apparel accessories category for the first three quarters of 2024 was 1.636 billion yuan, a year-on-year increase of 37.66%[16] - Inventory at the end of the period was 2,081,070,618.75 yuan, a significant increase from 802,495,867.78 yuan at the beginning of the period[19] - Sales revenue from goods and services was RMB 4.14 billion, an increase from RMB 2.74 billion in the same period last year[24] Expenses and Costs - Sales expenses rose by 66.16% to 2,584,768,666.08 yuan, driven by increased brand marketing and promotional efforts[8] - R&D expenses increased by 60.98% to 82,153,915.41 yuan, reflecting investments in new technologies and system upgrades[8] - Operating costs for the current period were 6,549,545,191.21 RMB, compared to 4,089,189,076.54 RMB in the same period last year, an increase of approximately 60.2%[22] - Sales expenses increased to 2,584,768,666.08 RMB from 1,555,548,113.84 RMB in the same period last year, a rise of approximately 66.2%[22] - R&D expenses for the current period were 82,153,915.41 RMB, up from 51,033,601.90 RMB in the same period last year, an increase of approximately 61%[22] - Payments for goods and services were RMB 3.34 billion, up from RMB 1.64 billion in the same period last year[24] - Employee compensation and benefits paid were RMB 543.41 million, an increase from RMB 361.51 million in the previous year[24] Cash Flow - Net cash flow from operating activities decreased by 242.87% to -485,301,612.37 yuan due to increased inventory for sales growth and new product development[11] - Net cash flow from investing activities increased by 109.35% to 111,484,531.77 yuan due to the redemption of financial products to meet peak inventory funding needs[11] - Net cash flow from financing activities decreased by 51.84% to 393,365,291.36 yuan due to new bank loans, discounting of bank acceptance bills, and dividend payments[11] - Operating cash flow was negative at RMB -485.30 million, compared to a positive RMB 339.68 million in the previous year[24] - Investment cash flow was positive at RMB 111.48 million, a significant improvement from RMB -1,192.92 million in the same period last year[25] - Financing cash flow was positive at RMB 393.37 million, down from RMB 816.75 million in the previous year[25] - Total cash and cash equivalents at the end of the period were RMB 721.70 million, up from RMB 671.61 million at the beginning of the period[25] - Tax refunds received were RMB 274.56 million, more than double the RMB 122.33 million received in the previous year[24] Shareholder Information - Xiamen Junteng Equity Investment Co., Ltd. holds 35.94% of the company's shares, totaling 143,812,440 shares[12] - Qingcheng Zhongteng Venture Capital Partnership holds 23.25% of the company's shares, totaling 93,004,200 shares[12] - Xiamen Junhui Equity Investment Co., Ltd. holds 15.07% of the company's shares, totaling 60,289,920 shares[12] - Xiamen Xinrui Jitai Equity Investment Partnership holds 8.84% of the company's shares, totaling 35,351,640 shares[12] - Total restricted shares at the end of the period amounted to 207,801,000 shares[15] Financial Instruments and Other Income - The fair value change of financial products resulted in a gain of 13,303,932.40 yuan, a 267.80% increase[10] - Inventory impairment provision changes led to a loss of 69,367,000.78 yuan, a 43.77% increase[10] - Subleasing of leased warehouse properties generated a gain of 11,119,427.82 yuan, a 196.32% increase[10] - Government subsidies decreased by 67.65% to 3,394,846.76 yuan, impacting other income[8] Earnings and Returns - The company's weighted average return on equity was -1.58%, a decrease of 4.98 percentage points compared to the same period last year[3] - The company's basic earnings per share were RMB 0.4884, down from RMB 0.6033 in the same period last year[23] Borrowings and Payables - Short-term borrowings surged by 550.98% to 713,794,893.11 yuan, primarily to meet funding needs during peak inventory periods[7] - Short-term borrowings at the end of the period were 713,794,893.11 yuan, a substantial increase from 109,650,118.22 yuan at the beginning of the period[19] - Accounts payable increased to 592,984,501.61 RMB from 265,391,456.91 RMB in the same period last year, a rise of approximately 123.4%[20] Monetary Funds and Receivables - Monetary funds at the end of the period were 769,258,946.62 yuan[18] - Accounts receivable at the end of the period were 342,709,919.93 yuan, an increase from 218,807,935.86 yuan at the beginning of the period[19]

证券时报e公司讯，赛维时代(301381)10月17日晚间公告，持有公司8.84%股份的股东厦门鑫瑞集泰股权 投资合伙企业（有限合伙）（简称"鑫瑞集泰"）计划通过集中竞价和/或大宗交易方式，减持公司股份 不超过1600万股，占公司总股本比例不超过4%。 ...

来源：公司年报、国金证券研究所 买入（首次评级） 投资逻辑 解析前期快速成长：顺应亚马逊平台规则，打造快反模式，组织不 断迭代。公司作为服装跨境品牌出海先锋，背靠中国服装产业链的 制造优势： 1）顺应主平台亚马逊选品机制，选取主打时尚感低+性价比高的服 饰（家居服/男装等）进行首批品牌孵化以提升成功胜率。 2）建立需求快速反应机制：数字化为基，动态供应商管理+柔性供 应链+仓储物流体系，底层能力的高度复用有力支撑品牌孵化与布 局效率的提升，运营人员人效由 18 年的 132 万元提升至 23 年的 388 万元。 3）形成品牌孵化器：24H1 旗下品牌收入 TOP3 的 Coofandy（男装） / Ekouaer （家居服） /Avidlove （ 内 衣 ） 收 入 增 速 +51.1%/+57.9%/+34.7%，培育 20+个亿级服饰&非服饰品牌。 渠道&品类成长驱动：主平台具备成长空间，横向扩展产品矩阵。 1）亚马逊细分品类仍处快速发力期，公司在 23/24H1 亚马逊平台 增速+32.5%/+43.1%，根据久谦，24M1~M7 亚马逊女装/男装品类销 额 84.9/33.5 亿美元，同比+59. ...

Investment Rating - The report assigns a "Buy" rating to the company, with expected net profits of 460 million, 590 million, and 780 million yuan for 2024, 2025, and 2026, respectively [4] Core Views - The company's revenue growth accelerated in H1 2024, with total revenue reaching 4.18 billion yuan, a 51% year-over-year increase [1][3] - Net profit attributable to the parent company in H1 2024 was 236 million yuan, up 57% year-over-year [3] - In Q2 2024, revenue grew 56% year-over-year to 2.38 billion yuan, with net profit attributable to the parent company increasing 52% to 150 million yuan [3][4] - The company's main men's wear and homewear brands maintained strong momentum, while women's wear categories continued to expand, driving overall revenue growth [3] - Gross profit margins for apparel and non-apparel categories were 49.3% and 42.1%, respectively, with non-apparel margins improving significantly due to inventory clearance [3] Financial Performance - In Q2 2024, gross margin increased by 0.8 percentage points year-over-year despite rising shipping costs, supported by Amazon's commission reductions and improved non-apparel product margins [4] - The company's sales expense ratio increased by 0.5 percentage points in Q2 2024, but the increase was smaller than in Q1, benefiting from Amazon's lower commission rates for low-priced apparel [4] - Management, R&D, and financial expense ratios increased by 0.2, 0.1, and 0.6 percentage points, respectively, in Q2 2024 [4] - The net profit margin for Q2 2024 was 6.3%, a slight decrease of 0.1 percentage points year-over-year, indicating stable profitability [4] Future Outlook - The company's main brands are expected to continue strong growth, with a gradually improving brand portfolio and ongoing expansion in European markets and new channels [4] - The report forecasts continued growth momentum, supported by the company's ability to maintain stable gross margins despite shipping cost fluctuations and rapid expansion [4] Financial Projections - The company's total revenue is projected to grow from 9.247 billion yuan in 2024E to 15.280 billion yuan in 2026E [9] - Net profit attributable to the parent company is expected to increase from 462 million yuan in 2024E to 776 million yuan in 2026E [9] - Gross margins are forecasted to improve from 47% in 2024E to 49% in 2026E [9]

证券代码：301381 证券简称：赛维时代 编号：2024-007 赛维时代科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------|--------------------------------------------------------| | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | 其他：电话会议 | | | 参与单位名称及 | | 国泰君安证券、国金证券、中信证券、中金公司、中信建投证 | | 人员姓名 | | 券、华西证券、广发证券、开源证券、长江证券、东吴证券、 | | | | 国元证券、招商证券、国盛证券、国海证券、德邦证券、西部 | | | | 证券、民生证券、天风证券、申万宏源证券、华创证券、华夏 | | | | 基金、融通基金、民生加银基金、平安养老、中金基金、摩根 | | | | 士丹利基金、圆信永丰基金、光大 ...