[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 赛维时代（301381）公司研究报告 Liting Wang liting.wang@htisec.com Hongke Li hongke.li@htisec.com Rebecca Hu, CFA rebecca.jl.hu@htisec.com [Table_InvestInfo] 首次覆盖：价值链重构， 技术驱动品牌出海 [Table_Summary] 投资要点： 由"性价比铺货"转向"品牌矩阵式孵化"。赛维时代是一家技术驱动的品牌出 海企业，①2012-15 年创立初期：主营高性价比产品，重视底层架构搭建， 通过技术投入优化流程成本。②2016 年至今推进品牌化转型，2023 年外部 扰动渐退，收入、净利润各 65.6、3.36 亿元，同比增 33.7%、81.6%；1Q24 收入、净利润各 18.0、0.86 亿元，同比增 44.7%、65.6%。 财务：产品结构持续优化，营运能力显著提升。①经营模式：聚焦 Amazon 平台，其次是 Walmart 和自营网站，2023 年收入占比各 88.3%、4.1%和 2.8%。 ...

f 隔证券 商贸零售/互联网电商 公 司 研 究 赛维时代（301381.SZ） 2024 年 08 月 24 日 品牌孵化和发展顺利，服饰配饰品类增长亮眼 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/23 | | 当前股价 ( 元 ) | 21.07 | | 一年最高最低 ( 元 ) | 39.42/20.53 | | 总市值 ( 亿元 ) | 84.30 | | 流通市值 ( 亿元 ) | 40.52 | | 总股本 ( 亿股 ) | 4.00 | | 流通股本 ( 亿股 ) | 1.92 | | 近 3 个月换手率 (%) | 83.82 | 股价走势图 -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 赛维时代 沪深300 数据来源：聚源 相关研究报告 《跨境电商服饰赛道龙头，技术驱动 品牌扬帆出海—公司首次覆盖报告》 -2024.8.21 | --- | --- | --- | |------------------- ...

Financial Performance - Revenue for the reporting period reached 4.18 billion yuan, a year-on-year increase of 50.65%[10] - Net profit attributable to shareholders of the listed company was 235.59 million yuan, up 56.69% year-on-year[10] - Basic earnings per share increased by 41.00% to 0.5888 yuan per share[10] - Total assets grew by 25.25% to 4.54 billion yuan compared to the end of the previous year[10] - Operating cash flow decreased by 69.32% to 109.61 million yuan[10] - Weighted average return on equity (ROE) decreased slightly by 0.54 percentage points to 9.29%[10] - Total operating revenue for the first half of 2024 reached RMB 4,177,477,837.36, a 50.6% increase compared to RMB 2,773,013,878.19 in the same period of 2023[133] - Operating profit for the first half of 2024 was RMB 275,684,125.75, up 58.4% from RMB 174,074,101.89 in the first half of 2023[134] - Net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 235,585,901.56, a 56.7% increase from RMB 150,353,623.93 in the same period of 2023[134] - Basic earnings per share for the first half of 2024 were RMB 0.5888, up 41.0% from RMB 0.4176 in the first half of 2023[135] - Total comprehensive income for the first half of 2024 was RMB 235,217,810.38, a 57.6% increase from RMB 149,210,548.19 in the same period of 2023[134] - Total profit for the first half of 2024 was RMB 272,048,178.46, a 58.7% increase compared to RMB 171,397,175.03 in the first half of 2023[134] - Total comprehensive income for the first half of 2024 reached RMB 57,193,209.26, a significant increase compared to RMB 9,649,300.17 in the same period of 2023[136] Revenue Breakdown by Category - Coofandy brand sales reached RMB 947.59 million in H1 2024, a 51.11% YoY increase[16] - Ekouaer brand sales grew 57.93% YoY to RMB 786.03 million in H1 2024[16] - Total apparel and accessories revenue reached RMB 3 billion in H1 2024, a 53.62% YoY increase, accounting for 72.25% of total revenue[17][18] - Non-apparel accessories revenue grew 34.43% YoY to RMB 1.01 billion in H1 2024, representing 24.40% of total revenue[17][20] - Logistics service revenue surged 160.55% YoY to RMB 139.19 million in H1 2024[17] - Total operating revenue increased 50.45% YoY to RMB 4.15 billion in H1 2024[17] - COBIZI brand sales nearly doubled, growing 96.71% YoY to RMB 152.10 million in H1 2024[16] - Zeagoo brand sales increased 81.90% YoY to RMB 178.89 million in H1 2024[16] Regional and Channel Performance - North America remains the primary sales region, accounting for 89.14% of total revenue in H1 2024, with a year-on-year growth of 51.52%[22] - European market revenue increased by 18.61% in H1 2024, reversing the decline trend from 2023[22] - Amazon is the dominant sales channel, contributing 84.01% of total revenue in H1 2024, with a year-on-year growth of 43.11%[23] - TikTok platform sales surged by 10700.20% in H1 2024, indicating strong growth potential[23] Expenses and Costs - R&D investment for the reporting period was 54,865,708.43 yuan, a year-on-year increase of 78.58%, primarily due to system upgrades for new technologies and channels, as well as ongoing product-level R&D[42] - Sales expenses rose to 1,528,027,355.76 yuan, a 55.78% increase year-on-year, mainly due to higher brand promotion costs aimed at increasing market share and brand influence[42] - Operating costs for the first half of 2024 were RMB 3,891,127,495.59, a 50.8% increase compared to RMB 2,580,148,713.68 in the first half of 2023[133] - Income tax expenses for the first half of 2024 were RMB 36,462,276.90, a 73.3% increase from RMB 21,043,551.10 in the same period of 2023[134] - Cash paid for goods and services in the first half of 2024 was RMB 1,579,387,894.73, a significant increase from RMB 889,770,086.58 in the same period of 2023[137] - Cash paid for employee compensation in the first half of 2024 was RMB 333,384,492.54, up from RMB 245,010,627.65 in the same period of 2023[138] Cash Flow and Financial Position - The company's cash flow from operating activities decreased by 69.32% to 109,612,425.16 yuan, primarily due to increased inventory for sales growth and preparation for the third-quarter membership day[42] - Net cash flow from operating activities in the first half of 2024 was RMB 109,612,425.16, a decrease from RMB 357,243,380.58 in the same period of 2023[138] - Net cash flow from financing activities in the first half of 2024 was RMB 95,847,903.78, compared to RMB 25,839,513.00 in the same period of 2023[138] - Net cash flow from investment activities in the first half of 2024 was negative RMB 372,492,163.55, an improvement from negative RMB 595,141,056.28 in the same period of 2023[138] - Cash received from sales of goods and services in the first half of 2024 was RMB 2,435,205,805.69, up from RMB 1,764,844,241.91 in the same period of 2023[137] - Cash received from tax refunds in the first half of 2024 was RMB 142,133,641.32, compared to RMB 66,269,318.95 in the same period of 2023[137] - Cash received from other operating activities in the first half of 2024 was RMB 46,740,450.21, up from RMB 32,098,590.74 in the same period of 2023[137] Assets and Liabilities - Total assets grew by 25.25% to 4.54 billion yuan compared to the end of the previous year[10] - Inventory increased by 29.38% to 1,332,996,735.21 yuan, mainly due to increased sales volume and preparation for the third-quarter membership day[46] - Trading financial assets grew by 18.78% to 852,295,664.11 yuan, driven by new financial product purchases during the reporting period[46] - Other non-current financial assets rose by 2.26% to 102,600,000.00 yuan, due to new investments in professional institutions and enterprises[46] - Accounts payable increased by 12.83% to 582,373,429.13 yuan, reflecting higher inventory needs and extended payment terms with suppliers[46] - Short-term borrowings surged by 7.33% to 332,658,456.66 yuan, primarily due to discounted bank acceptance bills and new bank loans[46] - Total liabilities increased to 1,983,113,487.61 RMB from 1,208,714,398.19 RMB, reflecting a significant rise in financial obligations[129] - Current liabilities surged to 1,517,338,016.88 RMB compared to 791,531,537.53 RMB, indicating higher short-term financial commitments[129] - Non-current liabilities grew to 465,775,470.73 RMB from 417,182,860.66 RMB, driven by increases in lease liabilities and deferred tax liabilities[129] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 120.03 million yuan[1] - The company allocated 100,025,000.00 yuan to shareholders as dividends during the period[142] - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 120,030,000.00 (tax included), based on a total share capital of 400,100,000 shares[85][87] R&D and Innovation - The company holds 652 domestic patents (including inventions and copyrights), 291 international patents (including copyrights), and 148 software copyrights, with 254 R&D personnel[39] - The company has built a database of over 19,000 clothing patterns, enhancing design efficiency and consumer satisfaction[34] - The company's WMS system optimizes warehouse efficiency through dynamic storage, wave picking, and automated sorting[35] - The company's logistics system integrates supply chain data to recommend optimal delivery solutions and improve operational efficiency[35] - The company's CPC advertising system automatically selects products and adjusts strategies based on data from Amazon's API[36] - The company's pricing system automatically adjusts prices based on inventory levels, sales trends, and competitive environments[36] - The company's flexible supply chain system uses genetic algorithms to optimize production scheduling and improve efficiency[37] - The company's supply chain system integrates data from 190+ third-party factories, enhancing collaboration and production capacity[37] - The company's supply chain system uses AI to optimize product labeling and provide accurate sales forecasts[38] Market and Industry Trends - Global retail e-commerce sales reached $5.82 trillion in 2023, with a penetration rate of 19.40%, expected to rise to 22.60% by 2027[25] - Global apparel and footwear e-commerce market size was $557.7 billion in 2023, with a penetration rate of 30.70%[25] - Shipping costs surged in H1 2024 due to the Red Sea incident, impacting export-oriented companies' costs and inventory turnover[26] - The USD to RMB exchange rate increased by 2.39% in H1 2024, enhancing the price competitiveness of Chinese exports[27] - The competitive landscape in cross-border e-commerce is fragmented, with over 85% of sellers generating less than $2.5 million in annual sales[29] - The proportion of well-known brand sellers in China's cross-border B2C export market is expected to increase from 15% in 2022 to 20-30% by 2025[31] Subsidiaries and Investments - The company's subsidiary, Shenzhen Saiwei Network Technology Co., Ltd., achieved a revenue of 426.12 million yuan in the first half of 2024, a year-on-year increase of 47.30%, and a net profit of 188.25 million yuan, up 39.30% year-on-year[71] - The company's subsidiary, Shenzhen Saiwei Network Technology Co., Ltd., has total assets of 1.63 billion yuan and net assets of 1.14 billion yuan as of the reporting period[70] - The company's subsidiary, Shenzhen Saiwei Network Technology Co., Ltd., is the main operating entity for cross-border e-commerce business, contributing significantly to the group's revenue and profit growth[71] - The company's subsidiary, Shenzhen Saiwei Network Technology Co., Ltd., has a registered capital of 2.5 million yuan[70] - The company's major subsidiaries include Shenzhen Darwin Intelligent Technology Co., Ltd. and Zhangzhou Fenze Garment Co., Ltd., among others[167] - The company has 486 subsidiaries used solely for opening stores, with 9 subsidiaries transitioning to primary subsidiary management in 2024[169] Risk Management and Hedging - The company's foreign exchange hedging strategy effectively mitigated the impact of exchange rate fluctuations, achieving the goal of exchange rate risk neutrality[65] - The company's foreign exchange hedging business generated a total profit of 1.47 million yuan, with realized profits from settled contracts amounting to 202,800 yuan and unrealized gains from unsettled contracts totaling 1.27 million yuan[65] - The company's foreign exchange hedging business is conducted using its own funds[65] - The company's foreign exchange hedging business is subject to risks such as exchange rate fluctuations, internal control, transaction default, and legal risks, which are managed through strict risk control measures[65] - The company's foreign exchange hedging business is conducted with reputable financial institutions to minimize counterparty risk[65] - The company's foreign exchange derivatives investment reached RMB 773 million, accounting for 30.26% of the company's net assets at the end of the reporting period[64] - The company's foreign exchange derivatives investment generated a fair value change profit of RMB 1.27 million during the reporting period[64] Corporate Governance and Shareholder Structure - The company held its 2023 annual shareholders' meeting with an 84.02% participation rate on May 21, 2024[83] - The company experienced a change in its board of supervisors, with Hu Dan being elected as a non-employee representative supervisor on May 21, 2024[84] - The company has implemented a restricted stock incentive plan in 2024, with adjustments made to the plan and the granting of restricted stocks to incentivized employees[88] - The total number of restricted shares decreased by 2,035,249 shares, from 368,689,060 shares to 366,653,811 shares[114] - The number of unrestricted shares increased by 2,035,249 shares, from 31,410,940 shares to 33,446,189 shares[114] - The total number of shares remained unchanged at 400,100,000 shares[114] - The total number of restricted shares at the end of the period is 366,653,811 shares, with 2,035,249 shares released during the period[117] - Xiamen Junteng Equity Investment Co., Ltd. holds 143,812,440 shares, accounting for 35.94% of the total shares[118] - Xiamen Zhongteng Equity Investment Partnership holds 93,004,200 shares, representing 23.25% of the total shares[118] - Xiamen Junhui Equity Investment Co., Ltd. holds 60,289,920 shares, accounting for 15.07% of the total shares[118] - Xiamen Xinrui Jitai Equity Investment Partnership holds 35,351,640 shares, representing 8.84% of the total shares[119] - Xiamen Nut Investment Management Co., Ltd. holds 5,325,120 shares, accounting for 1.33% of the total shares[119] - Xiamen Nut Brothers Investment Management Co., Ltd. holds 5,243,040 shares, representing 1.31% of the total shares[119] - The Service Trade Innovation Development Guidance Fund holds 4,001,000 shares, accounting for 1.00% of the total shares[119] - Jiaxing Pucheng Equity Investment Partnership holds 3,818,520 shares, representing 0.95% of the total shares[119] - Fujian Track Enterprise Management Partnership holds 3,698,640 shares, accounting for 0.92% of the total shares[119] Social Responsibility and Donations - The company has donated a total of RMB 5 million to the Harbin Institute of Technology Education Development Foundation as part of its social responsibility initiatives[92] Guarantees and Financial Commitments - The company provided a total of 50,000.00 million yuan in guarantees for Shenzhen Huacheng Yunshang Technology Co., Ltd., with 13,914.40 million yuan actually used[105] - The company provided a total of 50,000.00 million yuan in guarantees for Shenzhen Saiwei Network Technology Co., Ltd., with 10,435.80 million yuan actually used[105] - The company provided a total of 100,000.00 million yuan in guarantees for HONGKONG LINEMART LIMITED, with 5,000.00 million yuan actually used[105] - The company provided a total of 100,000.00 million yuan in guarantees for Shenzhen Huacheng Yunshang Technology Co., Ltd., with 20,000.00 million yuan actually used[105] - The company provided a total of 100,000.00 million yuan in guarantees for HONGKONG LINEMART LIMITED, with 10,000.00 million yuan actually used[105] - The company provided a total of 100,000.00 million yuan in guarantees for Shenzhen Huacheng Yunshang Technology Co., Ltd., with 25,000.00 million yuan actually used[105] - The company provided a total of 154,000.00 million yuan in guarantees for Shenzhen Saiwei Network Technology Co., Ltd., with 2,000.00 million yuan actually used[105] - The company provided a total of 154,000.00 million yuan in guarantees for Shenzhen Huacheng Yunshang Technology Co., Ltd., with 20,000.00 million yuan actually used[105] - The company provided a total of 154,000.00 million yuan in guarantees for Shenzhen Huacheng Yunshang Technology Co., Ltd., with 14,000.00 million yuan actually used[106] - The total approved guarantee amount for subsidiaries at the end of the reporting period is 222,914.40 thousand RMB, with an actual guarantee balance of 104,914.40 thousand RMB[109] - The actual guarantee amount (A4+B4+C4) accounts for 41.07% of the company's net assets[111] - The company and its subsidiaries provided a joint guarantee of 2,000 million USD in credit financing to Citibank on February 27, 2023[111] - The company and its subsidiaries provided a joint guarantee of 1.40 billion RMB in credit financing to HSBC on March 29, 2024[112] Financial Instruments and Accounting Policies - Financial assets measured at fair value totaled

F原证券 商贸零售/互联网电商 公 司 研 究 赛维时代（301381.SZ） 2024 年 08 月 21 日 跨境电商服饰赛道龙头，技术驱动品牌扬帆出海 ——公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/21 | | 当前股价 ( 元 ) | 21.53 | | 一年最高最低 ( 元 ) | 42.15/21.00 | | 总市值 ( 亿元 ) | 86.14 | | 流通市值 ( 亿元 ) | 41.40 | | 总股本 ( 亿股 ) | 4.00 | | 流通股本 ( 亿股 ) | 1.92 | | 近 3 个月换手率 (%) | 91.27 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 2024-08 赛维时代 沪深300 数据来源：聚源 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 | --- | --- | |-------------- ...

欢迎进入我们今天的深度覆盖的交流那下面我来给各位要汇报一下三维时代的情况那首先三维时代这个公司呢它主要是技术驱动的这种品牌出海企业背靠的是中国优质的这种供应链资源来依托亚马逊一倍这些平台来开展这种跨境电商的经营业务 它主要覆盖的品类包括服饰配件、百货家居、运动娱乐还有家电数码等。那公司目前线上销售范围主要是覆盖了美国和欧洲等多个国家的地区,然后并且基于这种完善的全球操作物流体系,来向第三方提供物流服务。 那从它的发展可以大概分成三个时期,从12年到15年的这种发展初期,这个期间公司注重这种底层架构的搭建,并且持续去提升运营效率。那在16年之后呢,公司确立了品牌化的转型战略,并且从2019年到现在呢,持续推进这种品牌化战略的转型,然后去抢持续提升自己的这种盈利能力,那多个品牌也在亚马逊上, 形成了这种细分品类的领先优势那服装柔性供应链也持续提速去满足消费者对于高品质快时尚的这样一个服饰需求那从业务概况来看呢公司从18年开始推进品牌化转型之后呢那品牌底层的逻辑高度服用产品品类和销售渠道在持续拓宽那新品牌持续孵化营收规模整体呈现一个上行的态势那20年在海外疫情的影响下线上消费得到提振 那公司的营收和规模金利润分别同 ...

程 [Table_Title] 赛维时代（301381.SZ） 业绩超预期，新品类驱动增长 [Table_Summary] 核心观点： ⚫ 事件：公司发布 2024 年半年报预告。（1）根据公司公告，24H1，公 司预计实现营业收入 41.5-42.5 亿元，同比增长 49.7%-53.3%。归母 净利润 2.3-2.5 亿元，同比增长 51.6%-64.9%。扣非净利润 2.0-2.2 亿 元，同比增长 41.8%-55.9%。非经常性损益金额约为 2600 万元，主要 系投资理财收益增加所致。（2）单 24Q2：公司预计实现营业收入 23.5- 24.5 亿元，同比增长 53.7%-60.3%。归母净利润 1.4-1.6 亿元，同比 增长 44.3%-64.6%。扣非净利润 1.3-1.5 亿元，同比增长 36.3%-57.0%。 ⚫ 公司继续坚持品牌化出海的发展战略，加大品牌孵化力度，提升品牌运 营效率，拓展品牌发展渠道，对于主营收入增长驱动较为显著。2024 年主要增长点：（1）头部品牌尝试"走出"亚马逊，女装等新品牌发力； （2）布局 Tiktok、Temu 等新渠道，增强渠道多元性，提升品牌声量； ...

[Table_PicQuote] -37% -20% -3% 14% 31% 49% 2023-07 2023-11 2024-03 2024-07 52周股价走势图 赛维时代 深证成指 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | [Table_Trend] 升幅 (%) | 1M | 3M | 12M | | 绝对升幅 | -9% | -4% | -33% | | 相对指数 | -6% | 0% | -14% | [Table_Report] 相关报告 Q1 业绩高增 66%，股权激励彰显信心 2024.04.29 业绩高增 82%，盈利能力及周转显著提升 2024.04.28 业绩预增 83%，景气持续推动乘风破浪 2024.03.12 业绩预增 73-89%，盈利能力稳步回升 2024.01.29 Q3 业绩高增 98%，强者基因看好未来成长 2023.10.28 | --- | --- | --- | --- | --- | --- | |----------------------- ...

赛维时代（301381.SZ）2024 年半年度业绩预告点评 [盈利预测与财务指标 Table_Forcast] ➢ 公司品牌化出海战略的效益凸显，营收实现快速增长。通过加大品牌孵化力 度、提升品牌运营效率、拓展品牌发展渠道三方面发力，得以持续扩大品牌优势。 2023 年旗下男装品牌 Coofandy、家居服品牌 Ekouaer 和内衣品牌 Avidlove 三大头部品牌，占据了服装销售收入的 51.35%。公司依托于多年积累的底层能 力，包括产品开发设计、供应链管理、仓储物流和品牌运营等，以支持多品牌孵 化，助力构建强大的品牌矩阵。目前，公司旗下拥有超过 94 个品牌，超过 20 个 亿级品牌，目标打造细分领域的领先品牌，不断提升市场占有率。 ➢ 投资建议：公司以全链路数字化技术打造敏捷快反的时尚产业链，孵化 63 个千万级别的自有品牌。此外，积极布局海外仓储物流环节，为跨境电商业务降 本增效，渠道方面，通过 Shopify 平台在美国搭建了自营独立站，营收占比不断 提升。我们看好公司在产品、服务、渠道各方面的精细化运营，长期来看成长具 有确定性。我们预计 24-26 年公司实现归母净利润 4.57/5.7 ...

赛维时代科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 （一）业绩预告期间 （二）业绩预告情况：同向上升 注：以上"万元"均指"人民币万元"。 本次业绩预告数据是公司财务部初步测算的结果，未经审计机构审计。 报告期内，公司继续坚持品牌化出海的发展战略，加大品牌孵化力度，提升 品牌运营效率，拓展品牌发展渠道，营业收入实现较快增长，2024 年上半年预 计实现营业收入 41.5-42.5 亿元，较上年同期预计增长 49.66%-53.26%。 要系投资理财收益增加所致。 本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计， 2024 年半年度具体的业绩数据将在公司 2024 年半年度报告中详细披露，请以公 司最终披露的 2024 年半年度报告为准。敬请广大投资者谨慎决策，注意投资风 董事会关于 2024 年半年度业绩预告的情况说明。 特此公告。 2024 年 7 月 18 日 证券代码：301381 证券简称：赛维时代 公告编号：2024-037 2024 年半年度业绩预告 一、本期业绩预计情况 2024 年 1 月 1 日至 202 ...

投资评级 优于大市 首次 覆盖 | --- | --- | --- | --- | --- | |--------------------------|---------|--------|--------|-------| | 2023/7 | 2023/10 | 2024/1 | 2024/4 | | | 沪深 300 对比 | | 1M | 2M | 3M | | 绝对涨幅（ % | ） | -11.4 | -12.1 | -10.6 | | 相对涨幅（ % | ） | -9.3 | -6.7 | -9.5 | | 资料来源：海通证券研究所 | | | | | [Table_Summary] 投资要点： 行业：规模大、稳增长，有望实现规模化赋能。①需求端：欧美为核心需求 市场，2022-27 年亚马逊时尚服饰品类销售额预计以 12.4%的 CAGR 增长。 ②供给端：2022 年我国跨境出口 B2C 品类中服饰鞋履占比 23.3%，预计未 来份额占比稳定。我国服饰产业集群效应明显，政策多方位支持，物流基础 设施稳固，出口产品竞争力强。服装具备多品牌高度复用特点，有望实现规 模化赋能。③竞争格局：中小卖家 ...