证券代码：301381 证券简称：赛维时代 赛维时代科技股份有限公司 投资者关系活动记录表 编号：2024-003 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 中金公司、长江证券、国泰君安证券、广发证券、天风证券、 人员姓名 华创证券、国金证券、招商证券、方正证券、国信证券、民生 证券、上海证券、财通证券、德邦证券、浙商证券、海通证券、 国海证券、国元证券、国盛证券、中信建投证券、东吴证券、 华西证券、中信证券、首创证券、太平洋证券、国联证券、开 源证券、东方证券、中泰证券、西部证券、东方财富证券、中 邮证券、太平洋证券、信达证券、兴业证券、申万宏源证券、 ...

股 票 研 究 证 券 研 究 报 告 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------|----------------|---------------------------|------------------------------------------------------------|----------------------|--------------------------------------|----------------------------|--------------|----------------------- ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 42.68 [10][11]. Core Insights - The company, Saiwei Times (301381), has shown a significant revenue growth of 33.7% in 2023, with a net profit increase of 81.6% [10][11]. - The report highlights a remarkable quarterly net profit growth of 308% in Q4 2023, driven by improved profitability, inventory turnover, and revenue per employee [10][11]. - The company is expected to continue its high growth trend by expanding into new product categories, regions, and platforms [10][11]. Summary by Sections Financial Performance - In 2023, the company's revenue reached 6.56 billion, with a net profit of 336 million, reflecting an 82% increase year-on-year [10][11]. - The report forecasts a revenue of 9.10 billion for 2024, with a projected net profit of 453 million, indicating a growth rate of 35% [10][11]. - The earnings per share (EPS) for 2023 is reported at 0.84, with expectations to rise to 1.13 in 2024 [10][11]. Revenue Breakdown - Revenue growth is segmented by channels, with Amazon contributing 5.77 billion (+32.5%) and Walmart showing a significant increase of 140% [10][11]. - The apparel segment generated 4.67 billion (+41.5%), accounting for 71.2% of total revenue, while non-apparel contributed 1.81 billion (+23.9%) [10][11]. Profitability Metrics - The report indicates a return on equity (ROE) of 17.5% in 2023, with expectations to rise to 21.3% by 2026 [10][11]. - The operating profit margin improved to 6.8% in 2023, with projections of 7.1% in 2026 [10][11]. Market Position - The company is positioned as a leading player in the cross-border e-commerce sector, leveraging its technology-driven approach to enhance brand incubation and operational efficiency [10][11]. - The report emphasizes the strong growth of core brands and the potential for new brands to emerge rapidly [10][11].

赛维时代（301381.SZ）2023 年年报及 2024 年一季报点评 赛维时代(301381)/商业零售及社会服务 每股收益 0.84 1.09 1.38 公司财务报表数据预测汇总 所得税 52 67 85 107 资产负债率（%） 33.36 45.44 45.10 | --- | --- | --- | --- | --- | |----------------------|--------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 净利润 | 336 | 437 | 551 | 693 | | 折旧和摊销 | 127 | 132 | 141 | 149 | | 营运资金变动 | 32 | -550 | -381 | -436 | | 经营活动现金流 | 550 | 185 | 513 | 636 | | 资本开支 | -25 | -36 | -40 | -37 | | 投资 | -40 | -712 | 0 | 0 | | 投资活动现金流 | -1,164 | -819 | -7 | 3 | | ...

至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 流动资产 1,733 2,593 2,744 3,278 4,055 经营活动现金流 418 550 224 502 633 货币资金 723 764 498 658 970 净利润 185 336 440 576 746 应收及预付 305 252 381 454 537 折旧摊销 125 127 114 117 125 存货 605 802 1,000 1,242 1,557 营运资金变动 74 32 -385 -237 -282 其他流动资产 100 775 865 925 992 其它 34 55 53 46 45 非流动资产 629 1,030 1,208 1,307 1,398 投资活动现金流 -46 -1,164 -306 -217 -216 长期股权投资 4 4 4 5 5 资本支出 -36 -25 -8 -18 -18 固定资产 36 38 43 55 66 投资变动 -10 -40 -101 -101 -101 在建工程 0 ...

Financial Performance - Revenue for 2023 reached RMB 6.56 billion, a 33.70% increase compared to 2022[2] - Net profit attributable to shareholders in 2023 was RMB 335.55 million, up 81.62% year-over-year[2] - Operating cash flow for 2023 increased by 31.47% to RMB 549.61 million compared to 2022[2] - Total assets at the end of 2023 grew by 53.41% to RMB 3.62 billion compared to the end of 2022[2] - Q4 2023 revenue was RMB 2.19 billion, the highest among all quarters in 2023[5] - Q4 2023 net profit attributable to shareholders was RMB 112.99 million, also the highest among all quarters[5] - The company's weighted average return on equity (ROE) for 2023 was 17.51%, up 3.94 percentage points from 2022[2] - The company's basic earnings per share (EPS) for 2023 was RMB 0.8907, a 73.56% increase compared to 2022[2] - The company achieved a total operating revenue of 6.564 billion yuan, a year-on-year increase of 33.70%, and a net profit attributable to shareholders of 336 million yuan, a year-on-year increase of 81.62%[108] - Total operating revenue for 2023 reached RMB 6,563,662,921.14, a year-on-year increase of 33.70%[152] - Net cash flow from operating activities increased by 31.47% to RMB 549,611,961.22, driven by revenue growth and operational efficiency improvements[175] Market and Industry Trends - The global apparel and footwear market size reached USD 1.82 trillion in 2023, with a 5.40% year-over-year growth[13] - Global apparel and footwear retail sales reached $2.50 trillion in 2023, with a year-on-year growth rate of 17.46%[17] - The global apparel and footwear market size is projected to increase from $2.13 trillion in 2023 to $2.24 trillion by 2028[17] - Eastern Europe, Latin America, and the Middle East & Africa are expected to contribute significantly to the global apparel and footwear market growth over the next 5 years[17] - Global retail e-commerce sales reached $5.82 trillion in 2023, a 10.00% year-over-year increase, with a penetration rate of 19.40%[53] - China's retail e-commerce penetration rate exceeded 40% in 2023, leading globally, while the US, Japan, and Canada still have room for growth[53] - Global retail e-commerce penetration is projected to reach 22.60% by 2027[54] - The global apparel and footwear e-commerce market size was $557.7 billion in 2023, growing by 5.72%, with a penetration rate of 30.70%[55] - Fashion and apparel are expected to be the fastest-growing category on Amazon from 2022 to 2027, with a projected CAGR of 12.4%[55] - Global retail e-commerce sales are projected to grow from $7.96 trillion in 2023 to $9.00 trillion in 2024, with a penetration rate increasing from 22.00% to 24.00%[72] - China's cross-border e-commerce import and export volume reached 2.38 trillion yuan in 2023, a year-on-year increase of 15.6%, with exports accounting for 1.83 trillion yuan, up 19.6%[76] - The China Export Container Freight Index (composite index) dropped to 909.19 points by the end of 2023, a 74.66% decrease from its peak in 2022, reducing shipping costs for cross-border e-commerce companies[79] - The USD to RMB exchange rate rose from 6.79 in January 2023 to 7.14 in December 2023, enhancing the price competitiveness of Chinese export goods[81] - The proportion of well-known brand sellers in China's cross-border B2C exports is expected to increase from 15% in 2022 to 20-30% by 2025[82] Business Operations and Strategy - The company's main business model is B2C, focusing on direct sales to consumers[48] - The company's apparel and accessories category achieved revenue of 4.671 billion yuan in 2023, a 41.49% year-over-year increase, accounting for 71.17% of total revenue[68] - The company's men's brand Coofandy and homewear brand Ekouaer surpassed 1 billion yuan in annual sales for the first time in 2023[68] - The company's lingerie brand Avidlove exceeded 500 million yuan in annual sales in 2023[68] - The company's brands ANCHEER, Zeagoo, COBIZI, Hotouch, Arshiner, and Vivi each achieved over 100 million yuan in annual sales in 2023[68] - The company's apparel and accessories category accounted for approximately 1% of Amazon's apparel and footwear GMV in 2021, indicating significant growth potential[68] - The company's total revenue in 2023 was 656,366.29 million yuan, a 33.70% increase from 2022, with apparel and accessories contributing 467,115.16 million yuan, up 41.49%[84] - The company's logistics service revenue decreased by 12.40% to 12,576.64 million yuan in 2023, while other business revenue surged by 181.81% to 3,036.40 million yuan[84] - The company leverages big data and IT platforms to optimize product development, supply chain efficiency, and brand operations, including automated CPC advertising and inventory management[93][98] - The company's R&D investment reached 87.6886 million yuan, a year-on-year increase of 84.17%, with 236 R&D personnel accounting for 11.37% of the total workforce[102] - The company's non-apparel and accessories category achieved a revenue of 1.736 billion yuan, a year-on-year increase of 19.48%, accounting for 26.45% of the total operating revenue[115] - The company's Coofandy brand achieved sales of 1.455 billion yuan in 2023, a year-on-year increase of 58.63%[110] - The company's Ekouaer brand achieved sales of 1.286 billion yuan in 2023, a year-on-year increase of 41.90%[110] - The company's Avidlove brand achieved sales of 629.322 million yuan in 2023, a year-on-year increase of 33.43%[110] - The company's Zeagoo brand achieved sales of 227.8902 million yuan in 2023, a year-on-year increase of 85.14%[110] - The company's ANCHEER brand achieved sales of 231.0223 million yuan in 2023, a year-on-year decrease of 13.40%[110] - The company's flexible supply chain system has been opened to over 130 third-party outsourcing factories, improving production efficiency and shortening production cycles[101] - The company has 642 domestic patents (including invention patents and copyrights), 277 overseas patents (including copyrights), and 132 software copyrights[102] - The company's procurement system, combined with machine learning algorithms and internal/external data, significantly improves inventory management by predicting future product sales using gradient boosting decision tree algorithms and simulating supply-demand calculations[123] - The company's self-developed WMS warehouse system optimizes storage efficiency through dynamic storage location management, wave picking, optimized picking/shipping paths, automated sorting, and automatic weighing/photography[123] - The company's logistics system integrates the supply chain, utilizing big data monitoring to recommend optimal delivery solutions, achieve cargo transportation visualization, and enhance overall logistics control[123] - The company's revenue from North America increased by 41.04% to 587.15461 million yuan, accounting for 89.87% of total revenue[132] - The company's total revenue increased by 33.38% to 6.5332989 billion yuan, with overseas revenue accounting for 97.99% of total revenue[132] - The company's B2C business primarily relies on Amazon, which accounted for 88.32% of main business revenue in 2023[133] - The company's cross-border e-commerce export revenue increased by 34.68% to 6.39728300474 billion yuan, with a gross profit margin of 46.31%[134] - The company's sales volume increased by 32.26% to 29,403,674 units, while inventory increased by 56.07% to 15,746,704 units[136] - The company's procurement costs increased by 31.99% to 1.57417671458 billion yuan, accounting for 44.29% of total operating costs[136] - The company established four new subsidiaries in 2023, each with 100% ownership[137] - Amazon accounted for 88.91% of the company's total sales, with sales reaching RMB 5,835,841,385.32[140] - The company's total sales to its top five customers amounted to RMB 6,363,859,885.72, representing 96.96% of the annual sales[140] - Sales expenses increased by 35.03% year-over-year to RMB 2,341,534,619.26, driven by higher brand promotion costs[142] - R&D expenses surged by 84.17% year-over-year to RMB 87,688,608.09, focusing on product development and operational efficiency[142] - The company's B2C business on Amazon grew by 32.47% year-over-year, contributing 88.32% of total B2C revenue[150] - Walmart's sales through the company's B2C platform increased by 139.74% year-over-year, reaching RMB 26,657.45 thousand[150] - North America remained the primary sales region, accounting for 89.87% of the company's total revenue[149] - The company's B2B business grew by 50.46% year-over-year, with revenue reaching RMB 7,585.45 thousand[150] - Logistics service revenue decreased by 12.40% year-over-year to RMB 12,576.64 thousand[150] - The company is developing AI-based applications, including marketing copy generation and intelligent customer service, to enhance operational efficiency[142] - Cross-border e-commerce export revenue accounted for 97.47% of total revenue, with a year-on-year growth of 34.68%[152] - Revenue from apparel and accessories sales increased by 41.49% to RMB 4,671,151,610.93, representing 71.17% of total revenue[152] - Overseas revenue accounted for 97.99% of total revenue, with a year-on-year growth of 35.12%[152] - B2C product sales accounted for 96.47% of total revenue, with a year-on-year increase of 34.59%[152] - R&D investment in 2023 increased to RMB 87,688,608.09, accounting for 1.34% of total revenue, up from 0.97% in 2022[172] - The number of R&D personnel increased by 43.03% to 236, with the proportion of R&D personnel rising to 11.37%[172] - The top five customers accounted for 96.96% of total sales, with a combined sales amount of RMB 6,363,859,885.72[167] - The top five suppliers accounted for 11.32% of total procurement, with a combined procurement amount of RMB 278,215,379.08[168] - The company incurred a total of 94.4781 million yuan in leasing expenses for 19 office, production, and storage locations in 2023[184] - The company's total entrusted financial management amount was 1.6815 billion yuan, with an outstanding balance of 1.0956 billion yuan[192] - The company's total share capital after the public offering is 400.1 million shares, with 31.41094 million shares listed on the Shenzhen Stock Exchange starting July 12, 2023[197] - The company's total litigation amount not meeting the disclosure standard is 19.2641 million yuan, with some cases already adjudicated or settled[178] - The company's actual guarantee amount was calculated based on the USD to RMB exchange rate of 6.4536 on February 18, 2021[190] Corporate Governance and Structure - The company's registered and office address is located at Kangli City, No. 6, Shangli Lang Community, Nanwan Street, Longgang District, Shenzhen, China[38] - The company's stock code is 301381, and it is listed on the Shenzhen Stock Exchange[38] - The company's CEO is Chen Wenping, and the Board Secretary is Ai Fan[38] - The company's financial report for 2023 has been audited and certified by the accounting firm[42] - The company's future plans and performance forecasts do not constitute a commitment to investors[42] - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares, totaling RMB 400.1 million[26]

东方证券承销保荐有限公司 关于赛维时代科技股份有限公司 2023 年度募集资金存放与使用情况的核查意见 东方证券承销保荐有限公司（以下简称"东方投行"或"保荐人"）作为赛维时 代科技股份有限公司（以下简称"赛维时代"或"公司"）首次公开发行股票之保荐 人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等相关规定，东方投行对赛维时代 2023 年度募集资金存放与使用情况进行了 核查，核查的具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意赛维时代科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕998 号）同意注册，赛维时代首次公开 发行人民币普通股（A 股）4,010.00 万股，发行价格 20.45 元/股，募集资金总额 为人民币 820,045,000.00 元，扣除发行费用 96,947,169.66 元（含增值税）后，募 集资金净额为 723,097,830.34 元。保荐人于 2023 年 7 月 7 日将扣除保荐承销费 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-020 赛维时代科技股份有限公司 特别声明： 1.本次征集表决权为依法公开征集，征集人郭东符合《中华人民共和国证券 法》第九十条、《上市公司股东大会规则》第三十一条、《公开征集上市公司股 东权利管理暂行规定》第三条规定的征集条件，并承诺其自征集日至行权日期间 持续符合相关条件； 2.截至本公告披露日，征集人郭东先生未持有公司股份。 按照《上市公司股权激励管理办法》的有关规定，并根据赛维时代科技股份 有限公司（以下简称"公司"）其他独立董事的委托，独立董事郭东先生作为征 集人就公司拟于 2024 年 5 月 21 日召开的 2023 年年度股东大会审议的股权激励 相关议案向公司全体股东征集表决权。本次征集表决权采取无偿的方式公开进行。 一、征集人的基本情况 本次征集表决权的征集人为公司现任独立董事郭东先生，其基本情况如下： 1980 年 1 月出生，中国国籍，无境外永久居留权，博士学历。2008 年 7 月 至 2010 年 6 月，在深交所博士后工作站任博士后；2010 年 7 月至 2015 年 4 月， 在深圳证券交易所任研究员、高级经理；2 ...

赛维时代科技股份有限公司董事会 关于 2023 年度证券与衍生品投资情况的专项说明 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》 等有关规定的要求，赛维时代科技股份有限公司（以下简称"公司"）董事会对公 司 2023 年度证券与衍生品投资情况进行了核查，现将相关情况说明如下： 一、证券与衍生品投资审议批准情况 公司于 2023 年 7 月 24 日召开第三届董事会第十二次会议、第三届监事会第 十次会议，于 2023 年 8 月 9 日召开 2023 年第二次临时股东大会，审议通过了《关 于开展外汇衍生品套期保值交易业务的议案》，同意公司及子公司使用自有资金 开展总额不超过人民币 10 亿元（或等值其他币种）额度的外汇衍生品套期保值 业务交易，交易品种包括但不限于远期结售汇、外汇掉期、外汇期权及其他外汇 衍生产品业务等。授权期限自 2023 年第二次临时股东大会审议通过之日起 12 个月有效。在授权额度范围内，资金可循环滚动使用，但期限内任一时点的交易 余额不超过人民币 10 亿元或等值其他币种。具体内容详见公 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-015 赛维时代科技股份有限公司 关于使用部分闲置募集资金及自有资金进行现金管理 的公告 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。 赛维时代科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日分别召 开了第三届董事会第十六次会议和第三届监事会第十四次会议，分别审议通过了 《关于使用部分闲置募集资金及自有资金进行现金管理的议案》，同意公司及子 公司使用不超过人民币 6 亿元（含本数）的闲置募集资金（含超募资金）和不超 过人民币 25 亿元的自有资金（含本数）进行现金管理，用于购买安全性高、流 动性好的投资产品，使用期限不超过股东大会审议通过之日起 12 个月，在上述 期限及额度范围内，资金可循环滚动使用。现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意赛维时代科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕998 号）同意注册，并经深圳 证券交易所同意，公司首次公开发行 4,010 万股人民币普通股（A 股），每股发 ...