Summary of the Conference Call Company Overview - The company discussed is "Three-Dimensional Era," which is a technology-driven brand export enterprise that leverages high-quality supply chain resources from China to engage in cross-border e-commerce through platforms like Amazon [1] Core Insights and Arguments - The company operates primarily in the cross-border e-commerce sector, utilizing advanced technology to enhance its brand presence and operational efficiency [1] Additional Important Content - The reliance on platforms such as Amazon indicates a strategic focus on established e-commerce channels to facilitate international sales [1]

证券代码：301381 证券简称：赛维时代 公告编号：2024-041 赛维时代科技股份有限公司 关于拟购买土地使用权的公告 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。 特别提示：本次拟购买土地使用权，公司将遵守相关法律、法规，履行国有 土地出让的程序，具体购买能否成功尚存在不确定性，公司将根据相关法规对购 买事项的进展情况及时发布公告，敬请投资者注意投资风险。 一、交易概述 赛维时代科技股份有限公司（以下简称"公司"）于 2024 年 8 月 8 日召开 第三届董事会第十九次会议，审议通过了《关于拟购买土地使用权的议案》，为 了扩大公司经营规模，公司或全资子公司拟购买土地使用权，土地购置费用不超 过人民币 21,000 万元（最终投资金额以土地招拍挂结果为准），本次购买土地 使用权的资金来源均为公司或全资子公司的自有资金或自筹资金。 根据相关规定，本事项不属于关联交易，也不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。本次购买土地使用权事项在公司董事会审议权 限内，无需提交公司股东大会审议。公司董事会授权管理层及其授权人士办理此 次购买土地使 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-040 赛维时代科技股份有限公司 第三届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 赛维时代科技股份有限公司（以下简称"公司"）第三届董事会第十九次会议 于 2024 年 8 月 8 日以通讯表决方式召开。会议通知于 2024 年 8 月 5 日以书面 或邮件方式送达各位董事，各位董事确认收悉。会议由公司董事长陈文平先生主 持，应出席董事 8 人，实际出席董事 8 人，公司全体监事和高级管理人员列席 了会议。会议的召开符合《中华人民共和国公司法》《赛维时代科技股份有限公 司章程》和《赛维时代科技股份有限公司董事会议事规则》的有关规定。 二、董事会会议审议情况 会议审议并通过了如下议案： 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的相关公 告。 1.审议通过《关于拟购买土地使用权的议案》 为了扩大公司及子公司经营规模，公司或全资子公司拟购买土地使用权，土 地购置费用不超过人民币 21,000 万元（最终投资金额以 ...

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、担保情况概述 赛维时代科技股份有限公司（以下简称"公司"）于 2023 年 12 月 8 日召开 第三届董事会第十五次会议、第三届监事会第十三次会议，于 2023 年 12 月 25 日召开 2023 年第五次临时股东大会审议通过《关于 2024 年度公司及子公司向 金融机构申请综合授信及担保额度预计的议案》，为满足公司及子公司（合并报 表范围内子公司，以下统称"子公司"）2024 年度各项日常经营活动开展的资金 需求，公司及子公司拟向银行等金融机构申请总额不超过 35 亿元人民币或等值 外币的综合授信额度。为保障上述综合授信融资方案的顺利实施，公司及子公司 拟为合并报表范围内的子公司申请的综合授信额度提供总额度不超过 15.40 亿 元人民币或等值外币的连带责任担保（含子公司之间相互提供担保），其中，为 资产负债率高于 70%（含）的子公司提供担保的额度为 15.20 亿元，为资产负债 率低于 70%的子公司提供担保的额度为 0.2 亿元。此外，子公司拟为公司提供总 额度不超过 0.1 亿元的连带责任担保。 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-038 赛维时代科技股份有限公司 关于新增受让股权投资基金份额暨与专业机构共同投资的 进展公告 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。 一、与专业投资机构共同投资概况 （一）前次受让股权投资基金份额情况 为更好的借助专业投资机构的经验优势及资源优势，提高赛维时代科技股 份有限公司（以下简称"公司"）的综合竞争力和盈利能力，公司以自有资金受让 舟山麦步投资有限责任公司持有的海南小虎鲸私募股权投资基金合伙企业（有 限合伙）（以下简称"小虎鲸基金"或"合伙企业"）认缴出资人民币 20,000,000 元 所对应的小虎鲸基金 3.4965%的合伙份额，其中已完成实缴出资人民币 10,000,000 元。本次交易对价为人民币 10,000,000 元，其余 10,000,000 元由公司 向小虎鲸基金实缴。本次交易完成后，公司成为小虎鲸基金的有限合伙人之一， 持有小虎鲸基金 3.4965%的合伙份额。具体内容详见公司于 2023 年 10 月 28 日 披露于巨潮资讯网（www.cninfo.com ...

Investment Rating - The report assigns a "Buy" rating to Saweidai (301381 SZ) with a target price of 25 25 yuan per share based on a 2024 PE multiple of 22x [5] Core Views - Saweidai's 2024 H1 results exceeded expectations with revenue of 4 15-4 25 billion yuan, up 49 7%-53 3% YoY, and net profit of 230-250 million yuan, up 51 6%-64 9% YoY [1] - The company's growth is driven by its brand globalization strategy, with key initiatives including expanding beyond Amazon, launching new brands in categories like women's apparel, and diversifying channels through platforms like TikTok and Temu [1] - Geographic expansion focuses on the US market while increasing presence in Europe [1] Financial Performance - For 2024-2026, revenue is projected to grow at a CAGR of 31 5%, reaching 8 93 billion yuan in 2024, 11 73 billion yuan in 2025, and 14 91 billion yuan in 2026 [2] - Net profit is expected to grow at a CAGR of 34 4%, reaching 460 million yuan in 2024, 610 million yuan in 2025, and 820 million yuan in 2026 [2] - ROE is forecast to improve from 13 9% in 2023 to 19 4% in 2026, reflecting enhanced profitability [3] Growth Drivers - The company's growth strategy centers on brand incubation, operational efficiency improvement, and channel diversification [1] - Key growth areas include expanding beyond Amazon, developing new brands, and leveraging emerging platforms like TikTok and Temu [1] Valuation Metrics - The stock trades at 19 17x 2024E PE and 3 17x 2024E PB, with EV/EBITDA of 13 48x for 2024 [3] - EPS is projected to grow from 0 89 yuan in 2023 to 2 04 yuan in 2026 [3]

Investment Rating - The investment rating for the company is "Buy" [17][18]. Core Views - The company is expected to achieve a significant increase in net profit for H1, projected to grow by 52-65%, demonstrating operational resilience in a complex external environment [16]. - The brand matrix construction is anticipated to lay a foundation for long-term growth, with a focus on enhancing brand incubation and operational efficiency [18]. - The company has adjusted its target price to 33.90 CNY based on a 30x PE valuation for 2024, reflecting a downward revision from a previous estimate of 42.29 CNY [18]. Financial Summary - Revenue for 2023 is projected at 6,564 million CNY, with a growth rate of 33.7% compared to 2022 [3]. - Net profit attributable to the parent company is expected to reach 336 million CNY in 2023, marking an 81.6% increase from the previous year [3]. - The company anticipates a revenue range of 41.5-42.5 billion CNY for H1 2024, representing a year-on-year increase of 49.66%-53.26% [18]. Valuation Metrics - The company is valued at a PE of 30 for 2024, with a reasonable stock price estimate of 33.90 CNY based on this valuation [7][9]. - The PS valuation method suggests a stock price estimate of 34.13 CNY, leading to an average target price of 33.90 CNY when combining both PE and PS methods [9][10]. Market Performance - The stock has experienced a 52-week price range of 21.47-51.70 CNY, with a current price of 22.93 CNY [21]. - The company has a total market capitalization of 9,174 million CNY [21].

Investment Rating - The report maintains a "Recommend" rating for the company [3][11] Core Views - The company's brand-oriented overseas strategy has shown significant results, driving rapid revenue growth [2] - The company has successfully incubated 63 self-owned brands with sales exceeding 10 million yuan each, and is actively expanding overseas warehousing and logistics to reduce costs and increase efficiency for cross-border e-commerce [3] - The company's revenue and net profit are expected to grow significantly in the next three years, with projected net profits of 457 million, 576 million, and 724 million yuan for 2024-2026, representing year-on-year growth rates of 36.1%, 26.1%, and 25.8%, respectively [3][4] - The company's performance in the first half of 2024 is expected to be strong, with revenue projected to grow by 49.66%-53.26% year-on-year, and net profit expected to increase by 51.64%-64.94% [8] Financial Performance and Projections - Revenue is expected to grow from 6,564 million yuan in 2023 to 13,861 million yuan in 2026, with growth rates of 43.6%, 22.3%, and 20.3% for 2024-2026, respectively [4] - Net profit attributable to the parent company is projected to increase from 336 million yuan in 2023 to 724 million yuan in 2026, with growth rates of 36.1%, 26.1%, and 25.8% for 2024-2026, respectively [4] - The company's gross margin is expected to improve from 45.84% in 2023 to 47.75% in 2026 [7] - The company's ROE is projected to increase from 13.90% in 2023 to 19.36% in 2026 [7] Brand and Market Strategy - The company has over 94 brands, with more than 20 brands generating over 100 million yuan in sales [2] - The top three brands, Coofandy, Ekouaer, and Avidlove, accounted for 51.35% of the company's apparel sales in 2023 [2] - The company has built a self-operated independent website on the Shopify platform in the US, which is contributing an increasing share of revenue [3] - The company's strong performance during Amazon Prime Day, where it accounts for nearly 90% of sales, is expected to further boost annual sales growth [9][22] Operational Efficiency - The company's total asset turnover ratio is expected to remain stable at around 2.2 from 2023 to 2026 [7] - Inventory turnover days are projected to increase slightly from 71.26 days in 2023 to 75.96 days in 2026 [13] - The company's cash ratio is expected to decrease from 0.97 in 2023 to 0.40 in 2026, indicating a potential shift in liquidity management [13] Industry Context - Amazon Prime Day in the US saw a 11% year-on-year increase in online sales, reaching a record high of 14.2 billion USD, with significant increases in discount rates across various categories, including electronics, apparel, and home goods [9] - The company's strong presence on Amazon, with nearly 90% of sales coming from this channel, positions it well to benefit from the overall growth in e-commerce [9][22]

Financial Performance Forecast - The company expects revenue for the first half of 2024 to be between 4.15 billion and 4.25 billion RMB, representing a year-on-year growth of 49.66% to 53.26%[5] - The net profit attributable to shareholders is projected to be between 228 million and 248 million RMB, an increase of 51.64% to 64.94% compared to the same period last year, which was 150.35 million RMB[10] - The net profit after deducting non-recurring gains and losses is expected to be between 202 million and 222 million RMB, reflecting a growth of 41.84% to 55.88% from the previous year's 142.42 million RMB[10] - Non-recurring gains and losses are estimated to impact the company's net profit by approximately 26 million RMB during the reporting period[11] - The earnings forecast indicates a positive outlook for the company's financial performance in the upcoming half-year[5] Strategic Initiatives - The company continues to adhere to its brand globalization strategy, enhancing brand incubation efforts and operational efficiency[5] - The company has not disclosed specific details regarding new product developments or market expansion strategies in this report[5] Reporting and Caution - The financial data provided is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the 2024 semi-annual report[6] - The company emphasizes the importance of cautious decision-making for investors based on the preliminary earnings forecast[6] - The reporting period for the earnings forecast is from January 1, 2024, to June 30, 2024[9]

Investment Rating - Outperform [1] Core Views - The company is positioned in a large and steadily growing industry with potential for scale-driven empowerment [3] - The company has transitioned from a "cost-effective product distribution" model to a "brand matrix incubation" model, focusing on brand development and cross-border e-commerce [5] - The company's financial performance shows continuous optimization of product structure, with room for further margin expansion [5] - The industry is characterized by a fragmented competitive landscape dominated by small and medium-sized sellers, with a clear trend towards brandization [3][5] Industry Overview - The global e-commerce penetration rate is steadily increasing, with the online apparel market expected to grow rapidly [21] - The global apparel and footwear market is projected to grow at a CAGR of 5.3% from 2024 to 2028, with North America, China, and Western Europe being the core demand markets [35] - The apparel and footwear category accounts for 23.3% of China's cross-border B2C exports, with a stable market share expected in the future [3] - China's apparel industry benefits from significant cluster effects, robust logistics infrastructure, and strong export competitiveness [3][23][24] Financial Performance - Revenue is expected to grow from 6.56 billion yuan in 2023 to 13.83 billion yuan in 2026, with a CAGR of 22.2% [4] - Net profit is projected to increase from 336 million yuan in 2023 to 749 million yuan in 2026, with a CAGR of 28.7% [4] - Gross margin is expected to rise from 45.8% in 2023 to 47.7% in 2026, driven by product structure optimization and brand strategy [4][29] - ROE is forecasted to increase from 13.9% in 2023 to 20.5% in 2026, reflecting improved profitability and operational efficiency [4] Competitive Advantages - The company has successfully incubated multiple brands, including 4 with over 1 billion yuan in sales and more than 20 with over 100 million yuan in sales [40][72] - The company's flexible supply chain and efficient logistics system enable rapid response to market demands, with an average production cycle of 5-10 days [52][55] - The company has developed a comprehensive digital ecosystem, including trend analysis systems, smart procurement systems, and automated advertising systems, to enhance operational efficiency [111][112] Market Strategy - The company focuses on the North American market, which accounted for 89.9% of its revenue in 2023, with Europe showing marginal improvement in 1Q24 [27] - The company leverages Amazon's brand registration program to enhance brand protection and marketing capabilities, driving its brandization strategy [26] - The company has optimized its product portfolio by reducing low-efficiency SKUs and focusing on high-margin categories such as apparel and accessories [41][43] Future Outlook - The company is expected to maintain strong growth in its core apparel and accessories category, with revenue projected to grow at a CAGR of 30% from 2024 to 2026 [95] - The company plans to expand its logistics services, with revenue from this segment expected to grow at a CAGR of 5% from 2024 to 2026 [96] - The company's brand matrix strategy and digital capabilities are expected to drive sustained growth and profitability in the coming years [71][72]