证券代码：301381 证券简称：赛维时代 公告编号：2024-064 赛维时代科技股份有限公司 赛维时代科技股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日披露 了《持股 5%以上股东减持股份预披露公告》，持有本公司股份 93,004,200 股（占 本公司总股本比例 23.25%）的股东共青城众腾创业投资合伙企业（有限合伙） （以下简称"众腾投资"）计划根据市场情况以集中竞价和/或大宗交易方式减持 本公司股份合计不超过 8,002,000 股，占公司总股本比例不超过 2%。减持期间为 2024 年 11 月 21 日至 2025 年 2 月 20 日。 公司于近日收到众腾投资出具的《关于股份减持比例超过 1%的告知函》，获 悉众腾投资截至 2024 年 11 月 29 日已通过集中竞价交易方式累计减持公司股份 3,529,760 股，通过大宗交易方式累计减持公司股份 800,000 股，合计累计减持所 持公司股份比例超过公司总股本的 1%，现将有关情况公告如下： | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-063 赛维时代科技股份有限公司 一、控股股东股权结构变更情况 本次变更完成前，陈文平先生持有雄安君腾 100%股权，本次变更完成后， 陈文平先生持有雄安君腾 67%股权，王园园女士持有雄安君腾 33%股权。 二、控股股东股权结构变更对公司的影响 本次公司控股股东股权结构变更，公司的控股股东、实际控制人不变，控股 股东仍为雄安君腾，实际控制人仍为陈文平先生。王园园女士在雄安君腾经营管 理及其持有的雄安君腾全部股权涉及的赛维时代相关的所有事项上均与陈文平 先生采取一致行动，双方形成一致行动关系。本次控股股东股权结构变更不会导 致公司业务结构发生变化，也不会对公司的正常经营活动产生影响。 特此公告。 赛维时代科技股份有限公司 董事会 关于控股股东股权结构变更完成的公告 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"赛维时代"或"公司"）于 2024 年 10 月 8 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于控股股东股权 结构拟发生变更的提 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][8]. Core Views - The company has shown significant revenue growth, with a 55.60% year-on-year increase in the first three quarters of 2024, reaching 6.802 billion yuan. However, the net profit attributable to shareholders decreased by 12.20% year-on-year to 195 million yuan [6]. - The apparel and accessories segment has driven revenue growth, while non-apparel categories are still in a loss state. The apparel segment achieved 4.858 billion yuan in revenue, up 57.79% year-on-year, while non-apparel categories generated 1.636 billion yuan, up 37.66% year-on-year [6]. - The company is focusing on a cost-leading strategy and overseas supply chain management to mitigate external risks, with plans to shift orders to Southeast Asia based on cost, quality, and flexibility considerations [4]. Financial Summary - Revenue for 2023 is projected at 6.564 billion yuan, with a year-on-year growth of 33.7%. For 2024, revenue is expected to reach 9.747 billion yuan, reflecting a growth of 48.5% [5]. - The net profit attributable to shareholders is forecasted to be 336 million yuan in 2024, with a slight increase to 339 million yuan in 2025, and further growth to 443 million yuan in 2026 [5]. - The gross margin is expected to remain stable around 45%, with a return on equity (ROE) projected to increase from 13.9% in 2023 to 16.7% by 2026 [5]. Inventory and Cost Management - The company experienced a significant increase in inventory, reaching 2.081 billion yuan by the end of Q3 2024, a 159.32% increase from the beginning of the year, driven by new product development and seasonal stocking [7]. - The gross margin slightly declined due to rising shipping costs and increased marketing expenses, which have put pressure on overall profitability [7].

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]

证券代码：301381 证券简称：赛维时代 公告编号：2024-062 赛维时代科技股份有限公司 关于与专业投资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、交易概述 赛维时代科技股份有限公司（以下简称"公司"）为推动贸易高质量发展， 拓宽公司产业布局和战略视野，作为有限合伙人使用自有资金与普通合伙人兼 执行事务合伙人招商局资本管理（北京）有限公司（以下简称"招商局资本（北 京）"）及其他有限合伙人共同投资设立了海南招服贸易新业态股权投资基金合 伙企业（有限合伙）（以下简称"合伙企业"），合伙企业已于 2024 年 1 月完 成工商注册登记手续并取得海南省市场监督管理局颁发的《营业执照》。具体内 容详见公司于 2023 年 11 月 24 日披露于巨潮资讯网（www.cninfo.com.cn）的 《关于与专业投资机构共同投资的公告》（公告编号：2023-031）；于 2024 年 1 月 8 日、于 2024 年 9 月 12 日在中国证监会指定信息披露媒体巨潮资讯网上披 露的《关于与专业投资机构共同投资的进展公告》（公告编号： ...

Investment Rating - The report maintains a rating of "Buy" for the company [5][18]. Core Views - The company continues to show strong revenue growth, with a year-to-date revenue of 6.8 billion yuan, representing a 55.5% increase. However, profits are under pressure due to significant increases in investment [2][3]. - The report anticipates a recovery in performance, supported by internal improvements and external category expansion [2]. Financial Summary - Revenue for the first three quarters reached 6.8 billion yuan, up 55.5%, while net profit attributable to shareholders was 195 million yuan, down 12.2%. The adjusted net profit was 163 million yuan, down 21.5% [3]. - In Q3 alone, revenue was 2.62 billion yuan, a 63.9% increase, but the net profit attributable to shareholders was a loss of 40.18 million yuan, down 156% [3]. - The report projects EPS for 2024-2026 to be 0.89, 1.28, and 1.71 yuan respectively, with growth rates of 6%, 44%, and 34% [3][4]. - The target price is adjusted to 28.48 yuan, based on a 32x PE ratio for 2024 [3][12]. Operational Insights - The apparel segment remains strong, with revenue of 4.86 billion yuan for the first three quarters, a 57.8% increase. In Q3, it generated 1.856 billion yuan, up 65% [3]. - Non-apparel categories are gradually recovering, with revenue of 1.636 billion yuan for the first three quarters, a 37.7% increase [3]. - The company expects strong performance in Q4, driven by the holiday season, with projected revenue and adjusted net profit accounting for 33.3% and 33.6% of the annual totals respectively [3]. Valuation Metrics - The company’s market capitalization is approximately 9.81 billion yuan, with a current share price of 24.52 yuan [6]. - The report indicates a PE ratio of 29.24 for 2023 and projects it to decrease to 14.35 by 2026 [4][12]. Comparative Analysis - The report compares the company with peers in the cross-border e-commerce sector, noting that it is one of the leading firms in the industry [12][13]. - The average PE for comparable companies is 30.8, and the report assigns a premium to the company due to its growth prospects and brand strength [12][13].

Investment Rating - The report has adjusted the investment rating from "Buy" to "Outperform" [4][7]. Core Views - The company reported strong revenue growth of 55.5% year-on-year for the first three quarters of 2024, achieving total revenue of 6.802 billion yuan, but faced a decline in net profit by 12.2% to 195 million yuan due to increased shipping costs and higher marketing expenses [4][10]. - The apparel segment showed significant growth, with revenue reaching 4.86 billion yuan, up 58% year-on-year, while the non-apparel segment also grew by 38% to 1.64 billion yuan [4][6]. - The gross margin decreased to 44.9% in Q3 2024 from 46.5% in the previous report, primarily due to increased sales and marketing expenses [5][11]. Summary by Sections Market Data - Closing price as of October 31, 2024, was 25.57 yuan, with a market capitalization of 4.917 billion yuan [1]. - The price-to-book ratio is 4.2, and the dividend yield is 3.13% [1]. Financial Performance - For the first three quarters of 2024, total revenue was 6.802 billion yuan, with a year-on-year growth rate of 55.5% [8]. - The net profit attributable to the parent company was 195 million yuan, reflecting a year-on-year decline of 12.2% [8]. - The gross margin for Q3 2024 was reported at 44.9%, down from 46.5% in the previous period [5][11]. Future Projections - The company expects net profits for 2024 to be 348 million yuan, with projected growth rates of 3.8%, 29.5%, and 25.3% for the following years [7][12]. - The estimated price-to-earnings ratios for 2024, 2025, and 2026 are 29, 23, and 18, respectively [7][12]. Inventory and Cash Flow - Inventory increased by 159% to 2.08 billion yuan by the end of Q3 2024, attributed to seasonal stocking and new product development [6]. - Operating cash flow showed a significant decline of 243% to -490 million yuan, mainly due to increased inventory [6].

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：2024-008 | 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 | 广发证券、国泰君安证券、国金证券、华泰证券、民生证券、 | | | 人员姓名 | 中信证券、中金公司、海通证券、中信建投证券、开源证券、 | | | | 长江证券、东吴证券、国元证券、招商证券、浙商证券、国海 | | | | 证券、德邦证券、方正证券、天风证券、华创证券、银河基金、 | | | | 方正富邦基金、博道基金、光大保德信基金、中海基金、长信 | | | | 基金、兴全基金、招银理财、杭银理财、渤海人寿、珠海立本 | | | | 私募、上海原点资产管理等 | | | 时间 | 2024 年 月 30 日 | 10 | | 地点 | 公司会议室 | | | 上市公司接待人 | 董事会秘书 艾帆 | | | 员姓名 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.18 CNY [7]. Core Views - The company has demonstrated strong sales growth, with a revenue increase of 55.50% year-on-year for the first three quarters of 2024, reaching 6.802 billion CNY. However, the net profit attributable to the parent company decreased by 12.20% year-on-year to 195 million CNY [2]. - The company is focusing on enhancing its product development and marketing efforts, which has led to increased costs and a significant impact on profitability in the third quarter [3]. - The company is leveraging digital technology to create an agile fashion supply chain, with a strong emphasis on brand incubation and overseas logistics to improve efficiency [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.802 billion CNY, a year-on-year increase of 55.50%. The net profit attributable to the parent company was 195 million CNY, down 12.20% year-on-year [2]. - In Q3 2024, revenue reached 2.624 billion CNY, reflecting a year-on-year growth of 63.89%, while the net profit was -40 million CNY, a decline of 155.65% year-on-year [2]. Product and Marketing Strategy - The company has increased its product development efforts, resulting in a 57.79% year-on-year increase in revenue from apparel and accessories for the first three quarters, totaling 4.858 billion CNY [2]. - Marketing expenses have risen significantly due to intensified promotional activities and participation in events like New York Fashion Week, which has contributed to increased brand visibility [3]. Inventory and Cash Flow - As of Q3 2024, inventory surged to 2.081 billion CNY, a 159.32% increase from the beginning of the year, with inventory turnover days increasing by 33 days to 103.93 days [4]. - The company reported a negative operating cash flow of -485 million CNY for the first three quarters, primarily due to increased inventory and preparations for the peak season [2][4]. Future Outlook - The company is expected to achieve net profits of 368 million CNY, 462 million CNY, and 587 million CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 9.6%, 25.7%, and 27.0% [4]. - The report highlights the company's strategic focus on refining operations across products, services, and channels, indicating a positive long-term growth outlook [4].

证券代码：301381 证券简称：赛维时代 公告编号：2024-061 赛维时代科技股份有限公司 持股 5%以上股东减持股份预披露公告 持股 5%以上股东共青城众腾创业投资合伙企业（有限合伙）保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 93,004,200 股（占本公司总股本比例 23.25%）的股东共青 城众腾创业投资合伙企业（有限合伙）（以下简称"众腾投资"）计划自本公告披 露之日起十五个交易日后的三个月内，以集中竞价和/或大宗交易方式减持本公 司股份合计不超过 8,002,000 股，占公司总股本比例不超过 2%。减持期间内，公 司如有派息、送股、资本公积金转增股本、配股、股份回购注销等股份变动事项， 拟减持股份数量、价格将相应进行调整，但减持股份占公司总股本的比例不变。 1.减持原因：自身资金需求 2.拟减持股份来源：公司首次公开发行股票前持有的股份。 3.减持方式：集中竞价和/或大宗交易方式 4.减持价格：根据市场价格确定 5.减持数量及比例：以集中竞价和/或大宗交 ...