Investment Rating - The report initiates coverage with an "Outperform" rating for the company [2]. Core Insights - The company is transitioning from a "cost-effective distribution" model to a "brand matrix incubation" approach, focusing on technology-driven brand expansion [2][11]. - In 2023, the company reported revenues and net profits of 6.564 billion and 336 million yuan, respectively, representing year-on-year growth of 33.7% and 81.6% [2]. - The company has successfully incubated multiple brands, with four billion-level brands and over twenty hundred-million-level brands established from 2021 to 2023 [11]. Financial Performance - The company’s revenue structure is increasingly optimized, with a focus on the Amazon platform, which accounted for 88.3% of revenue in 2023 [2][18]. - The North American market's share has risen to 89.9% in 2023, with a significant increase in sales revenue [2][19]. - The gross margin has improved to 47.2% in Q1 2024, reflecting the effectiveness of the brand strategy and product structure optimization [2][22]. Industry Overview - The demand for fashion apparel in the U.S. and Europe is expected to grow at a CAGR of 12.4% from 2022 to 2027 [2]. - The competitive landscape is fragmented, with a significant number of small sellers, and the brandization rate is projected to reach 20-30% by 2025 [2]. Competitive Advantages - The company has restructured its value chain and enhanced its underlying capabilities, which drive its brand strategy [2][6]. - The company has developed a flexible supply chain that allows for rapid response to market changes, with an average production cycle of 5-10 days [2][6]. - The company’s digital capabilities have been strengthened, enabling agile organizational responses to market dynamics [2][6]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 8.982 billion, 11.323 billion, and 13.831 billion yuan, with corresponding net profits of 450 million, 582 million, and 749 million yuan [2][3]. - The report assigns a target price of 31.49 yuan based on a 28x PE ratio for 2024, corresponding to a market capitalization of 12.599 billion yuan [2].
赛维时代：首次覆盖：价值链重构，技术驱动品牌出海