Investment Rating - The report assigns a "Buy" rating to the company, with expected net profits of 460 million, 590 million, and 780 million yuan for 2024, 2025, and 2026, respectively [4] Core Views - The company's revenue growth accelerated in H1 2024, with total revenue reaching 4.18 billion yuan, a 51% year-over-year increase [1][3] - Net profit attributable to the parent company in H1 2024 was 236 million yuan, up 57% year-over-year [3] - In Q2 2024, revenue grew 56% year-over-year to 2.38 billion yuan, with net profit attributable to the parent company increasing 52% to 150 million yuan [3][4] - The company's main men's wear and homewear brands maintained strong momentum, while women's wear categories continued to expand, driving overall revenue growth [3] - Gross profit margins for apparel and non-apparel categories were 49.3% and 42.1%, respectively, with non-apparel margins improving significantly due to inventory clearance [3] Financial Performance - In Q2 2024, gross margin increased by 0.8 percentage points year-over-year despite rising shipping costs, supported by Amazon's commission reductions and improved non-apparel product margins [4] - The company's sales expense ratio increased by 0.5 percentage points in Q2 2024, but the increase was smaller than in Q1, benefiting from Amazon's lower commission rates for low-priced apparel [4] - Management, R&D, and financial expense ratios increased by 0.2, 0.1, and 0.6 percentage points, respectively, in Q2 2024 [4] - The net profit margin for Q2 2024 was 6.3%, a slight decrease of 0.1 percentage points year-over-year, indicating stable profitability [4] Future Outlook - The company's main brands are expected to continue strong growth, with a gradually improving brand portfolio and ongoing expansion in European markets and new channels [4] - The report forecasts continued growth momentum, supported by the company's ability to maintain stable gross margins despite shipping cost fluctuations and rapid expansion [4] Financial Projections - The company's total revenue is projected to grow from 9.247 billion yuan in 2024E to 15.280 billion yuan in 2026E [9] - Net profit attributable to the parent company is expected to increase from 462 million yuan in 2024E to 776 million yuan in 2026E [9] - Gross margins are forecasted to improve from 47% in 2024E to 49% in 2026E [9]
赛维时代2024年中报点评：收入端持续提速，盈利能力保持稳定