Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage of the stock [1][3]. Core Insights - The company is positioned as a pioneer in cross-border apparel brands, leveraging China's manufacturing advantages and adapting to Amazon's platform rules to enhance brand incubation success rates [1][14]. - The company has established a rapid response mechanism to market demands, supported by a digitalized supply chain and logistics system, which has significantly improved operational efficiency [1][20]. - The growth in revenue from the company's top brands on Amazon indicates strong market demand, with notable revenue growth rates for brands like Coofandy, Ekouaer, and Avidlove [1][19]. Summary by Sections Investment Logic - The company has successfully aligned its product offerings with Amazon's selection mechanisms, focusing on affordable and stylish apparel to increase brand success rates [1][15]. - The operational efficiency has improved, with revenue per employee rising from 1.32 million RMB in 2018 to 3.88 million RMB in 2023 [1][20]. - The company has cultivated over 20 billion-level apparel and non-apparel brands, demonstrating its effective brand incubation capabilities [1][19]. Channel and Category Growth Drivers - The company has experienced significant growth on the Amazon platform, with revenue growth rates of 32.5% and 43.1% for 2023 and the first half of 2024, respectively [1][14]. - The company is expanding its product matrix and exploring new platforms like Temu and TikTok, which are expected to contribute to future growth [1][33]. Profitability Cycle Management - The company anticipates a steady increase in brand value and market share through targeted marketing investments in key product categories [2][3]. - The IPO in July 2023 raised 820 million RMB, primarily for supply chain and logistics enhancements [2][3]. Profit Forecast, Valuation, and Rating - The projected net profits for 2024-2026 are 456 million, 581 million, and 740 million RMB, reflecting growth rates of 36%, 27.3%, and 27.4% respectively [3][6]. - The current stock price corresponds to a PE ratio of 19.5, 15, and 12 for 2024-2026, with a target price set at 28.1 RMB based on a PEG ratio of 0.9 for 2024 [3][6].
赛维时代：数智化驱动为基，品牌出海聚力前行