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].
赛维时代：收入延续强劲增长，费用投放加大致利润承压