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].
赛维时代2024年三季报点评：营收依旧强劲，利润阶段性承压