Investment Rating - The report maintains a "Buy" rating for Saiwei Times (301381 SZ) [6] Core Views - Saiwei Times achieved a 64% YoY revenue growth in Q3 2024, reaching 2 624 billion yuan, but reported a net loss attributable to the parent company of 40 18 million yuan, a 156% YoY decline [4] - The company's revenue growth momentum continued to accelerate in Q3 2024, with apparel categories growing 65% YoY and non-apparel categories growing 43% YoY [4] - Gross margin declined by 3 6 percentage points YoY in Q3 2024, mainly due to lower average selling prices and rising shipping costs [4] - Selling expenses ratio increased by 4 4 percentage points YoY in Q3 2024, driven by higher promotion expenses despite Amazon's commission reduction for low-priced apparel [5] - The company is expected to achieve net profits of 340 million, 480 million, and 520 million yuan in 2024, 2025, and 2026 respectively [5] Financial Performance - For Q1-Q3 2024, the company's revenue growth rates were 45%, 56%, and 64% respectively [4] - The gross profit margin for Q3 2024 was negatively impacted by increased shipping costs, particularly affecting non-apparel categories [4] - The company's net loss margin in Q3 2024 was 1 5%, a 6 0 percentage point decline YoY [5] - Management expects the company's growth momentum to continue, supported by brand expansion and new channel development in Europe [5] Market Data - The current stock price is 25 93 yuan as of November 6, 2024 [6] - The company has a total share capital of 400 10 million shares, with 192 30 million A-shares in circulation [6] - The 12-month high and low prices are 38 52 yuan and 20 34 yuan respectively [6]
赛维时代2024年三季报点评：收入端持续提速，盈利短期承压