Investment Rating - The report maintains an "Accumulate" rating for the company [4][8]. Core Views - The company has shown significant revenue growth, with a 55.60% year-on-year increase in the first three quarters of 2024, reaching 6.802 billion yuan. However, the net profit attributable to shareholders decreased by 12.20% year-on-year to 195 million yuan [6]. - The apparel and accessories segment has driven revenue growth, while non-apparel categories are still in a loss state. The apparel segment achieved 4.858 billion yuan in revenue, up 57.79% year-on-year, while non-apparel categories generated 1.636 billion yuan, up 37.66% year-on-year [6]. - The company is focusing on a cost-leading strategy and overseas supply chain management to mitigate external risks, with plans to shift orders to Southeast Asia based on cost, quality, and flexibility considerations [4]. Financial Summary - Revenue for 2023 is projected at 6.564 billion yuan, with a year-on-year growth of 33.7%. For 2024, revenue is expected to reach 9.747 billion yuan, reflecting a growth of 48.5% [5]. - The net profit attributable to shareholders is forecasted to be 336 million yuan in 2024, with a slight increase to 339 million yuan in 2025, and further growth to 443 million yuan in 2026 [5]. - The gross margin is expected to remain stable around 45%, with a return on equity (ROE) projected to increase from 13.9% in 2023 to 16.7% by 2026 [5]. Inventory and Cost Management - The company experienced a significant increase in inventory, reaching 2.081 billion yuan by the end of Q3 2024, a 159.32% increase from the beginning of the year, driven by new product development and seasonal stocking [7]. - The gross margin slightly declined due to rising shipping costs and increased marketing expenses, which have put pressure on overall profitability [7].
赛维时代：营收继续提速，新品开发推广致使盈利承压