Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to shareholders was 214 million yuan, down 36.2% [4][5] - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, up 36.6%, but the net profit attributable to shareholders decreased by 45.3% to 47 million yuan [4][5] - The company is expected to continue its brand strategy and expand into non-US markets, which may enhance brand influence and market share [4][6] - Due to inventory impacts, profit forecasts for 2025-2026 have been adjusted downwards, with new profit estimates for 2027 introduced [4] Financial Performance Summary - The company’s revenue for 2024 was 10.275 billion yuan, with a gross margin of 43.8%, down 2.1 percentage points from the previous year [5][7] - The company’s inventory turnover days increased to 81 days in 2024, reflecting a slowdown in inventory turnover [5] - The revenue breakdown for 2024 shows significant growth in apparel and accessories, with revenues of 7.447 billion yuan (up 59.4%) and 2.324 billion yuan (up 33.9%) respectively [5] Future Outlook - The company aims to enhance its brand premium and market share through a robust brand incubation strategy and expansion into overseas markets [6] - The projected net profits for 2025, 2026, and 2027 are 371 million yuan, 511 million yuan, and 665 million yuan respectively, with corresponding EPS of 0.93, 1.28, and 1.66 yuan [4][7]
赛维时代（301381）：公司信息更新报告：库存因素短期拖累利润，服饰品类增长维持靓丽