Investment Rating - The report assigns a "Buy" rating to Saweidai (301381 SZ) with a target price of 25 25 yuan per share based on a 2024 PE multiple of 22x [5] Core Views - Saweidai's 2024 H1 results exceeded expectations with revenue of 4 15-4 25 billion yuan, up 49 7%-53 3% YoY, and net profit of 230-250 million yuan, up 51 6%-64 9% YoY [1] - The company's growth is driven by its brand globalization strategy, with key initiatives including expanding beyond Amazon, launching new brands in categories like women's apparel, and diversifying channels through platforms like TikTok and Temu [1] - Geographic expansion focuses on the US market while increasing presence in Europe [1] Financial Performance - For 2024-2026, revenue is projected to grow at a CAGR of 31 5%, reaching 8 93 billion yuan in 2024, 11 73 billion yuan in 2025, and 14 91 billion yuan in 2026 [2] - Net profit is expected to grow at a CAGR of 34 4%, reaching 460 million yuan in 2024, 610 million yuan in 2025, and 820 million yuan in 2026 [2] - ROE is forecast to improve from 13 9% in 2023 to 19 4% in 2026, reflecting enhanced profitability [3] Growth Drivers - The company's growth strategy centers on brand incubation, operational efficiency improvement, and channel diversification [1] - Key growth areas include expanding beyond Amazon, developing new brands, and leveraging emerging platforms like TikTok and Temu [1] Valuation Metrics - The stock trades at 19 17x 2024E PE and 3 17x 2024E PB, with EV/EBITDA of 13 48x for 2024 [3] - EPS is projected to grow from 0 89 yuan in 2023 to 2 04 yuan in 2026 [3]

Investment Rating - The investment rating for the company is "Buy" [17][18]. Core Views - The company is expected to achieve a significant increase in net profit for H1, projected to grow by 52-65%, demonstrating operational resilience in a complex external environment [16]. - The brand matrix construction is anticipated to lay a foundation for long-term growth, with a focus on enhancing brand incubation and operational efficiency [18]. - The company has adjusted its target price to 33.90 CNY based on a 30x PE valuation for 2024, reflecting a downward revision from a previous estimate of 42.29 CNY [18]. Financial Summary - Revenue for 2023 is projected at 6,564 million CNY, with a growth rate of 33.7% compared to 2022 [3]. - Net profit attributable to the parent company is expected to reach 336 million CNY in 2023, marking an 81.6% increase from the previous year [3]. - The company anticipates a revenue range of 41.5-42.5 billion CNY for H1 2024, representing a year-on-year increase of 49.66%-53.26% [18]. Valuation Metrics - The company is valued at a PE of 30 for 2024, with a reasonable stock price estimate of 33.90 CNY based on this valuation [7][9]. - The PS valuation method suggests a stock price estimate of 34.13 CNY, leading to an average target price of 33.90 CNY when combining both PE and PS methods [9][10]. Market Performance - The stock has experienced a 52-week price range of 21.47-51.70 CNY, with a current price of 22.93 CNY [21]. - The company has a total market capitalization of 9,174 million CNY [21].

Investment Rating - The report maintains a "Recommend" rating for the company [3][11] Core Views - The company's brand-oriented overseas strategy has shown significant results, driving rapid revenue growth [2] - The company has successfully incubated 63 self-owned brands with sales exceeding 10 million yuan each, and is actively expanding overseas warehousing and logistics to reduce costs and increase efficiency for cross-border e-commerce [3] - The company's revenue and net profit are expected to grow significantly in the next three years, with projected net profits of 457 million, 576 million, and 724 million yuan for 2024-2026, representing year-on-year growth rates of 36.1%, 26.1%, and 25.8%, respectively [3][4] - The company's performance in the first half of 2024 is expected to be strong, with revenue projected to grow by 49.66%-53.26% year-on-year, and net profit expected to increase by 51.64%-64.94% [8] Financial Performance and Projections - Revenue is expected to grow from 6,564 million yuan in 2023 to 13,861 million yuan in 2026, with growth rates of 43.6%, 22.3%, and 20.3% for 2024-2026, respectively [4] - Net profit attributable to the parent company is projected to increase from 336 million yuan in 2023 to 724 million yuan in 2026, with growth rates of 36.1%, 26.1%, and 25.8% for 2024-2026, respectively [4] - The company's gross margin is expected to improve from 45.84% in 2023 to 47.75% in 2026 [7] - The company's ROE is projected to increase from 13.90% in 2023 to 19.36% in 2026 [7] Brand and Market Strategy - The company has over 94 brands, with more than 20 brands generating over 100 million yuan in sales [2] - The top three brands, Coofandy, Ekouaer, and Avidlove, accounted for 51.35% of the company's apparel sales in 2023 [2] - The company has built a self-operated independent website on the Shopify platform in the US, which is contributing an increasing share of revenue [3] - The company's strong performance during Amazon Prime Day, where it accounts for nearly 90% of sales, is expected to further boost annual sales growth [9][22] Operational Efficiency - The company's total asset turnover ratio is expected to remain stable at around 2.2 from 2023 to 2026 [7] - Inventory turnover days are projected to increase slightly from 71.26 days in 2023 to 75.96 days in 2026 [13] - The company's cash ratio is expected to decrease from 0.97 in 2023 to 0.40 in 2026, indicating a potential shift in liquidity management [13] Industry Context - Amazon Prime Day in the US saw a 11% year-on-year increase in online sales, reaching a record high of 14.2 billion USD, with significant increases in discount rates across various categories, including electronics, apparel, and home goods [9] - The company's strong presence on Amazon, with nearly 90% of sales coming from this channel, positions it well to benefit from the overall growth in e-commerce [9][22]

赛维时代科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 （一）业绩预告期间 （二）业绩预告情况：同向上升 注：以上"万元"均指"人民币万元"。 本次业绩预告数据是公司财务部初步测算的结果，未经审计机构审计。 报告期内，公司继续坚持品牌化出海的发展战略，加大品牌孵化力度，提升 品牌运营效率，拓展品牌发展渠道，营业收入实现较快增长，2024 年上半年预 计实现营业收入 41.5-42.5 亿元，较上年同期预计增长 49.66%-53.26%。 要系投资理财收益增加所致。 本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计， 2024 年半年度具体的业绩数据将在公司 2024 年半年度报告中详细披露，请以公 司最终披露的 2024 年半年度报告为准。敬请广大投资者谨慎决策，注意投资风 董事会关于 2024 年半年度业绩预告的情况说明。 特此公告。 2024 年 7 月 18 日 证券代码：301381 证券简称：赛维时代 公告编号：2024-037 2024 年半年度业绩预告 一、本期业绩预计情况 2024 年 1 月 1 日至 202 ...

Investment Rating - Outperform [1] Core Views - The company is positioned in a large and steadily growing industry with potential for scale-driven empowerment [3] - The company has transitioned from a "cost-effective product distribution" model to a "brand matrix incubation" model, focusing on brand development and cross-border e-commerce [5] - The company's financial performance shows continuous optimization of product structure, with room for further margin expansion [5] - The industry is characterized by a fragmented competitive landscape dominated by small and medium-sized sellers, with a clear trend towards brandization [3][5] Industry Overview - The global e-commerce penetration rate is steadily increasing, with the online apparel market expected to grow rapidly [21] - The global apparel and footwear market is projected to grow at a CAGR of 5.3% from 2024 to 2028, with North America, China, and Western Europe being the core demand markets [35] - The apparel and footwear category accounts for 23.3% of China's cross-border B2C exports, with a stable market share expected in the future [3] - China's apparel industry benefits from significant cluster effects, robust logistics infrastructure, and strong export competitiveness [3][23][24] Financial Performance - Revenue is expected to grow from 6.56 billion yuan in 2023 to 13.83 billion yuan in 2026, with a CAGR of 22.2% [4] - Net profit is projected to increase from 336 million yuan in 2023 to 749 million yuan in 2026, with a CAGR of 28.7% [4] - Gross margin is expected to rise from 45.8% in 2023 to 47.7% in 2026, driven by product structure optimization and brand strategy [4][29] - ROE is forecasted to increase from 13.9% in 2023 to 20.5% in 2026, reflecting improved profitability and operational efficiency [4] Competitive Advantages - The company has successfully incubated multiple brands, including 4 with over 1 billion yuan in sales and more than 20 with over 100 million yuan in sales [40][72] - The company's flexible supply chain and efficient logistics system enable rapid response to market demands, with an average production cycle of 5-10 days [52][55] - The company has developed a comprehensive digital ecosystem, including trend analysis systems, smart procurement systems, and automated advertising systems, to enhance operational efficiency [111][112] Market Strategy - The company focuses on the North American market, which accounted for 89.9% of its revenue in 2023, with Europe showing marginal improvement in 1Q24 [27] - The company leverages Amazon's brand registration program to enhance brand protection and marketing capabilities, driving its brandization strategy [26] - The company has optimized its product portfolio by reducing low-efficiency SKUs and focusing on high-margin categories such as apparel and accessories [41][43] Future Outlook - The company is expected to maintain strong growth in its core apparel and accessories category, with revenue projected to grow at a CAGR of 30% from 2024 to 2026 [95] - The company plans to expand its logistics services, with revenue from this segment expected to grow at a CAGR of 5% from 2024 to 2026 [96] - The company's brand matrix strategy and digital capabilities are expected to drive sustained growth and profitability in the coming years [71][72]

证券代码：301381 证券简称：赛维时代 公告编号：2024-034 赛维时代科技股份有限公司 第三届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 二、董事会会议审议情况 会议审议并通过了如下议案： 1.审议通过《关于部分募投项目延期的议案》 经审议，董事会认为：经审慎分析和认真研究，同意公司结合募投项目的实 际建设情况和投资进度，在募投项目实施主体、募集资金投资用途及投资规模不 发生变更的情况下，将"品牌建设与渠道推广项目"达到预定可使用状态日期调 整为 2026 年 7 月。 保荐机构对公司本次部分募投项目延期事项发表了无异议的核查意见。 一、董事会会议召开情况 赛维时代科技股份有限公司（以下简称"公司"）第三届董事会第十八次会议 于 2024 年 7 月 10 日以通讯表决方式召开。会议通知于 2024 年 7 月 5 日以书面 或邮件方式送达各位董事，各位董事确认收悉。会议由公司董事长陈文平先生主 持，应出席董事 8 人，实际出席董事 8 人，公司全体监事和高级管理人员列席 了会议。会议的召开符合《中华人民共和国公司法》 ...

赛维时代科技股份有限公司 关于部分募投项目延期的公告 证券代码：301381 证券简称：赛维时代 公告编号：2024-036 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 赛维时代科技股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召开第 三届董事会第十八次会议和第三届监事会第十六次会议，分别审议通过了《关于 部分募投项目延期的议案》，公司拟在募投项目实施主体、募集资金投资用途及 投资规模不发生变更的情况下，根据目前募投项目的实施进度，对部分募投项目 进行延期。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》以及公司《募集资金管理制度》等相关规定，本次事项在董事会的审批权限 范围内，无需提交股东大会审议。具体情况如下： 一、募集资金投资项目概述 1.募集资金基本情况 经中国证券监督管理委员会《关于同意赛维时代科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕998 号）同意注册，公司首次公开发 行 4,010.00 万 ...

东方证券承销保荐有限公司 关于赛维时代科技股份有限公司 首次公开发行股票募投项目延期的核查意见 东方证券承销保荐有限公司（以下简称 "保荐人"）作为赛维时代科技股份有 限公司（以下简称 "赛维时代"或"公司"）持续督导的保荐人，根据《证券发行上 市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》等有关规定，对公司首 次公开发行股票募投项目延期事项进行了核查，具体情况如简： 一、募集资金基本情况 以一）募集资金基本情况 经中国证券监督管理委员会《关于同意赛维时代科技股份有限公司首次公开 发行股票注册的批复》以证监许可〔2023〕998 号）同意注册，公司首次公开发行 4,010.00 万股人民币普通股以A 股），每股面值为 1.00 元，每股发行价格为 20.45 元，募集资金总额为人民币 820,045,000.00 元，扣除发行费用 96,947,169.66 元 以含增值税）后，募集资金净额为 723,097,830.34 元。上述募集资金已于 2023 ...

二、监事会会议审议情况 本次监事会审议通过以下决议： 1.审议通过《关于部分募投项目延期的议案》 证券代码：301381 证券简称：赛维时代 公告编号：2024-035 赛维时代科技股份有限公司 第三届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 赛维时代科技股份有限公司（以下简称"赛维时代"或"公司"）第三届监事会 第十六次会议通知于 2024 年 7 月 5 日通过电子邮件、专人送达方式发出并送达 全体监事，会议于 2024 年 7 月 10 日以现场方式召开。会议应出席监事 3 名， 实际出席监事 3 名，会议由监事会主席潘旭东先生主持召开。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、 规范性文件和《赛维时代科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 第三届监事会第十六次会议决议。 监事会 2024 年 7 月 10 日 经审核，监事会认为：本次募集资金投资项目延期是根据项目实际情况作出 的决定，不会对公司的正常经营产生重大影响，也不存 ...

东方证券承销保荐有限公司 关于赛维时代科技股份有限公司 首次公开发行前已发行部分股份及战略配售股份 上市流通的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号—保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号— 创业板上市公司规范运作》《深圳证券交易所创业板股票上市规则》等有关规定， 东方证券承销保荐有限公司（以下简称"东方投行"、"保荐人"）对赛维时代科 技股份有限公司（以下简称"赛维时代"、"公司"）首次公开发行前已发行部分 股份及战略配售股份上市流通事项进行了核查，具体情况如下： 一、首次公开发行前已发行股份及战略配售股份概况 经中国证券监督管理委员会《关于同意赛维时代科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2023〕998 号），公司首次公开发行 4,010.00 万股人民币普通股（A 股），并于 2023 年 7 月 12 日在深圳证券交易所 创业板上市。公司首次公开发行股票前总股本为 360,000,000 股，首次公开发行 股票完成后总股本为 400,100,000 股，其中有限售条件股份数量为 368,689,060 股 ...