bmy88com|赛维时代(301381)：业绩持续高增长 股权激励激发核心团队

Main points of investmentBmy88comThe company released 23 annual report and 24-year quarterly report, the performance continued to increase, the first-quarter performance exceeded expectations. 1) 23-year performance is in line with expectations. The company realized operating income of 65Bmy88com. 6.4 billion yuan, an increase of 33% over the same period last yearBmy88com.7%, the net profit returned to the mother was 340 million yuan, an increase of 81.6% over the same period last year, which was consistent with the performance data of KuaiBao, and the performance was in line with expectations. 2) 24Q1 continues to enjoy a high boom and its performance exceeds expectations. The income was 1.8 billion yuan, an increase of 44.7% over the same period last year, and the net profit was 86.04 million yuan, an increase of 65.6% over the same period last year. The higher-than-expected revenue and profit performance mainly came from the strong growth of clothing accessories and the recovery of non-clothing accessories. The company plans to pay a dividend of 2.5 yuan (including tax) for every 10 shares, plus a special dividend, with a total dividend rate of 60%. The growth of cross-border e-commerce business is obvious, and the profit level is steady. 1) Cross-border e-commerce sales maintained a high growth. In 23 years, commodity sales revenue increased 35 per cent to 6.4 billion yuan compared with the same period last year, accounting for 97 per cent of the revenue. Non-clothing sales increased 19 per cent to 1.74 billion yuan, accounting for 27 per cent of revenue, and gross profit margin rose 0.7pct to 38.1 per cent year-on-year. Revenue from logistics services fell 12 per cent year-on-year to 130 million yuan, accounting for 2 per cent. In cross-border export sales, clothing accessories sales rose 41 per cent year-on-year to 4.67 billion yuan, accounting for 71 per cent of total revenue, while gross profit margin fell 0.1pct to 49.2 per cent. 2) the revenue of 24Q1 continues to increase and its profitability improves. The sales revenue of 24Q1 clothing category was 1.31 billion yuan, an increase of 50.1% over the same period last year. Thanks to Amazon's reduction of some prices with clothing category commission, the profit margins of some clothing brands further improved. The income of non-clothing accessories category was 430 million yuan, an increase of 26.5% over the same period last year. After the early destocking, the profit margin of this category also improved significantly. Large-scale empowered clothing brand matrix, channel sales speed up. 1) the growth of the core brand is bright, and the incubation effect of the brand matrix appears. In 23 years, the annual sales of men's wear brand Coofandy and home service brand Ekouaer exceeded 1 billion yuan for the first time, and the growth rate was bright. Coofandy sales increased by 59% to 1.46 billion yuan, and Ekouaer increased by 42% to 1.29 billion yuan. The annual sales of lingerie brand Avidlove rose 33% to 630 million yuan. The annual sales of ANCHEER, Zeagoo, COBIZI, Hotouch, Arshiner and Vivi brands all exceed 100 million yuan. 2) the distribution of channels is diversified and the growth in North America is strong. Amazon platform is the main sales channel, with revenue rising 32% year-on-year to 5.8 billion yuan in 23 years, accounting for 88%. Wal-Mart's revenue rose 140 per cent to 270 million yuan, or 4 per cent. EBay revenue rose 32 per cent to 49.02 million yuan, accounting for 1 per cent of revenue. Revenue from proprietary websites increased 24 per cent to 180 million yuan, accounting for 3 per cent of revenue. From a regional perspective, the core market, North America, is growing strongly, with revenue rising 41 per cent year on year to 5.9 billion yuan in 23 years, accounting for 90 per cent. The profitability has improved steadily, and the expense rate has been effectively controlled. The main results are as follows: 1) the gross profit margin increases obviously and the expense rate decreases. In 23 years, due to the adjustment of accounting standards, the company adjusted the transportation expenses to operating costs. Under the same caliber, the gross profit margin increased by about 1pct to 46%, the sales expense rate decreased by 0.7pct to 35.7%, the management expense rate (including R & D) remained stable at 4%, and the net profit rate increased by 1.3pct to 5%. 24Q1 gross profit margin further increased to 47.2%, mainly due to the improvement of non-clothing inventory, sales expense rate increased 2.2pct to 38% compared with the same period last year, mainly due to the expansion of market share and increased brand promotion fees. The rate of administrative expenses (including R & D) remained stable at 4 per cent, and the net interest rate increased by 0.6pct to 5 per cent compared with the same period last year. 2) the cash flow increased, and the inventory increased due to the expansion of business volume and inventory. At the end of 23, the company's inventory was 800 million yuan, an increase of 33% over the same period last year, mainly due to the increase in sales volume and the need to increase inventory, with a 24Q1 of 850 million yuan. The net cash flow of operating activities in 23 years was 550 million yuan, an increase of 31% over the same period last year. As of the first quarter of 24, the company's cash and equivalents at the end of the period were 430 million yuan. Issue equity incentive plan to demonstrate confidence in development. It is proposed to grant 12.003 million restricted shares to 435 incentives, accounting for about 3.0 per cent of the company's total share capital. Among them, 11.7699 million shares are granted for the first time, accounting for 98.1% of the total amount to be granted under the incentive scheme, 233100 shares are reserved, accounting for about 1.94%, and the grant price is 12.69 yuan per share. The performance assessment is based on 2023 income, and the growth rate from 2024 to 2026 is not less than 30%, 55%, 85%, or based on the company's net profit in 2023, the growth rate from 2024 to 2026 is not less than 25%, 50%, 80%. If measured on the basis of the minimum amount of completion each year, the year-on-year growth rate of the corresponding income is not less than 30%, 19%, 19%, and the year-on-year growth rate of profit is not less than 25%, 20%, 20%. The share incentive granted for the first time is expected to generate amortization charges of 160 million yuan, which will be amortized 53.36 million / 64.64 million / 31.69 million / 9.1 million respectively in 24-27 years. Continue to motivate the core team to demonstrate confidence in development. Saiwei era for technology-driven cross-border e-commerce enterprises, digital operation system to enable full business processes, flexible supply and small single fast to enhance the ability to control goods, and continue to maintain the "buy" rating. Taking into account the increase in cost amortization caused by equity incentivesBmy88comWe slightly downgrade our profit forecast and add a new 26-year profit forecast. It is estimated that the net profit for 24-26 years will be 4.5 × 10 ~ 8 million yuan (the original net profit for 24-25 years is 50 × 10 ~ 7 billion yuan), and the corresponding PE is 23-18-15 times. In the future, the company is expected to reuse brand training experience, expand business increment, be optimistic about the brand journey to sea, and maintain the "buy" rating. Risk tips: online sales channel risk; overseas business risk; new product sales less than expected risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.