[Reprint] suning appliance (002024) trace analysis 1_ old wood

Category: Enterprise track suning appliance-original address: suning appliance (002024) tracing analysis 1 author: smug suning appliance, is absolutely the best buy in China. Best buy in the last 30 years, the share price has increased by 700 times! suning appliance chain-like areas with unique style of the King, unlimited potential! but mainstream views on the market today are sceptical about SUNY high growth in the future. Suspected 1th Su Ning, taking into account the level of market saturation, secondary market layout complete, three-level market with limited capacity. In my view, one or two of market saturation, just layout complete, upgrade is just the beginning, one can adjust the proportion of community shop and flagship store, to increase revenue; second, it can be customized or exclusive, OEM improve gross margins; three is three-tiered layout of the County market is sufficient to support future development of household electric appliance chain-like Enterprise. suspect the 2nd is the impact of online shopping. Many people in jingdongshangcheng such a formidable enemy online channels, view network channels to channels of entities for a number of years shock appliances revenue and gross margin. But, actually, taking into account the inherent defects in logistics and after-sales service network channels, suning's leading position will not be shaken. Channels and networks abroad also shows that entities take up their respective markets and populations. On the focus on both product varies, main 3C digital network channels, traditional home appliances account for only 15%, and suning traditional appliances and 60%, is not absolute positive conflict. From another perspective, the main is encroached on grocery stores, supermarkets, suning manufacturer built IT chain and channel space, this market is big enough, suning's market share of only around 13% is by no means narrow space of the Red Sea. There is also a suspect some people through field trips, discover suning stores is very cold, is by no means you can see on the report of the high growth. A highest sales in this issue I also went to the local flagship store research, found that this is the case, a salesperson more absolute than customers. But this is normal, and household appliances chain is different from the comprehensive supermarkets, household appliances chain customer fulfillment is so strong that are generally effective flow coming in is going to consume, sales success rate is very high, while large comprehensive Super flow many supermarket as a part of shopping around, but who never heard of SUNY as shopping around. SUNY unit price of products tend to have thousands of blocks of a small amount of passenger traffic with a higher turnover rate can bring a lot of sales. Last suning most salespersons are sent by the manufacturer, Su Ning, do not require payment of wages, on the contrary the salesman's management fees are also to be charged to the manufacturer. According to my observation, not including cash and warehouse, basic is the manufacturer's employees, SUNY employees less than one-tenth. Su Ning, is so good, rather than the United States, because management is the core reason. Sun Weimin sentence in a speech, "the chain enterprise logistics is the core of the" extremely insightful points out that the industry in real terms, suning high awareness of the industry of the deep. SUNY refinancing in recent years, not including Jianxin shops, mainly in construction logistics system. Compared to his boss from 04 Centerless GOME, operations management, indulge in real estate and capital markets. Five years five times as many targets most likely. Benefit from the demographic dividend, urbanization and consumer promotion, electronic products gradually transferred from durable goods, consumer goods, fashion, home appliances and consumer electronics products in the future with an average annual growth rate is expected to reach 15%, overall market capacity of up to 5 years after twice times now. SUNY current market share is 12.9%, taking into account the United States, Japan and other developed countries appliance chain-like Enterprise share overall 80%, five years after the shares of suning 1 time increase to 25% not difficult, when home appliance chain-like Enterprise is expected to account for-40%. Gross margins, and 15% in the current fee rate basis, if the next five years 1-2 increase in the gross profit margin, cost rates declined 1 point, the net interest rate is 1.5 times times the current net profit will amount to about 6 times. Taking into account the reduction in growth rate at that time, five years five times to conclusion. The future will more or less overweight. 2010-1-22 reminded today of suning, five years five times, you want 40% net profit growth each year for five consecutive years is possible. Look at SUNY net profit growth rate was declining trend, especially 09 fall to around 15%, one can't help but doubt the goal of an average annual compound growth 40% can achieve. 200920082007 2006Լ15%48.09%93% 116%2010-1-28������������걨������ÿ������0.64��10ת��5��0.5�� Annual report on a very, very careful, combined with the following table, have the following characteristics: suning appliance 200420052006200720082009ROE34.8736.9835.5137.6632.3924.79ROA21.418.0717.817.1914.4113.06 2.092.343.033.794.535.13 net income/total income inventory turnover days net profit growth rate of revenue growth 50.9474.9956.4253.4824.2716.84 80.9292.28103.8103.5748.6930.861 243,544,424,142. slowing revenue growth, profit margins relative increase. Main business gross margin from 14.53% promoted to six during the reporting period, three rates from 11.06% dropped to six. 2. as the company grows, the total assets, net assets increased, ROE, ROA constantly decreasing, but increasing net profit/total income has reached 04 2.45 times times of the year. 3. the public as a retailSecretary, inventory turnover days is a very important indicator. However, due to the large, stand too wide, inventory turnover rapidly increased the number of days, the last four years stable around 43 days. 4. the annual report much higher than expected results, net profit growth of 30%, mainly four quarterly contribution. Forecast of the January 28, far too many, feel ashamed. 2010-3-29 first, product characteristics and attributes, value of goods of high, consumers still want to merchandise a solid feel and, secondly, from urban life characteristics of the person speaking, brands and entities shop on city building has a very important role, although the net purchase is a trend, but entities shop will not go away. Net purchase price is the biggest advantage is also cheap, online shop which is the maximum aspiration points. But the price is cheaper cause there may be times when not regulating business (no invoices, parallel imports, etc). Taobao Mall home appliances sold by tens of billions of phones accounted for a large proportion of them, did not rule out the cell phone is mostly in parallel imports. In addition, buying websites pay attention to is the nature of the existing network of sales and site traffic, and therefore lower gross margins, not making money, for example, in 2009 jingdongshangcheng may also be lost. Web site is the largest logistics cost Internet Marketing cost, regardless of the East of Beijing, all customer Eslite, or other Web sites will have to invest a lot of marketing costs. In addition, Web site development costs are high, because the site related to security, is to continue to increase investment in servers and network security. Shop all costs added together are likely to account for sales 8%-9%, large online shop have to 7%-8%, so some network appliance retailer margin over 6 points, is still not profitable. Suning appliance online, compared to other, more obvious cost advantages, because no individual logistics built and put into advertising. Server costs does not exist, just inside the corporate data center. Therefore, the conclusion: firstly, the development trends of the online shop; the second, net purchases impossible to substitute entities shop, just at different stages of the consumer experience, different dimensions of a supplement; third-, online share could be the highest market share of around 15% and short term is difficult to, 7, is pretty good; IV, net purchases may not be low cost; v, suning do shop, with greater cost benefits. Public habits of thought is: online sales than the entities marketing costs low, but this is a false proposition. Japan network high maturity, online marketing is much older, but so far, online home appliances sales ratio is still very low. Online marketing is a marketing methods, supplementary model, which does not mean that from a business model on the lower cost, higher efficiency. Best buy sales totals 400 billion dollars, net purchases accounted for more than just 5%. United States top 10 shops, 5 is a real shop support, including Wal-Mart, best buy, Wal-Mart's online shop is the second of these. Other online shop Amazon (the first), E-bay and so on, but the market share is falling over the next three years, Wal-Mart is likely to challenge Amazon's market position. Overall, the United States net purchases accounted for more than 8%. 2010-5-10 Su Ning soft core competitiveness is Zhang Jindong, Sun Weimin, hard core competence is the background, logistics, information systems, suning expansion and extension of endogenous growth, or there is a lot of space. 2010-6-2 e-commerce logistics building is the biggest distress factors, and the company as of 2013, 60 Logistics Center must have at least finished site (now about 30 site, and 10 under construction), about 10 billion spent each logistics hub and radius of 150 km/h, the average delivery period is 1 day, 24-hour delivery, suning adhering to the strategy of vigorously developing logistics in the background, because the company considers the future of Chinese household electrical appliance chain model, logistics, human resources does not follow up short-term performance is very good, but owing to lack of investment in the background, it is difficult to power future. 3C product gross profit margin is low, because we still have no advantage, not enough to scale advantage suppliers are, gross profit margin to be bottlenecks. Best buy is dominated by 3C products abroad, their gross profit margin can have three-24% space, foreign 3C gross profit margin is very high. I think that the 3C method of improving gross margins in the future, there are facilities, a range of product sales, in particular, consumable products. Buy cell phones, buy a battery. In addition, we would stress that the introduction of goods and in the future store display, promotional packages, and other channels, to improve the 3C product gross profit margin. Now concerns about real estate, and certainly no 08 great impact on the SUNY, but you said 08 real estate is not, suning sales was caused also by the financial crisis not? if say, Department store, supermarket 08 performance is not good, not all are factors which real estate. Gross profit margin may be higher in rural areas, because of information asymmetry, and taking into account the cost factor will be displayed. Cities may be gross margins three or four lines later. We estimate that gross margins in rural areas may be higher than in urban 2-3, Su Ning, the average gross profit margin of 2 points can be short-term, and earned average gross margin of 17.5-18%, we will put them on the price war, but we will not be lowered prices are uniform for all, because all the product price, three or four lines of urban experience may not be cheap, but the part I can engage in product promotions, such as special offers, promotional items, first thing, the price war, three or four lines in rural areas are most sensitive to price, sometimes every day to send gifts, will be very happy to make rural experience to SUNY purchase is cheap. We will not and three or four lines of urban consumers saying how good our logistics, information systems, and doesn't work. Our plans for the future of China over more than 2000 County, 300-400 city, 1 cities in average of 4-5, a County average of a shop, that is counted down to about 3,500 this is 2020 Plan. Future trends in the retail industry, and certainly not full or perfect asset light asset model, a few years ago, to the expansion of scale, we adopt a lighter asset model, model of assets must be taken at a later time, because lighter asset risks, core shop once fail to rent, it is passive, you must buy store. 20Size of 20, we hope that 5-8% own stores (100-200 home shop around). 2010-6-12 recently renowned value investor laoba1 issued, summarizing main points are as follows: from the construction of large retailers large and efficient logistics system, improving information management and data acquisition systems, with a scarcity of physical network consisting of a frame, it means that with commodity Highway, no matter how much the sale of any commodity varieties are clear, efficient and stable. Suning appliance penetration to other areas, the key to success is to rely on such a huge system, once construction is complete, whether to fill appliances or department store merchandise, there is no fundamental difference, and be able to build a network and the size barrier. From household appliances extended to a wide variety of goods and stores is a long process, but also for the SUNY provides unlimited room for expansion. SUNY main products are concentrated in large appliances, accounting for over 60%, best buy, we share 5%, Yamada electric 30% or so, one reason is that Japan and the United States we have basically universal, at the same time consumers are accustomed to in large super and other retail outlets, such as Wal-Mart buying major appliance. In electrical appliances chains buying major appliance has become China's consumer habits, and has become a brand, while home appliances in China were still in the process of accelerating universal, particularly in rural, remote town market has only just started. Japanese-American home appliance chain now gross margin between the-22%, SUNY at 17%. Part differences arising from the product structure, in part because Japan and the United States dominated by proprietary and suning to joint venture. Future with suning commodity structure adjustment, proprietary share continues to increase, own branding, customization, underwriting, OEM products, such as more and more, gross profit margin also have greater headroom. Best buy is now higher gross margins than SUNY 7-8 points, cost rate 10 points higher than the SUNY, net interest rate is only about 3%, SUNY is close to 5%. Best buy charges rates mainly due to the differences in labour costs, suning upward trends in the labour costs in the future, but compared to the income gap between China and the 5-6 are obscured. Affecting net interest rates another SUNY uncertain factor is the rental rate increases, increased scale, the number of City store, since the purchase store brings down will form part of the cost of offsetting, overall cost rate without a major upgrade. With gross margins improve, suning net interest rates are still greater headroom. Now temporarily don't see ceilings of SUNY where Zhang Jindong 2020 target is 400 billion of sales revenue, according to the above analysis is not done the impossible, plus net interest rate increase profits could be 10 times times more room to grow. If said Su Ning has to climb a steep peaks, then perhaps now we are standing in front of another high mountains, only this one slightly more moderate than before. many replies, just a few days more than 20 pages, empty lots, mainly has following several points: fake performance bottleneck of durable goods consumption impact price than the market does not offer online shopping, service is not good, shops are few dishes are too big, market value so I'll try to answer it, basically you can use the question type is divided into five categories of spam on the Forum and the Loser. Question 1, be not worth refuting. Six years ago, one suspects fraud is still suspect fraud, isn't it silly to force it? suspected suning fake, which is suspected of sales and net profit, that stores were so small, how to sell so much. Send this silly bear down on the stock market but I thankfully. Samsung World's new President takes office (March 28, 2010) visited Nanjing and established strategic partnerships and their sales plans for the coming year target of $ 10 billion, compared with 2009 sales of $ for one month, has increased by 70%. Supplier for SUNY so confident, what else can we say. To sum up, not silly to force is suspected of suning fake what? question 2, it makes me wonder, what are durable goods data and evidence of the next five years out of it? of China's urbanization process prematurely? sit in front of a computer fantasy is one kind of silly to force. Question 3, barely worked a little technical content, from a management analyst, says enough to understand, why there is so much rubbish ferret does not. Network advantage is cheap, but once the net purchase goes into stages that must be profitable, the price differences will be more obvious, SUNY's management said, will have no advantage in price. Well my dear brorher said: "the competitiveness of the net purchase is not what we are continually net purchases (including myself) netizens think that is so powerful. A comparison obvious of examples is, on the Internet users accounted for than, and culture literacy, and commercial mature environment, and logistics facilitate degree, are as far back as in China above of United States and Japan, why home grid purchase of share also only 10% around Ah? if SUNY using powerful procurement volume brings of low price, all over the national of logistics fast supply, through SUNY easy purchase this network purchase platform, with Beijing East network were in online large playing a long-term price war, results most is: SUNY entities shop profit, SUNY easy purchase profit, Beijing East network were all losses! SUNY may will sacrifice has recently interests, for to has and a new industry State! to then, Beijing East network were also will like today imagine of so advanced and powerful did? I wanted to this probably is Zhang Jindong of energy 's. "To question 4 in my analysis of 2010-1-22 is already clear, high + price + a small amount of passenger flows and high turnover rate = higher sales, so simple as discussed for so many years? question 5, the typical old fool in Chinese stock market force thinking, who told you about 80 billion market value cannot double? who told you about 3 billion market value will become tenbagger?2010-6-27 to complaints about SUNY service and after sales, are in fact a joint venture of suning issues. Whatever is the attitude of deficiency in high value services such as salesperson who seemed to be branded, if these proprietary issues can be resolved, bargaining power is stronger for manufacturers, the corresponding gross profit margins can be higher, now is a comprehensive proprietary driving less resistance of? the manufacturers will produce strong opposition? how much the cost of this process will? if the solution of this problem without striking a blow, itNow certainly still there is a floor price. Proprietary risk is in stock, found chiefly in IT and some of the fast update speed consumer electronics, we should not at greater risk. Risk level depends on management's ability to predict product trends and stock turnover rate, fully proprietary best buy have done so for a long time have only one or two big problems, and it's almost no hedging of large household appliances, believe suning managers have the ability to control the import ratio, as well as risks, moreover, it also has relatively stable home appliances bedding. 2010-7-6 suning appliance (002024) July 30 published half-yearly results for letters, the reporting period, operating revenues 3,054,685,000, representing a growth of 31.9%, belong to shareholders of listed companies with a net profit of 1,973,873,000, basic earnings per share of $ 0.28, respectively, representing a growth, 56.08%. (Securities times net newsletter Center), second quarter growth was 36%, below market expectations. 149 of new stores, more than 1000 for the first time. The good news is that three rates declined 0.94%. transfers from one of the following blog post: SUNY chain home appliance sales industry. Belong to the consumer electronics industry, in line with my ability to scope, from the perspective of industry evolution home appliance sales industry growth 1 demographic factors you look at the so-called rigid requirements of the real estate market can expect home appliance sales growth of the group, because the growth peak of marriageable age brought about by the increase in population since nationwide urbanization, new houses are almost must have brought consumer upgrade the new appliance 2 trend of revenue increase in the demand, and consumer industries as a whole, and all this is a high growth power 3 increase the size of the entire household electrical appliance industry chain store sales growing, from one city to the second-tier cities and then to expand in rural areas. 4 industry to focus on the evolution of home appliance chain's history can be seen from abroad, continued development of oligopoly, barriers to entry with monopoly companies continue investment to expand the cost advantage, squeeze chain of small and medium-sized appliance vendors are almost inevitable trend. Second industry environment 1 go barrier is distinguished from Mao-white drug differences strategy, appliance chain's complete alternative is necessarily low cost development routes, General low-cost strategies to scale economy, capital needs, extensive integration and improve sales networks as their barrier to entry 2 supplier to the buyer of the kanjia appliance chain store sales for side, chains is the main sales channel, producer gain to close matter, weakened supply-side kanjia strength. In the case of the buyer, nor how much kanjia alternatives alternatives are mainly 3 new purchase patterns, but history and other emerging business models in foreign countries from abroad living situation, does not threaten the dominance of chain home appliance sales. 4 industry competition in selected home appliance chain industry competition within one of the most important reason for this is that the industry is still relatively orderly, because industry developing fast, oligopoly price leadership to other sellers of home appliances, low-cost strategy group barrier higher, among the various strategies group strategy is relatively simple and easy to understand, light exit barriers are small assets industry competition because of the relative ease. suning appliance, President of 2010-7-31 changes from Sun Weimin, Jinming industial, Sun Weimin as Deputy Chairman of the Board. Jinming industial before it was strengthening, manage marketing, took office after the first day, throw a new three-year plans and goals, and Sun Weimin times compared to his three-year plan for more 3 c: clear 3C products, including PC as a pillar of the future development of products, and lock the 3-year sales goal of $ 35 billion, or 10% of the national market share. SUNY 3C+ flagship stores your tagline changes accurately reflects this trend before the advertisement is "buy appliances SUNY" is now "can always find you want". Tang Jiarui Everbright securities industry analysts believed that SUNY product diversification is the only way its business diversification. He said, "suning appliance size build prerequisite is to present a single household appliance businesses expanding into integrated products (especially high gross margins of products). "" Board of Directors on strategic and business should have an appropriate hierarchy, the Board of Directors to a general, so making this adjustment. "Sun Weimin said that yourself and Jinming industial competent business with little change compared before," marketing of gold always get tube, I'm more focused on macro-strategic considerations, marketing will do some auxiliary work. "2010-8-6 recently GOME Huang Chen duo Afar, suning good wind by virtue of force, sent me the blue sky. Just 1.5 months rose close to 50%. Suning appliance made by this year's open 300 new town stores are having difficulty, Sun Weimin said "considerably and we think, our plans for the town shops would be adjusted, newly opened in the first half of this year, 47 year plan should now only 100, mainly our distribution can not keep up. "2010-8-19 today, suning appliance incentive package offered for the third time. 09, sales revenue and net income base, each strike period, sales revenue and net profit of the compound growth rate of not less than the required respectively and 20% is equivalent to 4-year net profit doubles, it is worth looking forward to. 2010-8-26 company 2010.5 years annual report of August 31, 2010. First half of 2010, achieve gross revenue of 36.055 billion yuan, an increase of 31.9%; profits 2.632 billion yuan, an increase of 53.65%, and achieving $ 1.973 billion net profit attributable to shareholders of listed companies, an increase of 56.03%, diluted earnings per share of $ 0.282. It digital products 51% and communications 52%, ice class washing 32%, Black electric air conditioning an increase of small household electrical appliances are also more than 20%.����At the same time as the gross profit margin raised overhead rates fell during the 0.08% and 0.84%, driving the company realized a net profit of 56.03% growth in the first half, the performance outstanding, first half of the company 5.71% second quarter net interest rate and cent of net interest rate over the same period of the company to new highs. In addition, the company expects 2010 net profit attributable to parent company owners 30�C50 percent��streamlined processes of growth over the same period of the previous year, corresponding to the net profit of $ 2009-September, 10 years ago, the third-quarter net profit is estimated to be $ 2.56 billion to $ 2.954 billion, and diluted EPS of $ 0.366 to $. 2010-8-31