Home appliances business into the other cities Xinhua department stores want to copy the program control unit?

Since the business of the United States of commerce, the Ningxia region's leading retail outlets (600785, closing price of 30.83 Yuan) has become the target of market concern, while last year's annual report and the continuous hyper-forecast growth of this year's quarterly, also let outside the company's performance has a considerable expectation. On June 28, Xinhua department Store Online Performance statement, Vice chairman Zhang Fengchen said the company at that time about 39 yuan in the stock price slightly lower.　　Since the company's executives are not satisfied with the share price, what will be the future of Xinhua department to make a breakthrough in order to raise the company's share price?　　To this "daily economic news" recently interviewed the company and the industry, learned that the company's home appliances business in 2010 or have a larger surprise, Xinhua department store in the future is expected to be like a pass (000419, closing price of 8.89 Yuan), as the regional household appliances retail faucet.　　The limited growth of department stores opened several recent periodic reports of Xinhua department stores, the figures are quite satisfactory.　　2009, the company's operating income growth of 14.55% year-on-year, net profit growth of 77.45%: the first quarter of 2010 continued to maintain good momentum, operating income and net profit year-on-year growth of 25.79% and 58.88%, can be said to exceed the market expectations. In this context, it is not surprising that the market has a rather rosy outlook for the company. But industry analysts cautioned that the likelihood of a year-on-year growth in the second quarter reaching the previous quarter was slim.　　Huiyuan, an analyst at Shanxi Securities, told the Daily economic news that the annual growth rate of semi-annual reports would return to the normal level of 30%~40%. Xinhua department Store's business is divided into three major categories, department stores, home appliances and supermarkets. Although the company did not disclose detailed business structures in its periodic reports, however, according to the analysis of public information and the survey of listed companies, the 2009 department store business in the company's total operating income ratio of 50% up and down, household appliances and supermarkets accounted for the proportion of 26% and 24% respectively;　　The contribution of department stores to net profit is 66%, which is the most important profit source of the company.　　Before this year, Xinhua department store has a total of 5 department stores, of which three are located in the core business district is the company's flagship stores; in 2009, the three stores realized the total operating income of 1.39 billion yuan, accounting for the total operating income of the department store 90%. In the first quarter of this year, the growth of three flagship stores is more eye-catching, such as the department store and the East red shop sales revenue growth has reached 30%, but there are low cardinal reasons. Zhengyuan, the bank's international analyst, said that the department store decoration and the financial crisis, the double impact of the third quarter of 2008 to the first quarter of 2009, the department store and the East red Shop revenue have appeared year-on-year decline.　　Zhengyuan predicted that from the first quarter of this year, the impact of the low base effect will gradually weaken, the main store sales revenue year-on-year growth rate will decline. Rapid expansion of household electrical appliance business from the "Daily economic news" to understand the situation, brokerage researchers on Xinhua department store this year's businessThere is no high expectation of growth space.　　In addition to the foregoing reasons, there are companies this year to adjust the department store business Development strategy. Huiyuan told reporters, although the department store started, but Xinhua department store this business mainly rely on endogenous growth.　　By the end of last year, the company's 5 stores, the latest in the 2007-year opening, after a full 2.5 time Xinhua department store did not expand new stores. In 2010, the company opened a new Xixia store in the eastern Yinchuan area, and planned to open two more stores this year, in addition to the company's plans to merge the shopping malls of the old stores and two of the old buildings.　　According to the department store practice, the first year of opening a new store rarely has a deficit, Huiyuan said. Trikay, a congenial analyst at the same time, said that this year also launched 3 new stores, decoration and other start-up costs and promotional costs will greatly squeeze the annual department store profit space.　　According to the information from the Company securities Department of the earlier daily economic news, the company expects the new store to reach a break-even rate after 2-3 years, so the growth of this year depends on two big chunks of home appliances and supermarkets. With the current concentration in Yinchuan Area department store business is different, the company's home appliances, supermarket business have to Yinchuan peripheral expansion trend.　　However, compared with only 3 supermarkets outside Yinchuan, Xinhua department Store appliance Business expansion of the pace is much larger, the current chain stores have entered Yinchuan peripheral Shizuishan and Zhongwei city, as well as fertile land, Pingluo, Dawukou, Qingtongxia and other counties of the county market, and in Inner Mongolia already has 3000 square meters of the single shop.　　"channel sink" to upgrade the gross domestic appliances Maori Xinhua Department of Household Electrical Appliances Business by the 51% owned subsidiary of the East Bridge electrical operation, the company in addition to the department store to open electrical stores, but also has about 40 single stores, 16 wholesale stores, sales revenue in the last year about 800 million yuan. However, Xinhua Department of household Electrical appliances business There is an obvious problem, is the gross margin is not high.　　For example, 2009 years, home appliances this piece contributed about 26% of the total revenue, higher than the supermarket 24%, but in the net profit one, accounted for only 12%, far behind the supermarket 22%, but not with the department store's 66% compared. This is related to the electrical structure that the company sells.　　More than half of the more than 50 stores in the communications store, low margin of communications products accounted for the home appliance business sales of about 50%, so that the overall gross margin of 9% level. So it's not hard to see why companies are pushing home appliances to the fore. Dongguan Securities analyst Ding Wenjin told the Daily Economic news reporter, from the industry situation, as more outsiders enter, the first-tier city market space will tend to saturation, so the company is ready to implement the "channel sinking" strategy, the network will be around the center of the city and the two or three-line city. As new entrants, they tend to enjoy higher margins. "Like the program-controlled unit, it is in Zhuzhou, Loudi, Liuyang home appliances store margin than Changsha high." "Ding Wenjin said. He stressed that compared to the situation in the control of the case, the two or three-line city of sales, the net profit will be more than the first-tier city old stores more clearlyExplicitly。 And compared with department stores, supermarket business, Xinhua Department of household Electrical appliances business facing the external challenges are much smaller. At the beginning of May to the company survey of the day congenial analysts said that the company's home appliance sales revenue can account for more than 60% of the Yinchuan electric market, in the local influence far beyond Suning appliances.　　At present, Gome and Suning in Ningxia a total of 6 stores, of which only 3 in Yinchuan, the network layout is significantly behind Xinhua department store. In accordance with company planning, the future of household electrical appliances business will be further improved in all cities and counties in Ningxia, including township level of the construction of a blank network, and gradually expand to Gansu, Inner Mongolia and Shaanxi and other neighboring provinces.