Last year's sales of 15 billion yuan sold less than expected

Suning Appliance (002024, Stock bar) (002024) yesterday released the 2012 E-commerce Business Development Bulletin said that the annual company E-commerce to achieve the main sales revenue 15.216 billion tax-inclusive. The figure does not include in July 2012 acquired by the mother and infant electric dealer "Red child" 1.62 billion yuan sales, and the 2012 new online business travel, recharge, dress rehearsal, group purchase, such as virtual products consignment sales revenue of about 1.5 billion yuan. BOC International believes the overall sales of its online business are slightly lower than previous market expectations.

In particular, Suning's online business for the year 2012 annual merchandise sales of 15.2 billion yuan than the 2011 sales volume of 5.9 billion yuan increased by 158%.

For offline business, Great Wall Securities believes that suning management realized that the company too rely on the disadvantages of electrical appliances, "technology transformation, service upgrade," The new ten-year strategy, relying on procurement, logistics, information platform, to achieve "suning chain, le buy shi chain, suning easy to buy" collaborative development, to create a new mode of Super electric retailing.

For profit expectations, Wanguo is expected to suning appliance in 2012-3721.html ">2014 year's EPS for 0.45 yuan, 0.48 yuan and 0.50 yuan, the current share price of 17 times times, 16 times times and 15 times times PE, the valuation is more reasonable." The company's share price had entered the bottom at the end of November 2012, indicating that the market's judgment of its future years operating performance was fully reflected.

The Great Wall securities is expected to Suning appliance 2012-2013 EPS is 0.45 yuan and 0.51 yuan respectively, at present the stock price corresponding to PE is 17 times times and 15 times times respectively, the valuation is in the historical low, is the most likely realization line under the coordinated development retail enterprise.

In addition, Wanguo analysts believe that, as the company in the first phase of the two-line input and adjustment measures gradually implemented, one after another of the construction results of the intensive effect or will slowly revise market expectations, the company's stock price still has the upside space.