Suning easy to buy large scale expansion profitability test

Every reporter Wang Yu industry a wave, a wave of home electric network shopping, is surging.　　In 2010 years, Jingdong Mall, Taobao Mall sales have broken through tens of billions, February 28, Suning Appliances (002024, closing price of 14.03 Yuan) announced 2010-year Performance Express, the company will speed up the chain network layout, at the same time, this year, Suning easy to achieve sales doubled to achieve the target of 8 billion yuan. If this goal can be achieved, the A-share market, the most authentic platform for the business of Suning easy to buy in the next two years officially into the tens of billions of times. Will this trigger a wave of online buying in the home appliance industry? What is the strength of Su Ning's Tesco?　　"Daily economic news" reporter will be for you to uncover the true "Su Ning Yi" veil. A A-share "most authentic" consumer platform recently a friend of the reporter Chen told reporters that his recent in Suning easy to buy home appliances, save a lot of money, but also save time. Originally, Mr. Chen recently newly renovated new house, intends to buy a full set of home appliances, however, ran Gome and suning two large home appliance chain, found that the price is different, many varieties of the eye are cross-stitch.　　After going home, he checked the price on the internet, accidentally see Suning easy to buy, feel the price is relatively cheap, hold the mentality of trying to buy a. In layman's terms, Suning is an online store for Suning appliances. February 23, 2011, Suning Electrical Appliances in Nanjing issued a focus on e-commerce development of the 2011-year overall development plan, announced online consumer website Suning Easy to set up an independent company to operate, and the entity chain retail business parallel, and strive to double sales, to 8 billion yuan,　　And in the near future to achieve 10 billion yuan sales revenue. Just this week, Suning released its 2010-year performance bulletin.　　The express shows that 2010 Suning appliances to achieve business income of 75.5 billion yuan, an increase of 29.51%, attributable to the parent company net profit of 4.01 billion yuan, the year-on-year growth of 38.8%, earnings per share 0.57 yuan.　　Suning said that in a good external environment, the company will speed up the chain of network layout, logistics platform expansion, and continuously promote the transformation of marketing reform work, and continuously optimize the internal operations management, and continue to maintain a faster development. Million joint securities researchers pointed out that the face of the emergence of network retailing on the impact of the real appliance chain, Suning appliances E-commerce platform from February 2010 on the line, the July official operation since, and constantly broaden the product category, the platform of goods by the traditional home appliances, 3C products further extended to the daily chemicals,　　Books and other categories of integrated sales. 2010, Suning Sales scale of 2 billion yuan, significantly beyond the first proposed 1.2 billion yuan sales plan, the indicators are geometric growth, the highest daily flow breakthrough 10 million, quickly ranked among the 3C E-commerce market in China home appliances forefront.　　At the same time, Suning is also rated as "Commerce Department E-commerce Demonstration Enterprise". Online shopping to change the consumption habits around US consumers are more and more choose to shop on the Internet-buy books to when excellence, buy small commodities to Taobao,Buy digital products to Jingdong Mall ...　　Online shopping is changing consumer habits and becoming a way of life for people. According to CNNIC's report, 2010 China's new internet users 73.3 million people, the total number of netizens reached 457 million, internet penetration rate rose to 34.3%, an increase of 5.4%. On this basis, China's online shopping users grew 48.6%, reached 161 million, the penetration rate reached 35.2%.　　Online shopping has become the fastest growing user network applications.　　Dongxing Securities researcher Wang Yuquan pointed out that at present in the business market, Jingdong Mall, excellent Amazon, Dangdang, where the first five of customer-prudential products and New Egg network, China's E-commerce listing of Mai Lin ranked seventh, their market share of 33.9%,8.6%,8.2%,5.5%,3.7% and 2.3% respectively.　　In the 2010, e-commerce gradually showed a trend of blossoming, group buying, parity, shopping search, mobile phone Alipay and other new models of the emergence and development of the original ecological pattern to supplement more complete, so that E-commerce transaction process more convenient, directly promote the all-round development of E-commerce. Jingdong Mall Since 2005, has been online for 5 consecutive years to maintain more than 300% of the annual revenue growth. 2009 its turnover of nearly 4 billion yuan, close to 2008 1.36 billion yuan revenue 3 times times, 2010 sales than 2009 growth of more than 200%, reached 10.2 billion.　　"2010, platform-type shopping website market transaction size accounted for, the independent sales of consumer shopping site, Jingdong Mall still 32.5% ranked first", China Electronic Commerce Center released a study report said. This January, Suning appliance announced that 2011 will focus on the development of E-commerce, 10 years after the annual sales of Suning will reach 300 billion yuan, to achieve a reconstruction with Suning entity shop on the same "online suning."　　Subsequently, Gome also revealed that, in November last year, the purchase of 48 million Yuan Bowser net, with the name of Gome E-commerce website will be officially launched in March. Suning easy to purchase price advantage obviously from the foreign experience, Suning easy to buy the model if implemented successfully, or will become the next Wal-Mart or Best Buy.　　Then, Suning Electric Network shopping in the end how beautiful?　　From June 14, 2009, Suning Appliances disclosed is the development of the consumer system, to large-scale into the 3C home Appliances Online mall began, two years less than the time, Suning easy to buy from scratch, from zero to 2 billion yuan, growth for domestic appliances online shopping market can not ignore the role.　　This time, Suning also announced that the entire group will be the strength of the platform to support the formation of 1000 people within 3 years of the professional operating team of business, in China's national Grid market to occupy more than 20% of the share, to become the largest 3C home appliances consumer website. In Suning easy to purchase the website, the reporter notices, buys the commodity to be able to pass two kinds of ways, one kind is the visitor direct purchase, one kind is registers for the member to buy after. Simply fill in the consignee's name, mobile phone,Address and other information, select a good product can be directly purchased, registered members after the purchase of the steps are similar.　　In the payment options, Suning offers a variety of payment methods, including Yi Bao payment, online payment, telephone payment, cod, credit card payment, installment payment, basic to meet all types of customers. In addition to convenient methods of payment and purchase, the price may be the most concern of consumers.　　"Daily economic news" reporter also landed on the same day Gome Online mall, the two were compared. Take the best-selling Haier products as an example.　　Haier refrigerator model for bcd186kb in Suning easy to buy on the price of 1440 yuan, and on the Gome website price of 1599 yuan, and such as Helpo wheel washing machine xqs60-zy1128, in Suning easy to buy on the display price of 2564 yuan, in the Gome website is 2699 yuan. The reporter came to the Shanghai city of a suning appliance entity shop. On the second floor of the home appliance counters, a salesman to reporters, Haier refrigerator model for the bcd186kb price of 1699 yuan, Helpo round washing machine xqs60-zy1128 price of 2699 yuan; in the Gome entity store, according to the sales staff, the same model of the Haier refrigerator original price of 1699 yuan,　　Now the preferential price is 1599 yuan, the same type of washing machine price is also 2699 yuan. This shows that at present, Suning easy to buy in the price is significantly lower than the price of their physical stores, and the United States in the entity shop and online prices are basically the same, but still more than the price of suning easy to buy higher.　　The price, suning easy to buy occupy a certain advantage.　　A number of Gome and suning sales staff said that the online products are certainly cheaper than the store, but online purchase of electrical appliances also need freight costs, if it is some of the Web site, may be the quality of products can not be guaranteed. And in Suning easy to purchase, obviously does not exist the product quality problem. Suning easy to purchase the freight charges have such provisions: urban area full hundred yuan free shipping.　　The reporter tries to buy a Haier wave wheel washing machine xqs60-zy1128 in suning purchase, the actual freight settlement also shows 0.　　In Suning easy to buy the consumption of Mr. Chen told reporters, from the easy purchase of microwave ovens, refrigerators and other household appliances, services are also good. Online margin below the physical store although suning easy to buy product prices have certain advantages, but for enterprises, the cost of online sales is not low.　　At the same time, whether online shopping will further erode the real store market, there are disputes.　　Gome President Wang Junzhou in the acquisition of the Bowser Network, said, shop prices will be more than physical stores have advantages, network shopping platform will necessarily include gome, including all the offline appliance chain, but online and offline is to meet the needs of different people's shopping, the business situation is contradictory, but it must take a step.　　Jingdong Mall expansion before the scale, some people worry about its operating costs remain high, whether the BoE will be forced by the financial chain dilemma, by raising prices to ease the pressure. Insiders believe that in the development of E-commerce market in the previous stage, the manufacturers in the price war, the main purpose is to quickly enclosure, to seize market share. ButIn the late development period, many manufacturers will gradually dilute the price war in their competitive strategy position, while focusing on improving service quality and other aspects of competition. What is the way to avoid this fierce competition? Su Ning Electric Appliance board secretary Jingun The Daily Economic news reporter said, "The scale of Suning appliance purchase is the biggest in China, and the efficiency is higher than the net purchase mode. The logistics system and purchasing system of Suning appliance is not only existed for the net purchase, but the marginal effect of these systems will be effectively released with the net purchase. This will have a greater advantage than others. "For the public concerned about the gross margin of suning easy to buy, Jingun said that last year, Suning easy to buy is only" test water ", so there is no independent accounting. This year, Suning will independently carry out operations and accounting. "We anticipate that because of the relatively high gross margin of sales of large appliances, 3C products relatively small, and easy to sell 3C products sales higher income, coupled with a slightly lower online pricing, so relatively low gross margin." Second, because there is no shop online and other costs, the cost will be relatively small, so, overall, operating profit will be similar to the physical shop.　　The data show that in the third quarter of last year, Suning's gross profit margin reached 17.57%, up 0.76% from a year earlier.　　Suning Electric Appliance Vice Chairman Weimin said, although there is no store cost, but more out of the logistics and distribution personnel costs, so the entity shop and shop is the mode of coexistence, there is no "subversion" problem. Brokerage: Stock price or undervalued "Tenbagger" is a term derived from Lynch's "successful investment", meaning "can turn 10 times times the stock."　　According to the great Wisdom data statistics, Suning appliance from July 2004 to the market now, after the stock right has risen nearly 40 times times, is a veritable tenbagger. Over the past few years, Suning has maintained a profit of 100% growth, profit growth has brought today's excess returns. At the end of 2007, Suning appliance stock price in a record high, due to the financial crisis caused by the market slump, Suning appliance stock has not reached the 2007 highs. Oriental Securities researchers pointed out that Su Ning in 2011 will still be able to achieve income of more than 20% and profit of more than 30% growth.　　Compared to Best Buy and Suning's operating data, market conditions and future growth, suning growth is significantly faster and more certain. Simple contrast suning and Best Buy two leading enterprises, Suning's income although only best buy about 1/4, but net profit has exceeded Best Buy 2/3. At the same time, Suning's income, profit growth rate is significantly faster than Best Buy. Best Buy is in the United States such a still not fully recovered, the competitive structure of the basic setting of the market, basically do not open shop, relying on endogenous growth, the current survival is negative.　　Suning in a newer and more popular market, intensive cultivation, maintain a faster opening of the shop. In terms of valuations, Best Buy still has a 15 times-fold PE valuation in the absence of performance growth and the loss of major overseas market losses (corresponding to 2011Fiscal year, March 2010 ~2011 years March), and Su Ning's current corresponding to the 2011 PE valuation is only about 16 times times, the market is not the growth of suning and valuation too pessimistic? The company's fastest-growing period is over, it believes.　　But due to channel sinking, brand development and mode upgrade three-pronged, the company's performance is still expected to maintain rapid growth, suning is an undervalued value of home appliances chain giants. Overseas Experience e-commerce is a supplement to traditional retailer's advantages, E-commerce platform represented by online shopping is rapidly rising. So will online shopping replace physical stores? How to realize fast profit by net shopping?　　This has been the focus of attention. "According to the top 20 U.S. online retailer rankings in 2009, we found that 10 of the 20 companies are traditional retailers with physical retail outlets such as Wal-Mart, Best Buy, and 6 are manufacturers ' own channels, such as Apple and Del," said Cheng, a researcher at Qilu Securities. Pure network retailer only Amazon.com and Newegg two. We believe that this phenomenon shows that online retailing is largely a form of factory marketing channels and traditional retailers to meet the needs of different consumer groups to complement. "Insiders point out that throughout the history of E-commerce in the west, consumer sales accounted for 80% of the entire U.S. market, and Consumer-to-consumer accounted for only 20%, while the top 10 online retail sales of the real chain of companies operating the business of the company, and their brand and resource advantages quickly occupy the commanding heights, achieved good results.　　It is inferred that the development of China's online shopping market will be the final dominant, and the entity chain enterprises into the market will have incomparable advantages. A researcher at a long-term research appliance chain says online shopping for consumers does save time, to achieve more convenient shopping, but from the experience of foreign countries, a company launched online shopping, in the market is not saturated, the impact on the real store is not large, but will be due to the brand, reputation, marketing and other charm,　　Gradually expand their market share. 2009, the US's largest consumer electronics retailer Best Buy a market share accounted for more than 28%, Japan's largest electronics retailer Yamada Motor in the country's market share of 26%.　　Cheng pointed out that by comparing the market concentration of home appliance retailers in China, America and Japan, we found that the concentration of domestic appliance retail market is still not high.　　The US experience shows that, despite the country's 80% per cent electrical purchases, real-store sales have fallen somewhat, but home appliances giants like Best Buy have not been materially affected, according to a joint securities researcher. Suning easy to purchase the development process June 14, 2009, Suning Appliances revealed, to large-scale access to 3C home Appliances Online Mall; July 9, 2009, suning first public promotion online mall, opened 32 City Network shopping platform; July 20, 2009, Suning and IBM jointly developed the Suning appliances fourOnline shopping mall, and its name changed to "Suning easy to buy"; August 18, 2009, Suning Appliance Online Mall upgrade, officially renamed as "Suning easy to buy"; January 25, 2010, Suning Appliance announced that "Suning easy to buy" will be on the February 1 official line; February 23, 2011, Suning easy to buy set up an independent company, and strive to achieve 8 billion yuan in sales, 3 years to become China's largest 3C home appliance consumer website.