The beauty of the electric quotient to explore the New York and the United States excellent products can be renewed "demon stock" myth?

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Guide: Since the second quarter of 2012 to achieve profitability, poly-Mei excellent products have continued to profit 7 quarters. This is not easy for the electric business to achieve profitability. But its 2013 gross margin was only 24.5%. Gross margin in the general high sales of cosmetics, including Sasha, under the line retailer gross profit margin can reach about 50%, while the international famous brands can reach more than 70%, Poly-Mei excellent product gross margin is not optimistic.

January 30, Poly-Mei Products and Jingdong Mall at the same time to the U.S. SEC submitted a prospectus. According to the prospectus of Poly Mei Excellent products, from 2011 to 2013, the business income of Poly Mei Excellent products is 21.788 million US dollars, 233 million US dollars, 483 million US dollars, and the annual compound growth rate is 180%. In the first quarter of 2014, Revenue of 154.9 million U.S. dollars, including merchandise sales of 129.9 million U.S. dollars, market services net revenue of 25 million U.S. dollars, the same period of total net commodity transactions (net GMV) for 271.3 million U.S. dollars, operating profit of 17.1 million U.S. dollars, net profit of 16.6 million U.S. dollars.

In its fourth edition of May 6, the company said it would sell 9.5 million ads (each representing 1 shares a common stock), and that it would be officially listed on the NYSE on May 16, with a stock trading code of Jmei, The planned distribution interval is 19.5 to 21.5 dollars, and the overall valuation is between 31.2 and 3.25 billion dollars.

7 months in a row, but gross margin is not optimistic

The prospectus, which has been profitable since the second quarter of 2012, has continued to gain 7 quarters. This is not easy for the electric business to achieve profitability. But its 2013 gross margin was only 24.5%. Gross margin in the general high sales of cosmetics, including Sasha, under the line retailer gross profit margin can reach about 50%, while the international famous brands can reach more than 70%, Poly-Mei excellent product gross margin is not optimistic.

However, looking at the overall situation, Poly-Mei Excellent products by Chen Au, Daiusen was founded in March 2010, the second year of the establishment began to profit, entrepreneurship four years will be 3 billion U.S. dollars valuation listed, poly-American excellent products in China's electricity business is also a strong black horse, but how the stamina, but also to accept the test of time.

Fake parallel authorization remains an obstacle

I am afraid that the word "fake" is closely connected with the American electric dealer. According to the present, many international big-name not authorized in the domestic electricity business platform to sell their products, but the user can be seen in a few of the beauty of electric dealers to see related product sales, the industry revealed that the source of these products are about two kinds, one is parallel imports, The second is to flee goods is true and false mixed with selling. Trust crisis has been in the United States online shopping consumers buried seeds, to this, poly-Mei excellent products not only know the heart, but also in the prospectus in the risk hint.

There has been a view that Alibaba's decision not to go on the U.S. list includes concerns about lawsuits. The refusal to go to the U.S. for listing is not tantamount to a reduction in the likelihood of litigation. And this is likely to be a pioneer, the first to withstand from the United States from the "fake" litigation test.

To continue the myth of "electric quotient demon stock"?

Once the leader of the electric business industry, Dangdang on December 8, 2010, officially listed on the New York Stock Exchange, hoping to use the listing soar, on the day of the listing, Dangdang to 24.5 U.S. dollars in the opening, the first closing price of 29.91 U.S. dollars, more than 16 U.S. dollars price rose 87%; in 2010, the IPO, Mecoxlane in the early IPO stock prices have been crazy up to 18 U.S. dollars, the reason is called cents stocks, only the goods will be officially landed on March 23, 2012, the IPO price of 6.5 U.S. dollars, issued 11.18 million ads (per ads=2 shares), financing 72.64 million U.S. dollars. Last year, the only goods will be in the capital of winter, "bleeding listing", The original price of 8.5 dollars to 10.5 dollars was reduced to 6.5 dollars, the opening day of the closing price of only 5.5 U.S. dollars, after a year of listing, the cumulative increase of 16.62 times times since the stock market June 7, 2013, the Foreign Trade company Orchid Pavilion set in the United States listing, the opening price of 11.16 U.S. dollars, closing price of 11.61 U.S. dollars, higher than the IPO prices rose 22 %; If the success of the listing, Poly-Mei will become the next Dangdang, Macaulay, only goods will, orchid pavilion after the potential, the fifth in the United States listed electric companies.

According to the industry, the United States in accordance with the plan price range of 19.5-21.5 U.S. dollars calculation, poly-US valuation between 3.12 billion-3.25 billion U.S. dollars. For their endorsement of the United States excellent products this sprint IPO, the value may be underestimated 1 billion U.S. dollars, after listing or will continue only the stock price inflation logic, and then continue the "Electric quotient demon Stock" myth.