The electricity quotient is good, but it's hard to make money

Public offering funds and private-equity investors to the "Electricity dealers price war" focus on the impact of the campaign will be on the electric business industry. Insiders believe that, regardless of Jingdong and Suning who won the final, for suning market investors may not be good. And for the prospects of the transformation of Suning, the fund people believe that there are more uncertainties, this year, the overall gradual reduction of suning.

The electricity quotient is good, but it's hard to make money

Electric dealers staged a price war, attracting public funds and private equity to onlookers. However, in their eyes, the price war "heating" brought about by the investment in electricity investors "cooling."

There are public funds in the industry said that in the electric business war, whether the final winner is Su Ning or Beijing East, all means that the retail industry to the change will become a trend and trends. The person believes that the development of the retail industry has a certain regularity, will change every once in a while, for example, from the traditional department stores to the emergence of supermarkets, from home appliances store retail to the electricity business. This is a price war on the surface of the electricity trader's price war, but it marks a change in the retail business. Suning, Beijing-East, Gome, when several electric dealers, the strength of the site, but only in the cost control, marketing channels, logistics and other aspects of the power of the strength of the power quotient can ultimately win, also do not exclude the emergence of oligopoly situation.

Some private equity funds said the main is "watching the lively," but the electric business "burning money" also burned their interest in E-commerce. The TMT researcher at Beijing Source Le King that with the popularization of online shopping, the increase of travel cost, the improvement of network payment system and the improvement of credit consciousness, the electric business industry has a good prospect in the future, but from the fundamental point of view, in a year or two, the electric business enterprise does not make money and the cash flow cannot be guaranteed. The researcher believes that the price war explains the current development of the electric Business enterprise is "to do the scale, and then diluted the cost" is not to create profits, and this does not meet the thinking of investors, also led to Suning appliances (002024, shares bar) 14th and 15th morning share prices plummeted. If Su Ning wins the price war, but cannot create the profit, but loses will lose the market scale. Either way, Suning's investors don't like it. ”

Wang Zheng, deputy general manager of Shanghai Jing-hee Investment, said that the big cycle of home appliance industry had passed, so they did not pay attention to suning appliance. Some private-equity insiders say they are bullish on mobile payments in E-commerce. SOURCE Le King's researchers believe that the future of the electric business industry should be platform facilities and soft services, some vertical subdivision, business thinking more clearly the electric business enterprise will be optimistic, because they will not change the strategy because of external disturbances.

Fund overall reduction of Su ning but differences still exist

Suning has long been the fund's heavy warehouse stocks. Flush (300033, stock bar) data show that as of the end of June this year, the fund has a total of 642 million shares of Suning appliances, holding a ratio of up to 11.82%. As of July 5, Rich days, Jia Real theme selected two only active management of the Fund are among the top ten Suning appliance shareholders. However, since this year, the fund overall reduction of the unit. In the first quarter of this year, the fund a total of 345 million shares of Suning appliances, two quarter to reduce 185 million shares.

Concretely, the Fund's investment judgment of suning Appliance also has certain differences. Long-term firmly hold suning appliances in the rich days, in the two quarter of this year to reduce the 569,600 shares, while the theme selected in the two quarter new 59.2851 million shares.

As early as last year, there is a fund manager said he was not optimistic about the model of the transformation of Suning, and a substantial reduction. The fund manager thinks, Su Ning abandons the original main business mode, invests a large amount of capital and Jingdong to carry on PK, obviously difficulty is bigger.

Some fund managers say they are not bullish on the retail sector. The traditional retailing industry appears to be technologically innovative, but it is more akin to a destructive creation, namely, the development of e-business channels at the expense of traditional channels. The retail industry represented by Suning has some problems in the transition, and there are some uncertainties, so it is difficult to estimate the cash flow in the next 2-3 years, so the present attitude is only to wait and see.

However, there are also insiders revealed that the company's one fund is in love with suning appliances, and hold a longer term, buying cost is lower, even if there is short-term price fluctuations, the impact is not small.