The era of the electric business profit?

2014 is a concentrated listing of the electricity business one year, after the Beijing-east, Ali submitted an IPO application, Poly-Mei Excellent products also opened the process of listing, the prospectus submitted by the data show has been 7 consecutive quarters of profit, 2011-2013 net revenue of 21.8 million U.S. dollars, 233.2 million dollars and 483 million U.S. dollars, net profit in 2011 net loss of 4 million U.S. dollars, 2012 8 million U.S. dollars, 2013 25 million U.S. dollars, 2013 net profit margin of 5.18%; In addition to the United States, in 2012 landing the new NYSE's only products will be after the break, Also in 2013 to achieve a profit, Jingdong, the industry's first to burn the money of the company also achieved a single quarterly profit, so has been the impression of the external loss of the electric business Enterprise really realized the profit, or that the electric business really into the profit era?

The profit model of the electric dealer

In the cost structure of the electric business enterprise, the highest proportion is the promotion cost, logistics costs and manpower costs of these three, to achieve profitability must cross these three thresholds, the integrated electric business model, the main profit direction of four, first, by scale, that is, through the scale advantage to reduce the relative proportion of various costs, although the absolute amount is very high, But the growth rate is lower than sales, and the gross profit margins of such companies are generally lower, generally under 10%, the overall promotional costs will be within 5%, the second is the high margin model, that is, Poly-Mei excellent products or only product will mode, such enterprises generally exist in the vertical field, product category single or mode single, high gross margin, Enough coverage of the proportion of the various costs, such enterprises in general gross margin of more than 20%, but in the initial period of the establishment, the need for higher promotional costs, low sales to cover the cost, so will be at a loss; the third is the integrated mode, that is, through the integration of the diversification of profit Jingdong's main business is still a loss, but rely on the financial business to achieve a quarterly profit; Four is the platform model, that is, the cat's strategy, only the transaction Commission and additional service charges, the platform is the flow of liquidity channels, its own operating costs are very low, even if the Commission is very low, By virtue of the size of the transaction and the additional value can also achieve profitability; the development of domestic electric business has been more than 10 years, by shouting to make traffic, attract users of the era is the transition to the brand stage, the old electric dealers have basically established a higher market

The age of profit?

The measure of whether an enterprise is profitable is not only the current situation, also depends on its sustainability, for the current reported profits of the electricity quotient, can be divided into three categories, the first category is for the purpose of listing, such as Jingdong, Jingdong is still in the high-speed growth stage, and its report data show the main business or loss, In order to obtain a reasonable valuation needs to achieve a short-term profit, but in the period after the listing will continue to lose money, when the IPO is also profitable, but 11-13 years also into a loss, that is, profitability is a short-term target; In a sense, only the special sale mode of the product will be easily imitated, for example, when the tail of goods, Beijing and the east of the Flash purchase, the original high margin will soon be market competition compression, resulting in loss; the third category is long-term profitable enterprises, this is the electrical business of the entire industry expectations, with the industry's mature and model optimization, The electric business industry can realize the strategic profit, this kind of profit model is both long-term and stable, different from the short-term profit target;

Therefore, the profit information of each appliance merchant often discloses very big uncertainty, the electric business industry also lacks the foundation of the general profit, the short-term specific profit target is not sustainable, the future first profit enterprise may come first from the synthesis class electric business platform and the vertical class platform, and is several first profit, And then drive the whole industry towards a healthier direction.