Suning Tesco (002024): Financial Services Focuses on Main Business Consumption Scenarios for Continuous Improvement
Home appliance sales are weak until revenue and GMV are optional.The company achieved operating income of 2010 in the first three quarters of 2019.1ppm, an increase of 16 per year.2%; of which revenue was 654 in the third quarter.400 million, a five-year growth of 5.1%; offline development: the end of September the company had 3,973 self-operated stores, of which 54 Suning Tesco Plaza, 1456 retail cloud-operated stores (-912), and 2295 home appliances 3C home professional stores (+190)There are 174 maternal and infant stores (+17), Su Xiansheng 11 (+3), and 68 overseas stores (+2).At the same time, 210 new Carrefour supermarkets, 25 convenience stores, and 2060 to 4,131 retail cloud franchise stores were newly opened. Online platform operation: In the first three quarters, the company realized online commodity transactions on 1714.4 ppm (including tax), an increase of 24 in ten years.3%, of which the scale of self-operated goods sales was 1191.1 trillion, open platform commodity trading scale 523.300 million. Same-store situation: The same-store growth rate of home appliances 3C home-life specialty stores in the first three quarters was -7.2%, Suning Hong child mother and infant specialty store same store growth rate of 10.8%, Suning Tesco retail cloud-operated store same-store growth of -6.6%. Gross profit margin expense ratio increased simultaneously.The company’s net profit attributable to its mother was 1.19 million yuan in 2019Q1-3, a year-on-year increase of 94.3%, of which 97 in the third quarter.6 ppm, an increase of 7795 in ten years.9%.If the influence of the Suning store is not considered in the third quarter, the non-net profit deduction is -4.28 ppm. If the impact of the Suning store is not considered in the first three quarters, the non-net profit is -14.05 ppm . The company’s gross profit margin increased slightly by zero in the first three quarters.03pp to 14.73%, mainly due to the increase in the proportion of self-owned products and the increase in service business income. 2019Q1-3 The company’s sales / management / financial expense ratios are +1 respectively.52 / -0.22 / + 0.60pp to 12.26% / 1.98% / 0.99%, the company obtains higher scale growth through first- and 南京夜网 second-tier city channels and third- and fourth-tier cities sinking. In the fierce competition in the industry, it gradually grasps the pricing power to make the gross profit margin inflection point, and effectively controls fees and net interest rate trends.Sexual improvement, the medium and long term is estimated to mean the limit. Lowered profit forecast: It is expected to achieve revenue of 2904 in 2019-2021.12/3354.42/3786.68. Net profit attributable to mothers was 142.06/38.13/50.07 million yuan, the realized EPS is 1 respectively.53/0.41/0.54 yuan, the PE corresponding to the closing price on October 31, 2019 were 6 respectively.9/25.8/19.6 times, maintaining the level of “prudent overweight”. Risk reminder: The shop’s progress is less than expected