Suning: undertake to promote the channel original franchise expansion
2007, the company achieved operating income of 40.152 billion yuan, up 53.48 percent over the same period the previous year,; get listed company's net profit attributable to 1,465,426,000 yuan, up 93.42 percent; 2007, achieving earnings per share were 1.02 yuan.
Black
Electrical
, White appliances,
Air conditioning
Remains the highest sales revenue in the proportion of three products, to enhance its sales margin has led the company's overall gross margin enhancement; total revenues 14%
Communication Products
Sales gross margin decreased.
Franchise has terminated
Cooperation
, To hold the original operating channels. Company basic information on franchising business assessment, to undertake its operations by channel and new entrants to the city level and above 30, 120 new stores, new store area of 477,800 square meters.
End of the reporting period, the company has been in the country over 152 prefecture-level city has 632 stores, chain stores over the same period the number of net increase of 281; chain area of 2,642,100 square meters, the average area of 4180 square meters shop. From company annual reports of data, the company's single-store performance slightly.
Financial Analysis: abundant cash flow, mainly due to notes payable, accounts payable huge amount reached 6.582 billion yuan respectively, and 3.146 billion yuan, up 106.8%, 65%; asset-liability ratio relatively high, up 70% Correspondingly, the flow ratio of 1.45 in 2006 dropped to 1.19, the liquid rate dropped to 0.79 0.83; operations and improve their ability to enhance inventory turnover rate from 8.1 to 8.54, mainly benefited from improved logistics platform.
2007 profit distribution plan of the year: The end of 2007, the company's total share capital of 14.4150.4 million as a base, to all shareholders to distribute cash for every 10 shares 2 yuan (including tax), totaling 288 million yuan.
Industry pattern:
States United States
Acquisition of large and medium, in turn acquire other in
Small appliances
Chain, need time to adapt. However, Suning's position in the industry, with the country after the U.S. acquisition of sales expansion and the rapid expansion of network, also will be reduced, after all, home appliance chain enterprises, the size of the home appliance manufacturer on the upper reaches of the bargaining power also determine the advantages of network coverage.
Suning Appliance is the industry's leading home appliance retail chain enterprises, will benefit from increased industrial concentration, the next two years will continue to grow. But not be overlooked is the gradual strengthening of the industry, competitive threats, and high levels of relative valuation. Expect the company in 2008, 2009 earnings per share were 1.50 yuan, 2.20 yuan, we maintain
Investment
Rating of "neutral."
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