Suning Tesco (002024) Annual Report Review: Offline Store Expansion Accelerates Smart Retail Ecology Layout Accelerates Growth

Suning Tesco (002024) Annual Report Review: Offline Store Expansion Accelerates Smart Retail Ecology Layout Accelerates Growth
The sale of Alibaba shares was completed, and net profit attributable to mothers increased by 216 per year in 2018.38% On March 30, 2019, the company released its 2018 annual report: it realized revenue of 2,449.5.7 billion (+30.35%); maximized profit and net profit attributable to mothers were 139.4.5 billion (+221.91%) / 133.2.8 billion (+216.38%), EPS is 1.44 yuan / share.The company achieved operating income of 719 in the fourth quarter.8.7 billion; net profit attributable to mother 72.10,000 yuan.In 2018, the company completed the sale of Alibaba shares and achieved a net profit of 139.931 trillion, accounting for 100 of the company’s maximum profit.32%. Supply chain optimization, gross profit margin slightly increased the company’s comprehensive gross profit margin in 2018 to 15.24% (+0.91 points).In terms of expenses, the total annual expenses 武汉夜生活网 in 2018 were 14.42% (0.47pct).Among them, the sales expense ratio is 10.81% (-0.34pct); management expense ratio 2.16% (+0.21pct); R & D expense ratio is 0.94% (+0.26pct); operating expense ratio 13.91% (+0.13pct); financial expense ratio is 0.51% (+0.34pct).In 2018, the company effectively implemented commodity price control, promoted the adjustment of commodity structure, held shares to optimize the commodity supply chain, and slightly improved its gross profit margin. Online and online synchronization, the prototype of the smart retail ecosystem closed loop initially showed that the company’s online market share steadily climbed in 2018.2018 company online GMV2083.5.4 billion (+64.45%), registered retail member of the company4.07 billion (+17.97%); the number of monthly active mobile users increased by 43.25%.Offline companies opened stores intensively, and the same-store efficiency improved.In 2018, the company opened 7,619 new stores.At the end of 2018, it had a total of 11,064 stores (8881 self-operated stores and 2,183 franchised stores), achieving full coverage from urban to rural.The store form covers home appliances 3C, mothers and babies, supermarkets, convenience stores, etc., forming a full-scenario, industry-wide smart retail pattern.At the same time, the company’s home appliance 3C home life specialty store, Red Kids Maternity Store and Suning Tesco Direct Stores have gradually matured their business models, achieving comparable store sales revenue growth of 2 in 2018.39%, 29.78% and 9.35%; Ping effect increases by 4 each year.72%, 12.74% and 9.11%. The scale of the logistics and financial markets has continued to expand, maintaining a “strongly recommended” rating for the healthy development of logistics and financial scale businesses.At the end of 2018, Suning Logistics and Tiantian Express had a total area of 9.5 million square meters (+38 million square meters) of storage and related supporting facilities.48%); with 27,444 express delivery outlets, the logistics network covers 351 prefecture-level cities across the country, and 2858 district and county cities, accelerating the construction of cold chain logistics.In terms of finance, the supply chain finance business’s transaction size in 2018 further increased by 55%, and the total assets of Suning Bank increased by 116% from the beginning of the year.In December 2018, Suning Financial started the C round of capital increase and share expansion, which is estimated to reach 56 billion after the investment.In 2019, the company continued to promote online and online integration, took a stake in Wanda Commerce, and established Hengning Commerce. From the acquisition of Wanda Department Store to the signing of ITA, rapid omni-channel, full-category layout, and the emergence of a smart retail ecosystem closed loop.The company’s EPS for 2019-2021 is expected to be 0.43 (+0.17) / 0.47 (+0.08) / 0.52 yuan, maintaining the company’s “strongly recommended” level. Risk Warning: Macroeconomic Risks; Downside Consumption Risk; The Company’s New Store Opening Is Less Than Expected