" Suning Electrical capacity of its own revenue growth soared past the historical growth trajectory compared to the first half of 2008 has suddenly started to decline in the growth of line changes. "
8 30, Suning (002024.SZ) announced 2008 interim results financial statements, in general, the "News" as the object of media coverage the eyes, naturally welcome the surface of the article how many praises were heard. Suning decent earnings in the throws, the ensuing row has shown a two-day stock price close to the down limit of the contrarian response.
Decent earnings upon debut against experienced sharp share price down limit
9 1 Japan Monday, Suning stock went straight down limit to 36.64 yuan / share; September 2 Tuesday, fell to 33.5 yuan / unit; side is "beautiful" statement, while the stock price down limit, fairly good Why suffer the performance hit bottom? Suning out in the end is how to generate earnings 08 "Jianguang Si" it? Industry insiders pointed out: the company's total revenue lower than expected and the "value-added tax deduction suspense" main reason for panic or down limit. But that is not so simple, we or the following "performance growth Suning, Suning stores quality, one square meter area of production efficiency, comparable store sales" in four areas already felt the inherent worries.
Ability to grow year on year sales decline of 38% decline in Suning business growth inflection point appear?
Suning in 2008, according to mid-
filing shows the first half of 2008 operating revenues of 25.919 billion yuan, up by mid-2007 the total income of 18.983 billion yuan sales grew 37.57%, while Suning 2007 interim results filing shows 07 mid-2006 compared to total revenue increased by 60.58 percent over the same period, the contrary results of Suning in 2008 increased by 37.57% during the first half, an increase over 2007 mid-term growth rate compared to the same period in 2006, down 38%, such as the use of the data tables show the first half of 2008, Suning operating income growth began to nosedive, ability to grow revenue in 2007 compared to six months down the growth rate of 38%.
The number of stores increased 75.8% compared with 2007 capacity of single-store sales declined 22.3%
Mid-2008, according to Su Ning filing shows now in 165 cities above the prefectural level and has 716 stores, according to Su Ning current total revenue of 25.919 billion yuan terms, 716-store average sales per restaurant for the 35.7 million yuan / shop; and Suning in 2007, according to mid-filing shows the first half of 2007 operating income 18.983 billion yuan, with the number of 413 stores, the average single-store sales should be 45.9636 million yuan, in 2008 the medium-term effectiveness of single-store operating income 3570 Yuan / store over 07 mid-4596.36 yuan / shop, one shop efficiency decreased by 22.3%.
08 stores by mid-single-benefit ratio in 2007 decreased by 22.3% over the same period, single-store operation capability in the past year was more evident. In the number of stores increased 75.8% over the same period the previous year's case, almost doubling the number of stores increases, the output of the previous year, total revenues were only up 37.57% over the same period.
According to "Beijing Daily" has reported results for the first half of Suning in 2008 showed that in the first half of its net profit reached 1.101 billion yuan, up 70.36%. However, comparable stores (open before 2007) sales revenue grew by just 0.02%, compared to 16.9%. The retail GF Securities chief researcher Ou Yafei that Suning comparable same store sales growth slowed to 0.02%, which is also lower than expected.
Single square meter on average store-output ratio in 2007 fell 28% in the decline of the quality of single-store operations
Suning 2008 interim financial report, its 726 stores a total area of 3,081,900 square meters, in 2008 the total income of the medium-term sales 25.919 billion yuan, an average of one square meter conversion efficiency output of 8,410 yuan / square meter; year 07 413 Suning stores in mid-total area of 1,630,000 square meters, total revenue of 18.983 billion yuan, an average of one square meter to 11,640 yuan output efficiency / m; Suning 2008 mid-year business area of one square meter output in 2007 dropped by 28 %.
