subject: Suning Appliance: Chains Promote The Performance Scale Double [print this page] Chain network to promote the performance scale doubled. January-December 2006, the company realized main business income of 24.927 billion yuan, up 56.42 percent over the same period the previous year, compared with flat growth in the number of stores; net profit of 720 million yuan, up 105.43 percent over the same period the previous year; earnings per share 1.00 element. Profit distribution plan for 2006 increase by transferring 10 shares for every 10 shares.
Stores were given. End of the reporting period, the company has been in the country over 90 prefecture-level cities, to open 351 stores, the number of stores rose 56.70%; chain area of 1,422,200 square meters, up 48.66 percent over the same period; unit area of Main business income 175,273,500 yuan, up 5.22% over the same period.
Consolidated gross margin slightly improve. In 2006, the company's gross margin was 10.42%, 0.74% increase over the same period the previous year; consolidated gross margin of 15.51 percent over the previous year increased by 0.11 percentage points over the same period. Consolidated gross margin rose slightly, mainly companies in the consumer electronics products to achieve a qualitative breakthrough in the annual TV, communication, digital, IT products business revenue of the accounting for more than 50%, basically completed the integrated appliance retailers to 3C transformation.
Improve management efficiency and promote management fee rate and operating expenses decreased. In 2006, the company rate of 10.82% during the cost of the previous year dropped by 0.96 percentage points. Cost rate of decline during the period from overhead rate and the rate of decline in operating expenses, the two were dropped by 0.39 and 0.6 percentage points, while the finance charge rate slightly rose 0.03 percentage points.
Maintain "overweight" rating. 07,08 expects earnings per share were 1.50 yuan, 2.22 yuan, respectively, the dynamic price-earnings ratio of 42 times, 28 times. In accordance with the 2008 forecast earnings per share, for the company range of 35-38 times earnings, the company valuation in the range of 77.7-84.36 per. View of the appliance market capacity in 2007 will continue to steadily increase, competition will further enhance the level, but the company in home appliance chain in the position of competitive advantage has been established and is currently growing fast, we continue to maintain "overweight" rating.
Chain network performance up to promote double scale
Company 2006 annual report, from January to December 2006, the company realized main business income of 24.927 billion yuan, up 56.42 percent over the same period the previous year, compared with flat growth in the number of stores; main business profit of 2.553 billion yuan, compared with the previous increase of 67.99 percent over the same period; net profit 720 million yuan, up 105.43 percent over the same period the previous year; operating activities Net cash flow 151 million, essentially flat with a year earlier; earnings per share 1.00. Profit distribution plan for 2006 increase by transferring 10 shares for every 10 shares.
Company's main business income was up 56.42 percent the previous year, mainly due to increase in the number with the chain, vertical and horizontal layout of the gradual deepening of the market, chains have been expanding the network, terminal and marketing capabilities to enhance the existing chain been gradually mature. In addition, there are chains gradually mature, home appliances market changes, sales of home appliance products and services, changes in the structure of the functions to further improve its growth has also had a certain influence.
Net profit growth over the previous year 105.43%, mainly due to greater efficiency in the management of the company, the company's management expense ratio and the rate of decline in marketing expenses, the cost rate of the two together, fell 1 percentage point.
Significantly increase store efficiency
2006 from January to December, the new company into three provinces, 29 cities above the prefectural level, to open 136 stores, replacement chain 9; end of the reporting period, the company has been in the country for more than 90 prefecture-level cities to open 351 stores, the number of stores rose 56.70%; chain area of 1,422,200 square meters, up 48.66 percent over the same period; unit area of main business income of 175,273,500 yuan, up 5.22% over the same period.
Suning Appliance: Chains Promote The Performance Scale Double
