[summary of the research report]
Events:SUNINGKuaiBao: the company achieved 118.243 billion yuan in operating income in the first half of the year, down 12.78% from the same period last year. The net profit of homing was-161 million yuan, down 107.51% from the same period last year.
With the rapid growth of online scale, self-management + social marketing activates consumer demand and enhances user stickiness. Affected by the epidemic in the first half of the year, the retail market as a whole was under pressure. During the slow recovery of offline business, SUNING accelerated the development of online business, vigorously promoted the fine operation of online platforms and the interconnection of offline stores, and promoted social marketing, out-of-store sales and home-to-home business. The scale of online sales increased by 20.19% compared with the same period last year, and the proportion of online sales increased to 69.43%. Among them, the scale of online sales increased by 27.11% in the second quarter. Through the cooperation of SUNING tweet, SUNING purchase, Su Xiaotuan, SUNING live broadcast and short video platform, we can achieve accurate delivery of users and goods, and achieve a continuous increase in the number of members. The number of registered users increased by 46.83 million in the first half of the year, and the number of active users increased by 22.37% in June compared with the same period last year. The repurchase frequency of users also increased to a certain extent, and user stickiness was further enhanced. As of June 30, the number of registered retail members of the company was 602 million.
Strengthen ecological empowerment, upgrade the strategy to "retail service provider", and create SUNING ecosystem. Strengthen the open capacity of retail infrastructure and empower the supply chain, services and omni-channel operation capabilities accumulated over the years. In terms of retail cloud business, it bucked the trend during the epidemic. SUNING opened 1563 retail cloud stores in the first half of the year, with sales increasing by 61.2% compared with the same period last year. In terms of logistics operation, one logistics base was delivered in the first half of the year, and 3 logistics bases were added or expanded. By June 2020, 58 logistics bases have been put into operation in 44 cities of the company, and 20 logistics bases are under construction and expansion in 18 cities. Commodity operation: speed up the construction of a perfect and perfect platform ecosystem to improve the operational efficiency of merchants and the richness of commodities. In the first half of the year, the proportion of non-electrical merchants on the company's open platform increased to 87%, and the number and activity of merchants also increased greatly.
Profit forecast: vigorously promote online social community marketing and store Internet operations. In the future, it is expected to achieve the recovery of offline market and the rapid growth of online market. In 21 / 22, we estimate that the company will achieve income of 2946.15, 3308.53 / 377.172 billion yuan, a growth rate of 9.43%, 12.30%, 14.00%, and a net profit of 51.40, 71.35 / 12.267 billion yuan, with a year-on-year growth rate of-47.78%, 38.82%, 71.92%, 0.5577, 0.77, 1.32, and 18.68, 13.457.83, respectively, to maintain the recommended rating.
Risk hint: online business development is not as expected, e-commerce competition intensified.