occurrences
The company disclosed its 2020 annual report. In 2020, the company achieved revenue of 252,296 billion yuan, a year-on-year decrease of 6.29%. 2020Q4 achieved revenue of 71,434 billion yuan, an increase of 4.71% over the previous year. In 2020, the company achieved net profit attributable to shareholders of listed companies of -4.27 billion yuan, a decrease of 143.43% over the previous year. The net profit of 2020Q4 returned to the mother was 4.82 billion yuan, a decrease of 134.03% over the previous year. Net profit after deducting non-return to the mother in 2020 was $6.807 billion, a year-on-year decrease of 19.19%.
reviews
Revenue: In 2020, the company achieved revenue of 252,296 billion yuan, a year-on-year decrease of 6.29%. On a quarterly basis, revenue for each quarter of 2020 was 578.39/605.85/624.38/71,434 billion yuan, respectively, -7.07%/-17.38%/-4.58%/+4.71% compared with the previous year. The external environment for business operations has been affected by the epidemic. Although consumer sentiment is slowly picking up quarter by quarter, overall development is under pressure.
Same store: ① Home Appliance 3C Home Life Specialty Store: In 2020, the offline retail sales revenue of comparable stores of home appliance 3C home life specialty stores fell 24.31% year-on-year. ② Suning Redchild Maternal and Child Specialty Store: During the 2020 reporting period, the company's Redkid Maternal and Child Specialty Store was affected by the epidemic, and the offline retail sales revenue of comparable stores fell 16.76% year-on-year.
Newly opened stores: As of December 31, the company's total number of self-operated stores of all types was 2,649, and Suning Tesco Retail Cloud franchise stores were 7,137.
GMV: The company's product sales volume in 2020 was 416.315 billion yuan, an increase of 9.92% over the previous year. In 2020, the company achieved a sales volume of 290.335 billion yuan on the online platform, an increase of 21.60% over the previous year, and online sales accounted for 69.7%.
Net profit: The company achieved net profit attributable to shareholders of listed companies in 2020 to -4.27 billion yuan, a decrease of 143.43% over the previous year. Mainly affected by the epidemic, although consumer sentiment slowly picked up quarter by quarter, overall development was under pressure. At the same time, 2,532 billion yuan was affected by the company's non-recurring profit and loss projects during the reporting period, mainly including the shares of five logistics project companies of Shenzhen Venture Capital CICC-Suning Yunxiang Logistics Fund, changes in the fair value of transactional financial assets held by the company, and receipt of government subsidies.
Investment advice: The company is a comprehensive retail leader in the country. Offline occupies the low-tier market & expands new channels. Online continues to grow at a high rate, integrating online and offline omni-channel development. Finance and governance structures are expected to improve after the takeover of state-owned assets. It is expected that the new development goals will be achieved. As intense retail competition exceeds expectations, net profit for 2021-22 was adjusted from 2,2/31 billion to 10/31 billion, the 2023 profit forecast was increased by 4.1 billion dollars, and the purchase rating was maintained.
Risk warning: The impact of the epidemic has exceeded expectations, the integration of Carrefour and Suning platforms has not met expectations, etc.