报告名称：Gome Alert(00493.HK)Key takeaways from London NDR meetings
报告类型：港股研究
报告日期：2016-04-13
研究机构：德意志银行
股票名称：国美电器
股票代码：00493
页数：1
简介：Post-results NDR meeting in London
We just hosted Gome’s post-results NDR meetings in London. Investors’questions focused on online competition, logistics capability and Gome’sinvestment plans. Here are the key takeaways:
Capex is budgeted at RMB1-1.5bn in 2016. This should mainly be used for an IT system upgrade (RMB200-300m), the logistics network (RMB700-800m)including building distribution centers in Xi’an, Chengdu and Shanghai, therenovation of 60-80 stores (RMB400m) and for adding 100 small stores in thetier two market (RMB200m).
SSSg is likely to pick up from 4Q16. Management is cautious on SSSg in 9M16as 1) the company is expected to renovate some flagship stores in tier onecities (store closure for 2-3 months) in 2Q-3Q16, 2) concern over theintegration of the non-listed stores during the same period and 3) the homeappliance sales should benefit from the surging property transaction volume intier two cities in 4Q16, in a six months lagging manner. By category, themarket demand for smart phone, kitchenware, washing machine andrefrigerator products should increase, driven by product and consumptionupgrades, while PC, camera and TV sets should decline, which might bereplaced by the smart phone.
Online is expected to grow at 80-100% yoy in 2016. Management expects itsonline sales mix to reach 20% by 2018 from 12-13% in 2015. Online trafficmainly comes from search engines and the company’s offline stores. TheSuning-Alibaba alliance has had little impact on Gome, while management isconcerned over Suning’s Tmall store, whose traffic is highly relied on Tmall.
GP margin might have pressure in 2016 mainly on product mix change. Thetelecom products and online channels have a lower margin, but are likely torecord higher growth in 2016. However, this should be partly offset by highmarginproducts (small appliance and kitchenware products).
Highly efficient logistics capability. Gome has achieved a highly efficient andlow-cost logistics network covering 413 cities with same-day deliverycapability. Its fulfillment cost as a percentage of sales was 0.85%, which islower than Suning’s 1.25% and JD’s 6%, backed by 1) a nationwide logisticsnetwork, 2) supporting software systems (ERP system and warehousemanagement system), 3) optimized delivery route planning and 4) integrationof on/offline orders. Gome’s strategy is to open logistics to external clientsincluding furniture and home decoration materials. It has 15% of its logisticsrevenue from third-party customers, and is targeted to reach 50% in threeyears.

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