Suning Tesco (002024): omni-channel, multi-scenario continued to try to maintain rapid growth

Suning Tesco (002024): omni-channel, multi-scenario continued to try to maintain rapid growth
Guide to this report: Revenue growth is in line with expectations, small stores have shown strong results, offline stores continue to expand, online social operations are focused, Wanda is acquired, Carrefour continues to complement non-electricity business layout, multi-category, omni-channel, all-scenarioDevelopment advantages continue to be highlighted. Investment highlights: Investment recommendations: The performance is in line with expectations, and the advantages of multi-category, omni-channel and all-scenario development continue to stand out. Maintain 2019 EPS forecast of 0.54/0.24/0.33 yuan with a target price of 17.46 yuan, increased holdings. Performance is in line with expectations.Suning announced the 2019H1 performance report and achieved revenue of 1346.1.8 billion, +21 a year.63%, achieving net profit attributable to mothers 21.39 trillion, down 64 a year.37%, mainly due to the impact of the 5.6 billion investment gains on Ali shares sold in 2018H1.Omni-channel GMV 1842.1.5 billion, +21 a year.80%, online GMV 1121.50,000 yuan, +26 a year.98%, 796 of which are self-supported.95 trillion, 杭州桑拿网 +25 for ten years.6%, third-party 324.55 ppm, +30 a year.50%. The offline multi-scenario continued to advance, and its advantages were further consolidated.As of 2019H1, there are 54 Suning Tesco Plazas (+1), 5,108 retail cloud stores (1746 directly operated stores, 3362 franchised stores), 2,110 home appliance 3C home lifestyle specialty stores (446 cloud stores, and regular stores 1642).Home, 22 county stores), 172 red children (+15).Affected by the economic environment, comparable household store 3C home living specialty store sales revenue decreased by 5.66%, retail cloud-operated stores are down by 6 every year.27%, red children increased by 16 in ten years.84%. Focus on social operations, logistics, and financial infrastructure.The company strengthened the innovation of Suning’s push-to-buy, Suning’s push, Su Xiaotuan and 夜来香体验网 other operating products, and terminated the number of registered members of the retail system of the H1 20194.4.2 billion.As of 2019, H1 Suning Logistics and Tiantian Express have a total area of 10.9 million square meters of warehousing and related ancillary facilities and 24,615 express delivery outlets.2019H1 consumer finance business quota + 100% +, supply chain finance business quota +41.3%, the number of payment user transactions + 31% per year, of which offline mobile payment business + 231% per second. Risk factors: economic recession weighs on consumption, and industry competition intensifies.