In 2023, China's economic situation will pick up for the better, and with the implementation of a series of measures to stabilize growth and improve fees, the consumer market will continue to recover. Coupled with the upward trend of gold prices, consumers' willingness to buy ** jewelry continues to strengthen.
During the New Year's Day of 024, the sales of gold, silver and jewelry of retail enterprises increased by 21% year-on-year2%。
Generally when it comes to ** enterprises, the first thing that comes to mind is the old traditional ** brands such as Chow Tai Fook Lao Fengxiang that can be seen everywhere, in fact, there is also a ** company that is also very powerful, that is, Caibai shares, the most significant feature of Caibai shares compared with other enterprises is steady and steady.
Caibai shares in fact at the beginning is not the first enterprise, formerly known as Beijing Caishikou Department Store, is the first batch of department stores in Beijing to operate ** jewelry, after the first jewelry sales, the company began to withdraw from the department store business, officially reformed into a ** enterprise, and won the title of "China's first".
Caibai sharesThe operating income is mainly concentrated in North China, mainly in the Beijing-Tianjin-Hebei region。In 2022, the revenue in North China will account for 9275%。In the first half of 2023, the company's revenue concentration has eased, and the proportion of revenue in North China has dropped to 80%, but this value is still quite high.
As of the first half of 2023, the number of stores in North China is 67, and the number of stores outside North China is 7. Like Zhou Dasheng and Lao Fengxiang in the same industry, the revenue in each region is relatively averageWill Caibai shares not be competitive enough because its business scope is mainly concentrated in North China?
Actually, there is no need to worry too much about this.
Even though the company only has 74 directly-operated stores nationwide, and most of them are located in the Beijing-Tianjin-Hebei region, the revenue of Caibai can rank among the top 10 in the national jewelry industry.
First of all, it is because Caibai has a good recognition in the local areaIn fact, as long as you can firmly grasp a regional market, it is enough, just like the fat Donglai in Henan, although it only opens stores in a few cities, but under the careful management, the nearby residents have a high degree of recognition and profitability is also very good. Caibai shares in Beijing with a total store area8800 sq. m, far ahead in the industry scale. Moreover, the local development level of Beijing-Tianjin-Hebei is also relatively high, which determines that local consumers have this spending power.
Secondly, Caibai's stores in North China are all directly operated stores.
The feature of the directly operated store is that it can reduce the cost of intermediate links and better control the gross profit margin and expense ratio. And by benefiting consumers and providing consumers with more cost-effective products to increase customer stickiness; It is convenient to obtain front-line customer data and make timely modifications according to market needs.
Compared with the same industry, the performance elasticity of the direct sales model is better, and the net profit attributable to the parent company in the first to third quarters of 2023 has been realized. 71% and 6774% growth.
According to the company's performance forecast released on January 28, the company's non-net profit is expected to reach 621-6.8.6 billion yuan, an increase of 53 percent year-on-year16%-69.19%
In the first three quarters of last year, Caibai achieved revenue of 1237 billion yuan, an increase of 13 percent over last year800 million yuan, a year-on-year growth rate of 4508%；Net profit attributable to parent company was 59.1 billion yuan, a year-on-year increase of 664%
Not only revenue and profit are performing well,The gross profit margin and net profit margin are also stable and rising, and the profitability is very stable.
The net profit margin and gross profit margin of Caibai shares were stable at 35% and 11% above, higher than China** and Lao Fengxiang. In 2021, the company's gross profit margin and net profit margin will decline, mainly because the number of raw materials is related to the large increase in the number of new stores opened that year, and it will rebound in 2022.
Gross profit margin and net profit margin are stable and risingDuring this period, the expense ratio also continued to decline. However, R&D expenses are risingFor the best enterprises, the raw materials are the same, so how to make differentiated products in the case of consistent raw materials is the top priority that affects the company's revenue, and the rising R & D costs represent that the company's innovation ability is getting better and better.
Although the expense ratio decreased during the period, the company's operating capacity is very strong, and the jewelry industry is an industry with high inventory, and the inventory turnover rate and accounts receivable turnover rate are important indicators.
The higher the inventory turnover rate, the faster the enterprise can convert inventory into sales revenue, and the higher the operating efficiency. Caibai's inventory turnover rate is higher than the industry average.
Accounts receivable turnover ratio in less than 3 years from 4609 times increased to 13511 times, a quadruple increase.
So what do you have to see in the future?
First of all, the aspect
Among the several revenue businesses of Caibai Co., Ltd., the proportion of ** jewelry revenue is the highest, and the gross profit margin of this business is also the highest. In recent years, Caibai Co., Ltd. has followed up the trend of the times by creating IPs related to Beijing, such as the Forbidden City's "Craftsman**", the Temple of Heaven, "Cheng Qi Yuanji", and the Summer Palace's "Lifetime Beauty", and seized the new national styleIt is expected to continue to improve the gross profit margin of the ** jewelry category
At the same time, it is superimposed***,** will improve again.
In terms of sales volume
In addition to direct stores, Caibai has also begun to explore the e-commerce model in recent years, using online business to make up for the lack of offline businessThe sales volume of the e-commerce channel is gradually increasing
At the same time, it also cooperates with banks, through the bank channel for the best sales, for the bank to provide the best investment products. In recent years, the company has been exploring new cooperation with banks, and the sales scale has stabilized.
The whole is in line with the logic of both volume and price.
To sum it up
Caibai shares as a comprehensive market transformation of the first enterprise, in the Beijing-Tianjin-Hebei region occupies the position of the first brother, through the direct store to benefit consumers, to achieve a win-win situation for the company and consumers, the overall performance is steady and steady, steady progress, no large fluctuations, is a very stable enterprise, profitability and operating capacity is also higher than the industry average. Further growth is expected as the scope of the business expands.
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