Guide: As a veteran stationery leader, where is Chen Guangxin's growth point? How will Chen Guang's high-end stationery market be laid out?
Company profile and main business
As one of the largest stationery manufacturers in the world, Chen Guang Stationery is a comprehensive stationery supplier integrating creative value and service advantages, and is committed to making study and work happier and more efficient. The main business covers the research and development, manufacturing and sales of writing tools, student stationery, office stationery and other related products.
Among them, the office direct sales business accounts for 33% of the total operating income, with the largest share; Office stationery, student stationery and writing tools all account for about 20% of the total operating income.
Overview of financial report
The company's return on net assets (excluding weight): from 19.5% of 20 15 to 25% of 20 19.
Average collection period: 29 days, 80 days soon, very good.
Inventory turnover days: 52 days, strictly within 60 days, which is excellent.
Profitability and turnover ability are outstanding.
The asset-liability ratio is 4 1%, which meets the standard of 15%-50%.
Dupont analyzed the equity multiplier for the reporting period on June 30, 2020: 1.48, less than 2 meets the standard.
The company's total operating income: 1 1 1 billion, a substantial increase.
Company's net profit: 65.438+0.06 billion.
Net operating cash flow: 654.38+82 million.
The net operating cash flow matches the company's net profit, and the company has strong profitability.
Brand Highlights: "One Body and Two Wings"
Chen Guang Stationery has formed a strategic layout of "one body and two wings", and the traditional core business writing tools, office stationery and student stationery are "integrated", focusing on the office direct sales business platform.
The offline entity Wenchuang Sales Store Jiumu Miscellaneous Agency upgraded with the channel is the "two wings".
Traditional business:
The scale of stationery market is extremely large or exceeds 1000 billion yuan, but the domestic market concentration is still lower than that of Japan and the United States. With the trend of consumption upgrading, small and medium-sized stationery enterprises are constantly being eliminated due to lack of sufficient funds and marketing means. As a domestic leader, Chen Guang is expected to increase market share and occupy a larger market share.
Traditional business benefits from the increase of people's expenditure on education and the acceleration of education urbanization, and stationery, as an essential expenditure in education, is expected to increase.
Closed-loop distribution of Chen Guang's products, channels and brands.
In view of the characteristics that primary and secondary school students prefer to buy new products frequently, Chen Guang has continuously developed new products to speed up the turnover rate of dealerships, increase channel profits, attract more dealers and terminal retailers to join and expand channels. Among them, Chen Guang adopts pyramid distribution mode, which only invests in the next level dealers and is responsible for the classification, reducing a lot of management and sales expenses; Broad channels have deepened the company's brand image, and the public has a higher degree of choice and stickiness for the company's products, occupying more markets and forming a good closed-loop operation.
Children's art products in student stationery are more profitable than other stationery, and with parents' increasing attention to children's education, the children's art market will also develop rapidly in the future. Chen Guang also increased investment and successfully acquired An Shuo Culture and Education (a global leader in pencils and colored lead), which may boost the gross profit margin of Chen Guang's traditional business in the future.
Chen Guang Klip:
Chen Guangkelipu's office direct sales business has accounted for the largest part of the company's total income, and it has developed rapidly, which has driven the high growth of the company's income.
Benefiting from the increasing proportion of office workers in the tertiary industry, the demand for office supplies is increasing, which has stimulated the rapid growth of the industry. Chen Guang aimed at the opportunity of establishing an office direct selling website, and reached cooperation with many local governments and large and medium-sized enterprises with the help of the unified procurement policy implemented by the state in 20 15. Due to the variety of office supplies, customers have high requirements for the service ability of the direct selling platform because of the demand for one-stop procurement. As the absolute leader of China stationery industry, Chen Guang has the strength to meet the needs of all industry consolidation.
At present, central enterprises and the government are still the main customer groups, but according to the survey, more than 60% of the governments and central enterprises have not completed centralized procurement, and there is still room for further improvement in the future market scale.
Chen Guangkelipu also launched "worry-free purchase", adopting a processing mode with relatively low product price and operating cost to make the supply chain more flexible, thus expanding the small and micro enterprise market.
Jiumu grocery store:
Jiumu grocery store is a boutique department store chain supermarket brand, which is committed to creating offline products with modern, simple style and complete categories. The main products are Wenchuang periphery, ornaments, stationery, tableware, household items, creative gifts and so on. From 2065438 to 2009, Jiumu Miscellaneous Products Co., Ltd. achieved a revenue of 460 million yuan, up 200% year-on-year, and the number of stores reached more than 260, which opened up new channels for Chenguang sales.
Different from Chen Guang Stationery Store, Jiumu Miscellaneous Products Company aims to meet people's consumption upgrading needs, improve the company's market share in the emerging market of fine cultural and creative products by upgrading stationery and cultural and creative products, and rely on the advantages of Chen Guang products and well-known brands to realize resource transformation and channel upgrading, further enrich the company's products and increase the unit price of some products.
Summary of research report
1. The urbanization of education is developing rapidly. As parents attach importance to their children's after-school life and art education, stationery, as a basic tool for students to receive education, is expected to increase with the increase of overall education expenditure. The high gross profit margin of student stationery is expected to boost the profit of Chen Guang's traditional business.
2. In the face of fierce competition in the stationery industry, small and medium-sized enterprises may accelerate their withdrawal, and brand enterprises will occupy a dominant position in the market and further enhance their market share.
3. Chen Guang adopts pyramid distribution mode to reduce the cost of sales management, accelerate the occupation of the market, ensure the rapid expansion of channels and form a good closed-loop distribution.
4. The positive development of Jiumu chores has further promoted the company's income growth and expanded the channels.
5. The future market space of Chen Guang Kelipu's business is expected to be further improved, and it has become the first office business of the company's revenue sector, with huge imagination space in the future.