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InkLeong

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- InkLeongInkLeong
  ·2023-02-10
  $AMC院线(AMC)$ How did it become a junk stock again?🤦🏻‍♂️
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- InkLeongInkLeong
  ·2021-08-31
  $Meta Materials Inc.(MMAT)$??
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- InkLeongInkLeong
  ·2021-07-18
  $Palantir Technologies Inc.(PLTR)$?
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- InkLeongInkLeong
  ·2021-07-12
  $Palantir Technologies Inc.(PLTR)$???
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- InkLeongInkLeong
  ·2021-07-10
  $Takung Art Co., Ltd.(TKAT)$?
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- InkLeongInkLeong
  ·2021-07-01
  $Takung Art Co., Ltd.(TKAT)$????
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- InkLeongInkLeong
  ·2021-06-28
  $Meta Materials Inc.(MMAT)$????????
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- InkLeongInkLeong
  ·2021-06-07
  ?
  The battle of "6.18", I am afraid that it is difficult for Gome to name it
  黄光裕，迎来重掌国美的一大挑战。一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。对国美而言，则是一个检验“复兴”效果的契机。 “希望通过我们的奋斗，我们的
  The battle of "6.18", I am afraid that it is difficult for Gome to name it
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- InkLeongInkLeong
  ·2021-06-06
  ??‍♂️
  Sorry, this post has been deleted
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- InkLeongInkLeong
  ·2021-06-06
  ??‍♂️
  410 billion yuan! Can Ningde welcome a huge amount of lifting of the ban in the era, and can it survive safely?
  近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司
  410 billion yuan! Can Ningde welcome a huge amount of lifting of the ban in the era, and can it survive safely?
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Inc.(PLTR)$???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146467761","isVote":1,"tweetType":1,"viewCount":2036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141867934,"gmtCreate":1625848055628,"gmtModify":1703749893583,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>?","listText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>?","text":"$Takung Art Co., 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Inc.(MMAT)$????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150314945","isVote":1,"tweetType":1,"viewCount":1926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114821882,"gmtCreate":1623067163846,"gmtModify":1704195336645,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114821882","repostId":"1171406130","repostType":4,"repost":{"id":"1171406130","kind":"news","pubTimestamp":1623066365,"share":"https://ttm.financial/m/news/1171406130?lang=en_US&edition=fundamental","pubTime":"2021-06-07 19:46","market":"hk","language":"zh","title":"The battle of \"6.18\", I am afraid that it is difficult for Gome to name it","url":"https://stock-news.laohu8.com/highlight/detail?id=1171406130","media":" 锌刻度","summary":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的","content":"<p>Huang Guangyu, ushered in a major challenge to regain control of Gome.</p><p>The annual \"6.18\" can be called the key battle of e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Suning,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao, etc. are all gearing up.</p><p>For Gome, it is an opportunity to test the effect of \"revival\".</p><p>\"I hope that through our struggle and our efforts, we will strive to restore the original market position of the enterprise in the next 18 months.\" Huang Guangyu made a bold statement on the third day of his official release.</p><p>However, Gome has been left behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared with the same period.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales scale of commodities is 416.315 billion yuan, and the two that used to be comparable are now a full order of magnitude away.</p><p>So, what cards can Gome, which has turned from conservative to offensive, play in this \"6.18\" war? Under the pattern of e-commerce giants, can we find a gap to jump up? Home improvement market, will it become the second curve of Gome?</p><p><b>Live broadcast is weak, short video is reduced to advertising site</b></p><p>\"I heard that Maotai was easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Maotai on Gome's e-commerce APP \"True Happiness\" was as difficult to grab, but later he learned that it was \"routine\": Xiaomei Help, a sharing commission tool on \"True Happiness\", can get a commission of up to 6 yuan for every successful promotion of a member, and the so-called Maotai is one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao to launch the live broadcast function, JD.COM to launch the 99 membership function, and Pinduoduo to launch the game and group buying function. \"At best, it is a collection, and at worst, it is a stitching monster!\"</p><p>The zinc scale survey found that,<b>The above functions of \"true happiness\" are still the conventional gameplay of e-commerce, which is still far from seizing users' minds.</b></p><p>For example, the live broadcast is regarded as a value growth point by Gome, and Huang Guangyu has high hopes. However, the live broadcast on \"True Happiness\" is quite simple, mostly offline store scenes in Gome, and the clerk directly serves as the anchor.</p><p>According to Times Finance, since the beginning of the year, Gome has asked employees to guide customers to place orders through the \"True Happiness\" APP, among which the live assessment target requires that the number of viewers per game should not be less than 30.</p><p>After a week's observation, the zinc scale found that most live broadcasts lacked popularity. In most cases, the number of viewers was maintained in double digits, even less than 30 people.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">Audience Less than 30</p><p>To make matters worse,<b>The short videos of \"really happy\" are almost all advertisements of manufacturers.</b></p><p>For example, \"True Happiness\" moves the slot machine game into \"True Happiness\". Users can get small tiger coins by logging in or shopping on the activity page every day. Users can choose a multiplication of 2 times, 5 times or 8 times for lottery drawing, so as to have the opportunity to get a high tiger coin reward.</p><p>The little tiger coin can be exchanged for real happy beans, which can be cashed out when shopping. Therefore, there is a saying on the Internet that \"the little tiger takes a fight, and the bicycle becomes a motorcycle\".</p><p>The problem is,<b>This style of play is obviously walking on the edge of the law, and the practice of \"True Happiness\" embedding it in the e-commerce system is questionable</b>。</p><p><b>Is there just bluff behind the \"price war\"?</b></p><p>Actually,<b>Price war is the killer of \"true happiness\".</b></p><p>Near May Day, Huang Guangyu sent an open letter: \"After 34 years of deep cultivation in the retail industry, Gome deeply feels the pain of low-price gimmicks in the industry, and knows the difficulty of low-price sustainability. It is convinced that only the real low price of high cost performance, winning by quantity, small profits but quick turnover and the real support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has raised the banner of \"price war\".</p><p>During the \"6.18\" period, the price war of \"True Happiness\" covered electrical appliances, department stores, drinks and other fields, in order to find a gap for jumping up under the pattern of e-commerce giants.</p><p>Zhao Bingcong, who is decorating, has a deep understanding of this.</p><p>Because he is in Jiangsu and Zhejiang, it is difficult to dry the clothes on Huangmeitian's balcony. Zhao Bingcong has suffered before. This time, he wants to buy a dryer for his new home. In contrast, Gome is almost the lowest in the whole network.</p><p>\"The neighbor recommended Siemens WT47W5681W, which also comes with its own sterilization function.\" Zhao Bingcong said that the price of Gome is 7,499 yuan, which is 100 yuan less than that of mainstream e-commerce platforms. \"You can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told the zinc scale that only some household appliances on \"True Happiness\" have a price advantage, while most of the other products are not dominant, and some are even at a disadvantage.</p><p>In other words,<b>The firepower density of Gome's \"price war\" is not as large as imagined.</b></p><p>According to<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of 9.597 billion yuan, and the net cash flow generated from operating activities was 1.851 billion yuan, which shows that its foundation of \"price war\" is not deep.</p><p>In fact, the zinc scale survey found that the current \"really happy\" activity of \"1 yuan purchase for newcomers\" is useless because the coupons have already been robbed, but the publicity in the APP has not been pulled down, which causes dissatisfaction among new consumers. The volume of \"don't play if you can't afford it\" is quite high.<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">No coupon activity is useless</p><p>This confirms from the side,<b>Gome's \"price war\" lacks stamina and urgently needs to replenish ammunition.</b></p><p>An Internet observer told Zinc Scale: \"At the moment when Internet traffic is peaking and customer acquisition costs are high, if Gome's low-cost subsidy can't be continuously exported and covered in a large area, the possibility of overtaking in corners is doubtful.\"</p><p><b>E-commerce is left behind, and it is difficult to break the traffic bottleneck when the curve attacks</b></p><p>Under the above disadvantages,<b>Gome is afraid of difficulty staging corner overtaking in traditional fields</b>In fact, the official is well aware of this, and is actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.COM Tmall, it will be difficult to form a new pattern and competitiveness.\" He Yangqing, CEO of Gome Investment Company, said in an interview with the media, \"There are very few leading companies in the home improvement industry, and the market share is even less than 1%.\"</p><p>Yes,<b>Gome is aiming at the home improvement market.</b></p><p>According to the big data of Aowei Cloud Network, the decoration demand of the stock housing market is expected to exceed 35 million sets during the 14th Five-Year Plan period, a substantial increase of more than 77% compared with the 13th Five-Year Plan period.</p><p>Relevant data show that with the increase of the proportion of decoration in fourth-tier cities and below, the home improvement market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to incorporate scheme design, contract signing, material procurement, construction acceptance, etc. into a unified platform to create a closed loop of transparent decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome takes a stake in dressers as a starting point to cut into the home improvement market</p><p>Huang Guangyu said: \"In the industrial chain, we work together to optimize, and all parties will standardize this industry step by step, giving everyone more sustainable development space with implementation paths.\"</p><p>Nevertheless,<b>Gome's breakthrough path may not be smooth</b>。</p><p>Transparent decoration is not a new thing, but it is not ideal to land. The reason is that the home improvement chain is long, there are many links, and it is difficult to trace. Especially in the case of low popularization of digitalization, supervision has become a difficult problem.</p><p>This is not something that can change overnight.</p><p>In addition, Gome takes the platform mode, which does not involve specific decoration business. In essence, it still does traffic business. The problem is that there is no shortage of home improvement platforms in the market, including vertical home improvement platforms such as Qijia.com and comprehensive home improvement platforms such as Tmall Home Improvement. So under the confrontation, why does Gome attract home improvement companies of all sizes?</p><p>Go around and go back to the problem of how to break through the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Pessimistic attitude: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition and unclear development prospects of the business, it reiterates its 'underweight' rating.\"</p><p>All in all,<b>The road to Gome's revival still has a long way to go</b>On the one hand, it is necessary to transfer the advantages of offline to online to open up new channels of traffic; on the other hand, it is necessary to convert traffic into actual sales volume, so that the market-oriented defensive in home appliances, home improvement and other markets is offensive.</p><p>From this point of view, there is not much time left for Gome to redeem itself.</p>","source":"lsy1568158634801","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The battle of \"6.18\", I am afraid that it is difficult for Gome to name it</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe battle of \"6.18\", I am afraid that it is difficult for Gome to name it\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 锌刻度</strong><span class=\"h-time small\">2021-06-07 19:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Huang Guangyu, ushered in a major challenge to regain control of Gome.</p><p>The annual \"6.18\" can be called the key battle of e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Suning,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao, etc. are all gearing up.</p><p>For Gome, it is an opportunity to test the effect of \"revival\".</p><p>\"I hope that through our struggle and our efforts, we will strive to restore the original market position of the enterprise in the next 18 months.\" Huang Guangyu made a bold statement on the third day of his official release.</p><p>However, Gome has been left behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared with the same period.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales scale of commodities is 416.315 billion yuan, and the two that used to be comparable are now a full order of magnitude away.</p><p>So, what cards can Gome, which has turned from conservative to offensive, play in this \"6.18\" war? Under the pattern of e-commerce giants, can we find a gap to jump up? Home improvement market, will it become the second curve of Gome?</p><p><b>Live broadcast is weak, short video is reduced to advertising site</b></p><p>\"I heard that Maotai was easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Maotai on Gome's e-commerce APP \"True Happiness\" was as difficult to grab, but later he learned that it was \"routine\": Xiaomei Help, a sharing commission tool on \"True Happiness\", can get a commission of up to 6 yuan for every successful promotion of a member, and the so-called Maotai is one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao to launch the live broadcast function, JD.COM to launch the 99 membership function, and Pinduoduo to launch the game and group buying function. \"At best, it is a collection, and at worst, it is a stitching monster!\"</p><p>The zinc scale survey found that,<b>The above functions of \"true happiness\" are still the conventional gameplay of e-commerce, which is still far from seizing users' minds.</b></p><p>For example, the live broadcast is regarded as a value growth point by Gome, and Huang Guangyu has high hopes. However, the live broadcast on \"True Happiness\" is quite simple, mostly offline store scenes in Gome, and the clerk directly serves as the anchor.</p><p>According to Times Finance, since the beginning of the year, Gome has asked employees to guide customers to place orders through the \"True Happiness\" APP, among which the live assessment target requires that the number of viewers per game should not be less than 30.</p><p>After a week's observation, the zinc scale found that most live broadcasts lacked popularity. In most cases, the number of viewers was maintained in double digits, even less than 30 people.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">Audience Less than 30</p><p>To make matters worse,<b>The short videos of \"really happy\" are almost all advertisements of manufacturers.</b></p><p>For example, \"True Happiness\" moves the slot machine game into \"True Happiness\". Users can get small tiger coins by logging in or shopping on the activity page every day. Users can choose a multiplication of 2 times, 5 times or 8 times for lottery drawing, so as to have the opportunity to get a high tiger coin reward.</p><p>The little tiger coin can be exchanged for real happy beans, which can be cashed out when shopping. Therefore, there is a saying on the Internet that \"the little tiger takes a fight, and the bicycle becomes a motorcycle\".</p><p>The problem is,<b>This style of play is obviously walking on the edge of the law, and the practice of \"True Happiness\" embedding it in the e-commerce system is questionable</b>。</p><p><b>Is there just bluff behind the \"price war\"?</b></p><p>Actually,<b>Price war is the killer of \"true happiness\".</b></p><p>Near May Day, Huang Guangyu sent an open letter: \"After 34 years of deep cultivation in the retail industry, Gome deeply feels the pain of low-price gimmicks in the industry, and knows the difficulty of low-price sustainability. It is convinced that only the real low price of high cost performance, winning by quantity, small profits but quick turnover and the real support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has raised the banner of \"price war\".</p><p>During the \"6.18\" period, the price war of \"True Happiness\" covered electrical appliances, department stores, drinks and other fields, in order to find a gap for jumping up under the pattern of e-commerce giants.</p><p>Zhao Bingcong, who is decorating, has a deep understanding of this.</p><p>Because he is in Jiangsu and Zhejiang, it is difficult to dry the clothes on Huangmeitian's balcony. Zhao Bingcong has suffered before. This time, he wants to buy a dryer for his new home. In contrast, Gome is almost the lowest in the whole network.</p><p>\"The neighbor recommended Siemens WT47W5681W, which also comes with its own sterilization function.\" Zhao Bingcong said that the price of Gome is 7,499 yuan, which is 100 yuan less than that of mainstream e-commerce platforms. \"You can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told the zinc scale that only some household appliances on \"True Happiness\" have a price advantage, while most of the other products are not dominant, and some are even at a disadvantage.</p><p>In other words,<b>The firepower density of Gome's \"price war\" is not as large as imagined.</b></p><p>According to<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of 9.597 billion yuan, and the net cash flow generated from operating activities was 1.851 billion yuan, which shows that its foundation of \"price war\" is not deep.</p><p>In fact, the zinc scale survey found that the current \"really happy\" activity of \"1 yuan purchase for newcomers\" is useless because the coupons have already been robbed, but the publicity in the APP has not been pulled down, which causes dissatisfaction among new consumers. The volume of \"don't play if you can't afford it\" is quite high.<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">No coupon activity is useless</p><p>This confirms from the side,<b>Gome's \"price war\" lacks stamina and urgently needs to replenish ammunition.</b></p><p>An Internet observer told Zinc Scale: \"At the moment when Internet traffic is peaking and customer acquisition costs are high, if Gome's low-cost subsidy can't be continuously exported and covered in a large area, the possibility of overtaking in corners is doubtful.\"</p><p><b>E-commerce is left behind, and it is difficult to break the traffic bottleneck when the curve attacks</b></p><p>Under the above disadvantages,<b>Gome is afraid of difficulty staging corner overtaking in traditional fields</b>In fact, the official is well aware of this, and is actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.COM Tmall, it will be difficult to form a new pattern and competitiveness.\" He Yangqing, CEO of Gome Investment Company, said in an interview with the media, \"There are very few leading companies in the home improvement industry, and the market share is even less than 1%.\"</p><p>Yes,<b>Gome is aiming at the home improvement market.</b></p><p>According to the big data of Aowei Cloud Network, the decoration demand of the stock housing market is expected to exceed 35 million sets during the 14th Five-Year Plan period, a substantial increase of more than 77% compared with the 13th Five-Year Plan period.</p><p>Relevant data show that with the increase of the proportion of decoration in fourth-tier cities and below, the home improvement market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to incorporate scheme design, contract signing, material procurement, construction acceptance, etc. into a unified platform to create a closed loop of transparent decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome takes a stake in dressers as a starting point to cut into the home improvement market</p><p>Huang Guangyu said: \"In the industrial chain, we work together to optimize, and all parties will standardize this industry step by step, giving everyone more sustainable development space with implementation paths.\"</p><p>Nevertheless,<b>Gome's breakthrough path may not be smooth</b>。</p><p>Transparent decoration is not a new thing, but it is not ideal to land. The reason is that the home improvement chain is long, there are many links, and it is difficult to trace. Especially in the case of low popularization of digitalization, supervision has become a difficult problem.</p><p>This is not something that can change overnight.</p><p>In addition, Gome takes the platform mode, which does not involve specific decoration business. In essence, it still does traffic business. The problem is that there is no shortage of home improvement platforms in the market, including vertical home improvement platforms such as Qijia.com and comprehensive home improvement platforms such as Tmall Home Improvement. So under the confrontation, why does Gome attract home improvement companies of all sizes?</p><p>Go around and go back to the problem of how to break through the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Pessimistic attitude: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition and unclear development prospects of the business, it reiterates its 'underweight' rating.\"</p><p>All in all,<b>The road to Gome's revival still has a long way to go</b>On the one hand, it is necessary to transfer the advantages of offline to online to open up new channels of traffic; on the other hand, it is necessary to convert traffic into actual sales volume, so that the market-oriented defensive in home appliances, home improvement and other markets is offensive.</p><p>From this point of view, there is not much time left for Gome to redeem itself.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA\"> 锌刻度</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f78d2f00cbc26b40aac0942a0a777ee","relate_stocks":{"00493":"国美零售"},"source_url":"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171406130","content_text":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的努力，力争用未来18个月的时间，使企业恢复原有的市场地位。”黄光裕于正式获释第三天放出豪言。\n然而，国美掉队已有十余年。\n其2020年零售销售收入为441.19亿元，同期苏宁易购的商品销售规模为4163.15亿元，昔日比肩的两者，如今差了足足一个量级。\n那么，从保守转为进攻的国美，在这场“6·18”大战中，有哪些牌可打？在电商巨头林立的格局之下，能否寻找到上跃的空隙？家装市场，会成为国美的第二曲线吗？\n直播乏力，短视频沦为广告地盘\n“听说茅台好抢，才去的国美。”鄂子君如是说。\n鄂子君告诉锌刻度，国美电商APP“真快乐”上的茅台一样难抢，后来才知道是被“套路”了：“真快乐”上的分享赚佣金工具小美帮帮，每成功推广一位会员即可获得最高6元的佣金，而所谓的茅台好抢正是其最大噱头之一。\n在鄂子君看来，“真快乐”效仿淘宝推出了直播功能，效仿京东推出了九九会员功能，效仿拼多多推出了游戏、拼团抢购功能，“往好了说是集大成，往坏了说不就是缝合怪嘛！”\n锌刻度调查发现，“真快乐”的上述功能依然是电商的常规玩法，离抢占用户心智尚远。\n譬如，直播被国美视为价值增长点，被黄光裕寄予厚望，不过“真快乐”上的直播颇为单一，多为国美线下门店场景，店员直接兼任主播。\n据《时代财经》报道，从年初开始，国美要求员工引导顾客通过“真快乐”APP下单，其中直播考核目标要求每场观看人数不得低于30人。\n经过一周的观察，锌刻度发现多数直播人气匮乏，多数情况下观众人数维系在两位数，甚至有低于30人情况存在。观众人数低于30\n更为糟糕的是，“真快乐”的短视频几乎全为厂商的宣传广告。\n再譬如，“真快乐”把老虎机游戏搬入“真快乐”，用户每天登陆活动页面签到或购物就能获得小虎币，者选择2倍、5倍或8倍的倍率进行抽奖，从而有机会获得高额小虎币奖励。\n而小虎币可兑换真快乐豆，后者在购物时可抵现，因而网上有“小虎搏一搏，单车变摩托”的说法。\n问题在于，这个打法明显游走在法律边缘，“真快乐”堂而皇之将其植入电商体系的做法值得商榷。\n“价格战”背后只是虚张声势？\n其实，价格战才是“真快乐”的杀手锏。\n临近五一，黄光裕发了一封公开信：“深耕零售业34年，国美深感行业低价噱头化之痛，深知低价可持续性之难，深信只有高性价比、以量取胜、薄利多销的真低价，厂商伙伴的真支持，才能符合消费者的利益和带动市场繁荣。”\n这意味着，国美祭起“价格战”的大旗。\n在“6·18”期间，“真快乐”的价格战范围覆盖电器、百货、酒水等多个领域，以图在电商巨头林立的格局之下，寻找上跃的空隙。\n对此，正在装修的赵冰聪深有体会。\n由于身处江浙地区，遇到黄梅天阳台的衣服难以晾干，赵冰聪之前吃过苦头，这次想为新家添置一台烘干机，对比下来国美差不多为全网最低。\n“邻居推荐的是西门子WT47W5681W，还自带除菌功能。”赵冰聪表示国美售价7499元，到手价比主流电商平台少了100元，“可以再多买一两件T恤了。”\n不过，赵冰聪告诉锌刻度，“真快乐”上仅部分家电具备价格优势，其余商品多数不占优，甚至有的还处于劣势。\n换而言之，国美的“价格战”的火力密度并没有想象的那么大。\n据国美零售2020年年报显示，截至2020年12月31日，国美零售拥有现金及现金等价物为95.97亿元，经营活动产生的现金流量净额为18.51亿元，可见其打“价格战”的底蕴并不深厚。\n事实上，锌刻度调查发现，眼下“真快乐”的“新人专享1元购”活动，因为优惠券早已被抢完，该活动形同虚设，可APP中的宣传并未拉下，从而引起新入的消费者不满，“玩不起就不要玩”声量颇高。没有券活动形同虚设\n这从侧面印证了，国美的“价格战”后劲不足，亟需补充弹药。\n一名互联网观察人士告诉锌刻度：“在互联网流量见顶、获客成本高企的当下，国美的低价补贴打法如若不能持续输出、大面积覆盖，那弯道超车的可能性就存疑。”\n电商掉队，曲线出击也难破流量瓶颈\n上述种种劣势之下，国美恐难在传统领域上演弯道超车，对此官方其实也是心知肚明，进而也在积极寻求一个解题的突破口。\n“国美如果继续推进和京东天猫一样的电商模式，很难形成新的格局和竞争力。”国美投资公司CEO何阳青在接受媒体采访时表示，“家装行业头部公司非常少，市场份额甚至不足1%。”\n是的，国美将突围的目光瞄向了家装市场。\n据奥维云网大数据显示，在十四五期间存量房市场装修需求预计可超过3500万套，相比十三五期间大幅提升超过77%。\n而相关数据显示，随着四线及以下城市装修金额比例上升，家装市场到2025年左右达到6万亿元的规模，这一规模是家电行业的四倍。\n为此，国美渴望将方案设计、合同签订、材料采购、施工验收等纳入统一平台，打造一个透明装修的闭环。国美入股打扮家，以其为切入家装市场的抓手\n黄光裕表示：“在产业链里我们协同进行优化，各方一步一步把这个行业进行规范，给大家更多的可持续的而且有实施路径的发展空间。”\n尽管如此，但国美的突围之路或并不平坦。\n透明装修并非新鲜事物，然而落地却不太理想，究其原因为家装链条长、环节多、追溯难，特别是在数字化普及较低的情况下，监管成为老大难的问题。\n这并非一朝一夕可以改变的。\n此外，国美走的是平台模式，不下场涉及具体的装修业务，本质上仍然做的是流量生意，问题在于市场并不缺家装平台，既有齐家网等垂直家装平台，也有天猫家装等综合家装平台，那么对垒之下，国美何以吸引大大小小的家装公司？\n兜兜转转，又回到流量瓶颈如何突破这个问题上。\n对此，摩根大通持悲观态度：“国美对未来发展具有野心，但前景及计划未见明朗，考虑到业务面对激烈竞争及发展前景未明，重申‘减持’评级。”\n总而言之，国美的复兴之路依然任重道远，一方面需将线下的优势转移至线上，开拓流量新渠道，另外一方面则需将流量转化为实际销量，从而在家电、家装等市场化守势为攻势。\n这么来看，留给国美自我救赎的时间不多了。","news_type":1,"symbols_score_info":{"00493":0.9}},"isVote":1,"tweetType":1,"viewCount":1482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115940738,"gmtCreate":1622947959524,"gmtModify":1704193599039,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"htmlText":"??‍♂️","listText":"??‍♂️","text":"??‍♂️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115940738","repostId":"1136586425","repostType":4,"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115950133,"gmtCreate":1622947482322,"gmtModify":1704193584962,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"htmlText":"??‍♂️","listText":"??‍♂️","text":"??‍♂️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115950133","repostId":"2141004294","repostType":4,"repost":{"id":"2141004294","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622959849,"share":"https://ttm.financial/m/news/2141004294?lang=en_US&edition=fundamental","pubTime":"2021-06-06 14:10","market":"hk","language":"zh","title":"410 billion yuan! Can Ningde welcome a huge amount of lifting of the ban in the era, and can it survive safely?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141004294","media":"老虎资讯综合","summary":"近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司","content":"<p>Recently, the ten-year-old CATL ushered in a milestone leap in its development.</p><p>On June 5th, CATL shares once reached a record high of 439.5 yuan/share, and finally closed at 432.21 yuan/share, and the market value once again exceeded one trillion yuan. Not long ago, on May 31st, the company's share price rose by more than 6%, and its market value exceeded one trillion yuan for the first time, becoming a new giant who joined the \"trillion\" market value club of A shares with the attribute of technology manufacturing.</p><p><img src=\"https://static.tigerbbs.com/fcb210468635fa704b49b71271c28929\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>However, just when the market \"clapped hands and celebrated\" for CATL, some people saw the \"bubble\".</p><p>On the same day, Morgan Stanley downgraded CATL to \"low-allocation\", with a target price of only 251 yuan, which is equivalent to a direct 40% discount to the current stock price of more than 400 yuan.</p><p>Coincidentally, as early as November 2020, Morgan Stanley downgraded the stock rating of CATL from overweight to equal weight. At that time, the reason given was that the medium-term prospect of new energy batteries had basically been reflected in the stock price, and whether global automobile factories could launch new models that were popular in the market might not be verified until next year.</p><p>Is it high or low? Can CATL, who stands on the top of the mountain, still chase after it? For investors, there are at least three hidden dangers to pay attention to.</p><p><b>/ 01 /</b></p><p><b>Profitability is in the downward channel</b></p><p>As the leader of the power battery industry, benefiting from the high prosperity of the industry, the market has given the head companies a higher valuation premium. Since its listing, CATL has enjoyed the treatment of being \"favored\" by institutions, and its share price has been rising.</p><p>It can be seen from the lengthening of the daily line that since it landed on the Growth Enterprise Market on June 11, 2018, as of June 4, 2021, the company's share price as a whole showed a rapid upward trend. Compared with the issue price of 25.14 yuan/share at the beginning of listing, the share price of CATL has increased by 1592% in the past three years.</p><p>However, behind the rising stock price, the profitability of CATL continues to decline.</p><p>In 2020, the company sold 44.45GWh of power battery systems, representing a year-on-year increase of 10.43%, and brought in revenue of 39.426 billion yuan, representing a year-on-year increase of 2.18%. The growth rate of revenue is less than the growth rate of sales volume, indicating that product prices are falling.</p><p>On the other hand, due to the increase in commodity prices since the second half of 2020, lithium carbonate and cobalt, among the main raw materials produced by CATL, have increased by more than 20%, and the pressure of cost control has increased.</p><p>Revenue rose slightly and costs increased greatly, which caused a certain squeeze on profits. In 2020, the gross profit margin of CATL was 27.76%, a decrease of 1.3 percentage points from 29.06% in 2019.</p><p>Node Finance consulted the financial report and found that this is not the first decline in gross profit margin in CATL. In fact, since its listing, the gross profit margin of CATL has been stuck in the downward channel.</p><p><img src=\"https://static.tigerbbs.com/221a2154223564669e02d5c5d597485c\" tg-width=\"550\" tg-height=\"392\" referrerpolicy=\"no-referrer\">Source: CATL Financial Report, Oriental Fortune choice</p><p>As shown in the chart above, from 2016 to 2020, the company's gross profit margin decreased from 43.7% to 27.76%, earning 15.94 percentage points less in five years. Compared with the pre-listing state, from 2014 to 2016, the company's gross profit margin increased from 25.73% to 43.7%, and its profitability was obviously differentiated before and after listing.</p><p>In this regard, CATL also stated in its financial report that if the market competition intensifies in the future or industry policy adjustments and other factors cause adverse changes in the selling price of the company's products and the purchasing price of raw materials, the company's gross profit margin is at risk of declining.</p><p>In the first quarter of 2021, the gross profit margin of the Company was 27.28%, representing an increase of 2.19 percentage points over the same period of last year, which has not yet recovered to the gross profit margin level of the first quarter of 2019 before the outbreak of the pandemic, and decreased by 1.08 percentage points quarter-on-quarter.</p><p>At the same time, the Company's ability to return to shareholders weakened, and its weighted return on net assets (ROE) decreased from 69.55% in 2016 to 11.27% in 2020.</p><p>However, this does not seem to affect the capital market's pursuit of CATL, and the valuation is like a wild horse galloping all the way.</p><p><b>/ 02 /</b></p><p><b>Valuation \"Galloping\"</b></p><p>According to the net profit of 1.954 billion yuan in the first quarter of this year, the corresponding rolling P/E of CATL is 149 times, which is at the highest value in history; According to the net profit of 5.583 billion yuan in 2020, the static P/E corresponding to CATL is 179 times, which is also at the highest value in history.</p><p>Even according to the consensus performance forecast given by brokers, the company's net profit in 2023 is expected to be 20 billion, corresponding to 51 times the P/E ratio, which is still a value within the 5-year valuation center range.</p><p>Combined with the performance, from 2016 to 2020, in five years, the net profit of CATL increased less than double from 2.852 billion yuan to 5.583 billion yuan, and P/E increased nearly seven times from about 23 times to 179 times at the beginning of listing. Obviously, the valuation runs faster, or it is possible to consume the valuation in advance.</p><p>In 2020, the company's net profit increased by only 22.43% year-on-year. However, catching Tesla's \"ride\", superimposing the release of medium-and long-term plans for the new energy industry, the concept of carbon neutrality, etc., its share price soared from more than 100 yuan to more than 350 yuan during the year, an increase of more than 200%.</p><p>Compared with peers, the valuation of CATL is not cheap. Take the old rival BYD as an example. In 2020, the net profit was 4.234 billion yuan, the market value was about 530 billion yuan, and the static P/E was 125 times, which was significantly lower than that of CATL; Look at Panasonic again. In 2020, the net profit is equivalent to about RMB 10.27 billion, and the static P/E is 22 times. Compared with CATL, it is really low as dust.</p><p>What's more, even if the three main car manufacturers with the highest A-share market value at present, BYD, Great Wall Motor and SAIC, have a total market value of 1,088.1 billion yuan, CATL has created a market value of trillion yuan by one person, which is quite tough.</p><p>Node Finance believes that because the new energy industry is in the growth stage, the scale expansion advantage of CATL with its leading position is easier to highlight the market share agglomeration effect, resulting in the development space being seen far and long.</p><p>According to the statistics of SNEResearch, a South Korean research organization, from January to April this year, the global sales of electric vehicle batteries were 65.9Gwh, of which CATL accounted for 32.5%.</p><p>However, as a bulk consumer goods, automobiles have the characteristics of low consumption frequency and non-rigid demand, which determines to a certain extent that the industry enters the mature stage faster than general consumer goods such as mobile phones and home appliances, and the demand increment is limited. With the slowdown of the growth rate of industrial chain shipments, how much valuation space can be overdrawn in CATL?</p><p>Recently, Shanghai Securities and Caixin Securities both gave CATL the rating of \"cautious overweight\" or \"cautious recommendation\".</p><p><b>/ 03 /</b></p><p><b>The upcoming tide of lifting the ban</b></p><p>For short-term investors, the wave of lifting the ban that CATL will usher in on June 10th needs to be particularly vigilant.</p><p>Up to now, the share price of CATL is 432.21 yuan/share, with a total market value of 1006.8 billion yuan, making it the first trillion-dollar stock on GEM. The market value of 411.629 billion yuan accounts for 40.88% of the total market value of CATL. After the ban is lifted next week, the circulation of CATL will increase by 70.18%.</p><p>The shares lifted by CATL on June 10th came from five shareholders, namely Ruiting Investment, Huang Shilin, Li Ping, Dongpeng Weichuang Investment, Lvlianjun and Industrial M&A Equity Investment Fund Partnership. As of the end of the first quarter of 2021, Ruiting Investment, Huang Shilin and Li Ping were the first, second and fifth largest shareholders of CATL respectively. Among the five shareholders who will be lifted by CATL next week, the market value of Ruiting Investment will reach 247 billion yuan, that of Huang Shilin will reach 112.764 billion yuan, that of Li Ping will reach 48.386 billion yuan, and that of the other two shareholders will reach less than 2 billion yuan.</p><p>Ruiting Investment is the controlling shareholder of CATL, which is 100% controlled by Zeng Yuqun, the founder and chairman of CATL. Huang Shilin and Li Ping are the co-founders and vice chairmen of CATL, among which Li Ping and Zeng Yuqun are acting in concert.</p><p><b>Details of CATL lifting ban</b></p><p><img src=\"https://static.tigerbbs.com/da24316a386ec8301036b6c656dfc6e0\" tg-width=\"1024\" tg-height=\"281\" referrerpolicy=\"no-referrer\">Generally speaking, lifting the ban will form the expectation of shareholders to reduce their holdings, forcing the stock price on the disk to be under short-term pressure, which is a major negative for retail investors.</p><p>Then, under the huge lifting of the ban, can CATL stand firm at the barrier of trillion market value?</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>410 billion yuan! Can Ningde welcome a huge amount of lifting of the ban in the era, and can it survive safely?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n410 billion yuan! Can Ningde welcome a huge amount of lifting of the ban in the era, and can it survive safely?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-06 14:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, the ten-year-old CATL ushered in a milestone leap in its development.</p><p>On June 5th, CATL shares once reached a record high of 439.5 yuan/share, and finally closed at 432.21 yuan/share, and the market value once again exceeded one trillion yuan. Not long ago, on May 31st, the company's share price rose by more than 6%, and its market value exceeded one trillion yuan for the first time, becoming a new giant who joined the \"trillion\" market value club of A shares with the attribute of technology manufacturing.</p><p><img src=\"https://static.tigerbbs.com/fcb210468635fa704b49b71271c28929\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>However, just when the market \"clapped hands and celebrated\" for CATL, some people saw the \"bubble\".</p><p>On the same day, Morgan Stanley downgraded CATL to \"low-allocation\", with a target price of only 251 yuan, which is equivalent to a direct 40% discount to the current stock price of more than 400 yuan.</p><p>Coincidentally, as early as November 2020, Morgan Stanley downgraded the stock rating of CATL from overweight to equal weight. At that time, the reason given was that the medium-term prospect of new energy batteries had basically been reflected in the stock price, and whether global automobile factories could launch new models that were popular in the market might not be verified until next year.</p><p>Is it high or low? Can CATL, who stands on the top of the mountain, still chase after it? For investors, there are at least three hidden dangers to pay attention to.</p><p><b>/ 01 /</b></p><p><b>Profitability is in the downward channel</b></p><p>As the leader of the power battery industry, benefiting from the high prosperity of the industry, the market has given the head companies a higher valuation premium. Since its listing, CATL has enjoyed the treatment of being \"favored\" by institutions, and its share price has been rising.</p><p>It can be seen from the lengthening of the daily line that since it landed on the Growth Enterprise Market on June 11, 2018, as of June 4, 2021, the company's share price as a whole showed a rapid upward trend. Compared with the issue price of 25.14 yuan/share at the beginning of listing, the share price of CATL has increased by 1592% in the past three years.</p><p>However, behind the rising stock price, the profitability of CATL continues to decline.</p><p>In 2020, the company sold 44.45GWh of power battery systems, representing a year-on-year increase of 10.43%, and brought in revenue of 39.426 billion yuan, representing a year-on-year increase of 2.18%. The growth rate of revenue is less than the growth rate of sales volume, indicating that product prices are falling.</p><p>On the other hand, due to the increase in commodity prices since the second half of 2020, lithium carbonate and cobalt, among the main raw materials produced by CATL, have increased by more than 20%, and the pressure of cost control has increased.</p><p>Revenue rose slightly and costs increased greatly, which caused a certain squeeze on profits. In 2020, the gross profit margin of CATL was 27.76%, a decrease of 1.3 percentage points from 29.06% in 2019.</p><p>Node Finance consulted the financial report and found that this is not the first decline in gross profit margin in CATL. In fact, since its listing, the gross profit margin of CATL has been stuck in the downward channel.</p><p><img src=\"https://static.tigerbbs.com/221a2154223564669e02d5c5d597485c\" tg-width=\"550\" tg-height=\"392\" referrerpolicy=\"no-referrer\">Source: CATL Financial Report, Oriental Fortune choice</p><p>As shown in the chart above, from 2016 to 2020, the company's gross profit margin decreased from 43.7% to 27.76%, earning 15.94 percentage points less in five years. Compared with the pre-listing state, from 2014 to 2016, the company's gross profit margin increased from 25.73% to 43.7%, and its profitability was obviously differentiated before and after listing.</p><p>In this regard, CATL also stated in its financial report that if the market competition intensifies in the future or industry policy adjustments and other factors cause adverse changes in the selling price of the company's products and the purchasing price of raw materials, the company's gross profit margin is at risk of declining.</p><p>In the first quarter of 2021, the gross profit margin of the Company was 27.28%, representing an increase of 2.19 percentage points over the same period of last year, which has not yet recovered to the gross profit margin level of the first quarter of 2019 before the outbreak of the pandemic, and decreased by 1.08 percentage points quarter-on-quarter.</p><p>At the same time, the Company's ability to return to shareholders weakened, and its weighted return on net assets (ROE) decreased from 69.55% in 2016 to 11.27% in 2020.</p><p>However, this does not seem to affect the capital market's pursuit of CATL, and the valuation is like a wild horse galloping all the way.</p><p><b>/ 02 /</b></p><p><b>Valuation \"Galloping\"</b></p><p>According to the net profit of 1.954 billion yuan in the first quarter of this year, the corresponding rolling P/E of CATL is 149 times, which is at the highest value in history; According to the net profit of 5.583 billion yuan in 2020, the static P/E corresponding to CATL is 179 times, which is also at the highest value in history.</p><p>Even according to the consensus performance forecast given by brokers, the company's net profit in 2023 is expected to be 20 billion, corresponding to 51 times the P/E ratio, which is still a value within the 5-year valuation center range.</p><p>Combined with the performance, from 2016 to 2020, in five years, the net profit of CATL increased less than double from 2.852 billion yuan to 5.583 billion yuan, and P/E increased nearly seven times from about 23 times to 179 times at the beginning of listing. Obviously, the valuation runs faster, or it is possible to consume the valuation in advance.</p><p>In 2020, the company's net profit increased by only 22.43% year-on-year. However, catching Tesla's \"ride\", superimposing the release of medium-and long-term plans for the new energy industry, the concept of carbon neutrality, etc., its share price soared from more than 100 yuan to more than 350 yuan during the year, an increase of more than 200%.</p><p>Compared with peers, the valuation of CATL is not cheap. Take the old rival BYD as an example. In 2020, the net profit was 4.234 billion yuan, the market value was about 530 billion yuan, and the static P/E was 125 times, which was significantly lower than that of CATL; Look at Panasonic again. In 2020, the net profit is equivalent to about RMB 10.27 billion, and the static P/E is 22 times. Compared with CATL, it is really low as dust.</p><p>What's more, even if the three main car manufacturers with the highest A-share market value at present, BYD, Great Wall Motor and SAIC, have a total market value of 1,088.1 billion yuan, CATL has created a market value of trillion yuan by one person, which is quite tough.</p><p>Node Finance believes that because the new energy industry is in the growth stage, the scale expansion advantage of CATL with its leading position is easier to highlight the market share agglomeration effect, resulting in the development space being seen far and long.</p><p>According to the statistics of SNEResearch, a South Korean research organization, from January to April this year, the global sales of electric vehicle batteries were 65.9Gwh, of which CATL accounted for 32.5%.</p><p>However, as a bulk consumer goods, automobiles have the characteristics of low consumption frequency and non-rigid demand, which determines to a certain extent that the industry enters the mature stage faster than general consumer goods such as mobile phones and home appliances, and the demand increment is limited. With the slowdown of the growth rate of industrial chain shipments, how much valuation space can be overdrawn in CATL?</p><p>Recently, Shanghai Securities and Caixin Securities both gave CATL the rating of \"cautious overweight\" or \"cautious recommendation\".</p><p><b>/ 03 /</b></p><p><b>The upcoming tide of lifting the ban</b></p><p>For short-term investors, the wave of lifting the ban that CATL will usher in on June 10th needs to be particularly vigilant.</p><p>Up to now, the share price of CATL is 432.21 yuan/share, with a total market value of 1006.8 billion yuan, making it the first trillion-dollar stock on GEM. The market value of 411.629 billion yuan accounts for 40.88% of the total market value of CATL. After the ban is lifted next week, the circulation of CATL will increase by 70.18%.</p><p>The shares lifted by CATL on June 10th came from five shareholders, namely Ruiting Investment, Huang Shilin, Li Ping, Dongpeng Weichuang Investment, Lvlianjun and Industrial M&A Equity Investment Fund Partnership. As of the end of the first quarter of 2021, Ruiting Investment, Huang Shilin and Li Ping were the first, second and fifth largest shareholders of CATL respectively. Among the five shareholders who will be lifted by CATL next week, the market value of Ruiting Investment will reach 247 billion yuan, that of Huang Shilin will reach 112.764 billion yuan, that of Li Ping will reach 48.386 billion yuan, and that of the other two shareholders will reach less than 2 billion yuan.</p><p>Ruiting Investment is the controlling shareholder of CATL, which is 100% controlled by Zeng Yuqun, the founder and chairman of CATL. Huang Shilin and Li Ping are the co-founders and vice chairmen of CATL, among which Li Ping and Zeng Yuqun are acting in concert.</p><p><b>Details of CATL lifting ban</b></p><p><img src=\"https://static.tigerbbs.com/da24316a386ec8301036b6c656dfc6e0\" tg-width=\"1024\" tg-height=\"281\" referrerpolicy=\"no-referrer\">Generally speaking, lifting the ban will form the expectation of shareholders to reduce their holdings, forcing the stock price on the disk to be under short-term pressure, which is a major negative for retail investors.</p><p>Then, under the huge lifting of the ban, can CATL stand firm at the barrier of trillion market value?</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0a520115dfc7edeb93cc3cdf6a15df14","relate_stocks":{"300750":"宁德时代"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141004294","content_text":"近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司股价放量大涨超过6％，市值首次破万亿，成为以科技制造业属性跻身A股“万亿”市值俱乐部的新巨头。不过，就在市场为宁德时代“拍手庆贺”的空档，有人却看到了“泡沫”。同一天，摩根士丹利将宁德时代评级下调至“低配”，目标价仅为251元，相当于给目前400多元的股价直接打了六折。无独有偶，早在2020年11月，大摩就曾将宁德时代的股票评级从超配下调至平配，当时给出的理由是，新能源电池的中期前景已基本反应在股价中，而且全球的汽车厂能否推出受市场欢迎的新车型情况可能要到明年才能被验证。究竟是高了还是低了？站上“山顶”的宁德时代还能不能追？对于投资者来说，至少有三重隐患是需要关注的。/ 01 /盈利能力处在下行通道作为动力电池行业的龙头，受益于行业景气度高，市场给予头部公司较高的估值溢价，宁德时代自上市以来便享受到了被机构“团宠”的待遇，簇拥其股价不断上扬。拉长日线可见，从2018年6月11日登陆创业板开始，截止2021年6月4日，公司股价整体呈快速上升趋势。相较上市之初25.14元/股的发行价，宁德时代近三年的股价涨幅达到1592%。但在股价节节走高的背后，宁德时代的盈利能力却在持续下滑。2020年，公司销售动力电池系统44.45GWh，同比增长10.43%，带来收入394.26亿元，同比增长2.18%。收入增速不及销量增速，说明产品价格在下降。另一边，囿于2020年下半年以来大宗商品涨价，宁德时代主要生产原材料中碳酸锂及钴涨幅都超过20%，成本控制压力加大。收入微涨，成本大增，对利润造成一定挤压，2020年宁德时代的毛利率为27.76%，同比2019年的29.06%减少1.3个百分点。节点财经查阅财报发现，这并不是宁德时代毛利率初次下滑。事实上，自上市后，宁德时代的毛利率便一直停留在下行通道。数据来源：宁德时代财报、东方财富choice如上图所示，2016年至2020年，公司毛利率从43.7%下降至27.76%，五年少赚15.94个百分点。对比上市前的状态，2014年至2016年，公司毛利率从25.73%提升到43.7%，其盈利能力在上市前后分化明显。对此，宁德时代也在财报中表示，若未来市场竞争加剧或行业政策调整等因素使得公司产品售价及原材料采购价格发生不利变化，公司毛利率存在下降的风险。2021年一季度，公司毛利率为27.28%，较上年同期增加2.19个百分点，尚未恢复到疫情发生前2019年一季度毛利率水平，环比则减少1.08个百分点。于此同时，公司对股东的回报能力趋弱，其加权净资产收益率（ROE）从2016年的69.55%下降至2020年11.27%。不过，这似乎都没有影响到资本市场对宁德时代的追捧，估值如脱缰的野马一路飞奔。/ 02 /估值“策马狂奔”按照今年一季度净利润19.54亿元计算，宁德时代对应的滚动市盈率为149倍，处于历史最高值；按照2020年净利润55.83亿元计算，宁德时代对应的静态市盈率为179倍，同样处于历史最高值。即使按照券商给出的一致业绩预测，公司2023年净利润预计为200亿，对应51倍市盈率，这仍是一个处在5年估值中枢区间内的数值。结合业绩，2016年-2020年，五年时间，宁德时代净利润从28.52亿元到55.83亿元，涨了不到1 倍，市盈率从上市之初约23倍到179倍，涨了接近7倍，显然估值跑的更快，或者说有提前消耗估值的可能。2020年，公司净利润同比增速不过22.43%，但搭上特斯拉的“顺风车”，叠加新能源产业中长期规划发布，碳中和概念等，其年内股价从100多元狂飙到350多元，涨幅超过200%。对比同行，宁德时代的估值更是不便宜。就拿老对手比亚迪来说，2020年净利润42.34亿元，市值约5300亿元，静态市盈率125倍，显著低于宁德时代；再看看松下，2020年净利润折合人民币约102.7亿元，静态市盈率22倍，和宁德时代一比，真的要低到尘埃里了。更甚者，就算拉来目前A股市值最高的三大主车厂，比亚迪、长城汽车和上汽集团，三者合计市值10881亿元，宁德时代以一人之力创出万亿市值，相当彪悍。节点财经认为，由于新能源行业正处在成长期，宁德时代以龙头地位下的规模扩张优势，较容易凸显出市占率聚集效应，导致发展空间被看远、看久。韩国研究机构SNEResearch统计，今年1-4月，全球电动汽车电池销量65.9Gwh，其中宁德时代占有32.5%的份额。然而，作为大宗消费品，汽车具有消费频次低，非刚需等特点，这又在一定程度上决定了该行业进入成熟期的速度要快于手机、家电等一般消费品，且需求增量有限，随着产业链出货量增速放缓，宁德时代还有多少估值空间可以透支？近期，上海证券、财信证券均给予宁德时代“谨慎增持”或“谨慎推荐”评级。/ 03 /即将到来的解禁潮对短期投资者来说，宁德时代即将于6月10日迎来的一波解禁巨浪是需要特别警惕的。截至目前，宁德时代股价为432.21元/股，总市值为10068亿元，为创业板首只万亿市值个股。4116.29亿元的解禁市值占宁德时代总市值的40.88%，下周解禁后，宁德时代流通盘将大增70.18%。宁德时代6月10日解禁的股份来自于5名股东，分别为瑞庭投资、黄世霖、李平、东鹏伟创投资、绿联君和产业并购股权投资基金合伙企业，截至2021年一季度末，瑞庭投资、黄世霖、李平分列宁德时代第一、第二、第五大股东。在宁德时代下周解禁的5个股东中，瑞庭投资解禁市值达2470亿元，黄世霖解禁市值达1127.64亿元，李平解禁市值达483.86亿元，其他两名股东解禁市值不足20亿元。瑞庭投资为宁德时代控股股东，由宁德时代创始人、董事长曾毓群100%控股，黄世霖、李平为宁德时代联合创始人、副董事长，其中李平和曾毓群为一致行动人。宁德时代解禁详细信息一般来说，解禁会形成股东减持预期，迫使盘面股价短期承压，属于对散户们的重大利空。那么，巨量解禁之下，宁德时代在万亿市值的关口能够站得稳吗？","news_type":1,"symbols_score_info":{"300750":0.9}},"isVote":1,"tweetType":1,"viewCount":1643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}