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高鑫零售(6808.HK):新零售賦能,公司迎來二次騰飛
格隆匯 10-28 09:03

機構:東興證券

報告摘要:

高鑫零售深耕大賣場多年,保持龍頭地位。公司自1998年創建至今,積累了豐富的大賣場管理經驗,佈局全國市場,持續強化中低線城市深覆蓋。

截止2019H1,公司擁有綜合性大賣場485家,營業面積約42.68萬平米,市場份額行業第一。並積極探索新零售示範門店,公司在華東、華北等地與阿里合作開設17家盒小馬門店。同時,公司採用靈活的採購模式,通過總部、區域和聯合採購等多種模式,強化規模優勢。近年來,公司着力補齊生鮮購銷短板、打通產業上下游開發自有品牌、完善倉儲物流基建,已構建良好供應鏈體系,為公司轉型新零售奠定良好基礎。

公司攜手阿里,大賣場重燃新生機。

引入阿里系統,對門店進行數字化改造,完善用户管理體系、提升購物體驗;同時,將實體門店接入淘寶平台,引入阿里流量提升門店線上曝光率,提升大賣場活力。公司全部門店完成與淘鮮達平台對接。截止2019H1,日均訂單達700,準點率達99.9%,總銷售口徑下大潤發門店已實現同店正增長;

依靠實體門店、供應鏈優勢,B端業務規模將達百億。2017年,公司設立獨立線上平台“大潤發e路發”發展B端業務。公司以實體門店作“前置倉”,利用供應鏈優勢覆蓋門店周圍B端客户。截止2019H1,單門店客户覆蓋範圍達100公里;註冊用户達50萬,同比增長125%。

優勢互補,與阿里系重構產品矩陣。公司SKU達2萬餘種,可滿足顧客生鮮、日百產品需求。同時,公司引入蘇寧家電、淘寶心選、盒馬日日鮮,為顧客提供豐富的產品結構與更高品質的產品,彌補產品矩陣不足。此外,門店強化服務場景,“產品+服務”打造差異化,找到顧客迴歸門店意義;

旗下大潤發、歐尚品牌整合,優化採購、運營,減少重合運營成本。目前公司已初步完成雙品牌整合,提升歐尚門店運營效率並降低總行政成本,提升淨利。預計在兩年內實現拉齊盈利水平,實現雙品牌同店銷售正增長。

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