At present, the fight has more than withstood the attack from Ali Jingdong in the sinking market.
On August 21st, more than the US stock market before the release of the second quarter of the 2019 financial report.
In terms of core data, the second quarter revenue was 7.29 billion yuan, and the market expectation was 6.113 billion yuan, a year-on-year increase of 169% and a quarter-on-quarter increase of 60%.
The financial report showed that the operating loss was 1,490.4 million yuan. The operating loss for the same period last year was 6.636 billion yuan, a year-on-year decrease of 345%. The chain ratio remained basically unchanged, far below the market expectation of 2.552 billion yuan. In addition, net loss attributable to ordinary shareholders was 1.0033 billion yuan, which was significantly narrower than the 6.439 billion yuan in the same period last year, far below the market expectation of 1.38 billion yuan; under non-GAAP, attributable to ordinary shareholders The net loss was 411.3 million yuan, a 70% decrease from the 1.791 billion in the first quarter.
Handed over a financial report that exceeded market expectations. As of press time, the number of gains exceeded 6%.
In terms of marketing expenses that are highly regarded by the market, the cost of sales and marketing for the second quarter platform was 6.1037 billion yuan, a year-on-year increase of 105% compared with 2.907 billion yuan in the same period last year. Compared with the first quarter, 4.889 billion yuan, an increase of 27%. The marketing expense ratio was 83.6%, which continued to decline, indicating that its customer acquisition costs were controlled. The substantial increase in marketing expenses was mainly due to the launch of the “Billion-subsidy” program by a number of co-branded companies during the 618 period. Under this impetus, the number of 618 physical orders exceeded 1.1 billion, and sales increased by more than 300%.
Multiple marketing expenses and marketing expense ratio, images from CITIC Securities
In the context of the sinking dividends, this year, Ali and JD.com are vying for the dividends of low-tier cities, and the number of monthly users and active buyers is still growing at a high level, mainly due to marketing expenses. Significant growth. The fight is also mentioned in the earnings report, the user’s growth is mainly due to the successful 618 strategy.
In terms of users and active buyers, the average number of monthly users of the iPad has reached 366 million, an increase of 88% over the same period last year of 195 million.Compared with the first quarter, the net increase of 289.7 million in the single quarter was 76.3 million, an increase of 73.6% from the previous month. The user growth rate picked up.
As of the end of June, the number of customers in the sinking market increased by 72.2 million year-on-year, which was higher than the overall net increase of about 70 million in the e-commerce industry, which was the same as that of Taobao Tmall. As of the end of June, the number of active buyers of the multi-platform platform reached 483.2 million, a year-on-year increase of 41% compared with 343.6 million in the same period last year, a net increase of 139.6 million. The growth of active buyers drove orders to grow. In the first half of 2019, the number of orders for the platform was over 7 billion.
For more months and live buyers, the picture is from CITIC Securities
It is worth mentioning that, in addition to the significant increase in monthly activity and the number of buyers, the average user spending of has almost doubled year-on-year. As of the 12-month period ended March 31, 2019, the average annual consumption of active buyers of the multi-platform platform increased further to 1467.5 yuan, an increase of 92% over the same period last year of 762.8 yuan. This is related to the subsidy of high-priced commodities with a multi-billion-dollar subsidy plan during the 618 period, and the unit price of some users will be significantly improved. Essence Securities has pointed out that the multi-year-old GMV is far behind Jingdong and Alibaba, indicating that there is huge room for the unit price of the customer. The second-quarter performance far exceeded expectations, and the logic has been verified.
Multiple users and annual average spending, the picture comes from the official official
Although the performance is good, there are still many hidden concerns. According to Analysys data, the current coincidence of more users and Taobao active users has reached 72.4%, and subsequent user growth is likely to fall to a lower level. So how to maintain high revenue growth, most institutions believe that the key lies in GMV. Essence Securities believes that even if the user growth rate in the second quarter rebounds, it may still be low. It is expected that the GMV of the 2019 will increase by 94% year-on-year to 914.7 billion yuan, and the overall liquidity rate will be 3.1%.
According to Bloomberg statisticsAlthough there are currently 21 analysts who have given a lot of buy-in ratings, the target price is $27, which is only slightly higher than the current price. From the institutional valuation, it can be seen that the short-term market is more worried about the user growth and profit balance problems that the company is facing, and the long-term uncertainty of the GMV logic.
The head map comes from a lot of official