The brand size of the invisible champion channel i

Bull group: the invisible champion in the civil electrical industry, with three arrows of channel, brand and scale

how to carry out investment layout in the structural market? Sina Finance "fund Live Room", invited to interpret the market

original title: the invisible champion of the civil electrical industry, with three arrows of channel, brand and scale. Source: Securities

key points of investment: uphold the spirit of craftsman and create a high-quality national brand in the civil electrical industry. The core competitiveness of the company comes from the clear strategic planning power of the company's management. It focuses on the product power, channel power and brand power of the core elements of consumer goods to build a deep moat advantage. The management has a leading strategic vision, draws on the strengths of others, builds a professional management team, and optimizes the equity structure by taking shares from a strategic perspective. Lead in R & D investment, pay attention to product quality, define industry standards, lead consumers' demand for safety, quality and function upgrading of civil electrical products, focus on accumulation for many years, and build consumer reputation and brand reputation as the coefficient to measure material rigidity. Products: win with quality, improve the echelon layout, and create the second growth curve. Bull currently has the first market share in the converter and wall opening industries. Everyone in the converter industry knows that tensile testing machines are generally physical data testing industry, benefiting from the rapid growth of power demand for small household appliances and digital products, and bull brand accounts for half of the country. The company has gradually expanded the scope of product capability circle, gradually extending from converters to more growing fields such as wall switches, LED lamps and digital products, appropriately expanding brand extension, incubating with the original channels, and sharing the growth dividends of the industry. Channel: deeply cultivate millions of retail outlets, and the channel network has both breadth and depth. Offline and online collaborative development to build an omni channel three-dimensional marketing network. 1) Offline retail channels: the company's main product converters have the attributes of low customer orders and relatively high-frequency FMCG. The company has set up widely distributed community outlets to meet the needs of consumers to buy nearby. The industry innovates and adopts the distribution visiting and sales system, empowers terminal stores, and has high viscosity and deep control. 2) Online e-commerce: actively layout online channels, and the market share of converters on tmall line has reached 66%, ranking first. 3) Bulk 2B channels: in the future, for the building materials and home decoration properties of wall development and led, we will also focus on bulk 2B channels to build another channel growth engine. Brand: pursuing the positioning theory, the brand is well-known and popular. The attribute of high-quality sensitivity of products such as converters brings high conversion and trial and error costs. Bull takes product quality as the core, perfectly combines brand implantation with landing marketing strategy, adheres to the brand communication mode with the point of sale as the core, and single point saturation attack, making bull a synonym for safe power consumption and converters, occupying the minds of consumers. When entering the field of new products, "decoration" wall opens, "love eye" led, "boutique" digital, looking for a breakthrough in differentiation. High turnover of supply chain, moat advantage to build a high roe. Supply chain takes the lead, focuses on SKU, and builds high roe barriers with high asset turnover. After the expansion of category scale advantage, the company has a strong voice and moat advantage over the upstream and downstream. For the first time, the coverage will be rated as overweight. The three forces of product, channel and brand strengthen each other, and the construction of hydraulic universal experimental machine is the ideal experimental equipment for industrial and mining enterprises, building materials, quality inspection centers, water conservancy and hydropower, bridge engineering, scientific research institutions, and mechanical laboratories of colleges and universities. The company has strong comprehensive competitive strength, and has become the king of the civil electrical industry. The company expects that the revenue in 2019 will reach 9.679 billion yuan -10.697 billion yuan, with a year-on-year increase of 6.8% - 18.0%; In 2019, the net profit attributable to the owners of the parent company was 2.3 billion yuan -2.543 billion yuan, with a year-on-year increase of 37.2%-51.6%. We expect the annual net profit of the company to be 2.766 billion yuan and 3.417 billion yuan respectively, with a year-on-year increase of 16.4% and 23.5%. The target market value is 102.5 billion yuan, corresponding to 30 times the valuation in 2021. Risk tip: LED lighting and digital accessories industry competition intensifies; Uncertainty in the pace of demand recovery under the influence of the epidemic

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