Chenguang Stationery (603899): How about the operation of Jiumu in a 7-hour private visit to the Joy City Store in Jing’an?
Unannounced visits and selection of stores.
1) Taking Jing’an Joy City Store as the research object, Joy City 天津夜网 has always actively embraced the trend of creative business gameplay, which is suitable for fostering new retail formats.
At the same time, inside the mall, there are also Jiumu Sundries Club, Cool Music Chaowan, POPMART, MUJI, Mingchuang. We can control the variables to compare between different brands.
2) At the same time, we conducted grassroots research and comparative analysis of the bubble mat and cool music wave play.
Jiumu Sundries Club (Shanghai Jing’an Joy City Store) visited for 7 hours.
Store area of 400 square meters, directly operated stores, elevator floor on the 6th floor.
According to our statistics, the total number of shoppers in the 7 hours from 13:00 to 20:00 is 338, and the number of purchasers is 113. The conversion is calculated according to the number of purchasers / number of shoppers33.
6%, the actual number of transactions was 66.
The ticket value is about 98 yuan / order.
From the perspective of product categories, blind boxes accounted for the highest period of time, about 28%; using 7 hours of data as a sample, we estimate that the monthly profit of the store is about 500,000 yuan, and the efficiency is about 1.
50,000 / ㎡ / year.
Bubble Mart (Shanghai Jing’an Joy City Store) visited for 7 hours.
The store area is about 80 square meters, the elevator entrance, excellent location, and large traffic.
The total number of shoppers in the 7 hours from 13:00 to 20:00 is 430, and the number of purchasers is 152. The conversion is calculated based on the number of purchasers / number of shoppers.
5%, the actual number of orders is 69.
The ticket value is about 140 yuan, 90% of which is initially a blind box.
According to our calculations, the minimum is about 690,000 yuan per month, and the ping effect is about 100,000 / ㎡ / year.
Cool music Chaowan (Shanghai Joyan Joy City Store) 7-hour secret visit.
The elevator entrance on the 6th floor has a store area of about 150 square meters. The total number of shoppers in the 7 hours from 13:00 to 20:00 is 399, and the number of purchasers is 116. According to the conversion rate calculated by the number of purchasers / number of shoppers, 29%, The actual number of transactions is 66.
The customer order value is about 73 yuan, of which the blind box is 839 per year, and the sales account for 37%.
According to our calculations, the minimum is about 370,000 yuan per month, and the efficiency is about 30,000 / ㎡ / year.
Jiumu, cool music tide play, bubble matt grassroots data comparison.
Judging from the number of shoppers and conversion rate, Bubble Mart has the highest customer traffic and the highest conversion rate. From the value of customer orders, the value of Bubble Mart’s customers is significantly higher than the other two. From the perspective of integration and efficiencyThe bubble matte month has the highest initial and flat effect, and the enlightenment of this grassroots study to the operation of the Jiumu Depot.
1) The key to store location selection; 2) The store area should not be too large; 3) Scenario-based product display to increase customer value; 4) Improve consumer experience and conversion rate
5) Pay attention to the operation of “blind box” explosives.
Investment suggestion: optimistic about the development of Chenguang stationery, the traditional business builds a high moat, and the new business is expected to become a new performance force. We expect the company’s EPS to be 1 in 2019-2020.
42 yuan, the current sustainable corresponding 19-20PE is 35 and 28 times, respectively, maintain “Buy” rating.
Investment risk: The growth rate of the traditional main business is not up to expectations, and new business expansion is below expectations.