#头条创作挑战赛#
This change is: the division system.
In 1997, Midea began to establish a divisional organizational structure, with products as the main line, and successively established air conditioning, household appliances, compressors, motors, kitchenware and other business divisions for professional operation
Fully authorize the business department, operate independently and account, and fully mobilize everyone's enthusiasm and vitality.
At the same time, after the financial crisis, domestic policies were loosened to expand domestic demand and support economic growth.
As a result, the effect of institutional change was immediate. In 1998 and 1999, the revenue growth rate reached 67% and 59% respectively
In the same period, the growth rate of assets was 7.42% and 30% respectively, so the total asset turnover rate increased, which in turn drove the ROE up.
Let's look back at the stock price at this stage - due to negative factors such as price wars in the industry after listing, the stock price has been lower, and the lowest price has fallen to 0.2 yuan / share.
In 1996, due to rumors that Midea, Huabao and Kelon were going to merge, the stock price rose
In 2000, Midea and Toshiba reached a strategic partnership to cooperate in product development, market network and parts procurement, and the stock price rose to the highest point of 1.79 yuan per share
However, due to the price war, weather (continuous rain in 2002) and other reasons, the market expectation was more pessimistic, all the way down to 0.66 yuan / share, a decline of more than 60%
At the same time, PE fluctuates greatly, between 15-40 times.
At this stage, its ROE is in a downward trend as a whole, and all kinds of internal and external troubles do not seem to have the demeanor of home appliance giants, so after that, what kind of strategy should be adopted to counterattack?
From 2003 to 2012, its ROE showed an upward trend, from less than 10%, quickly increased to 30%, and then rebounded to 15%.
At this stage, except for 2012, ROE is basically in line with the trend of net profit margin.
Therefore, the net profit margin of sales is still the focus of attention at this stage.
Let's disassemble from the two aspects of gross profit margin and sales expense ratio: pull the lens back to compare the changes in the overall gross profit margin and sales expense ratio
Note that since 2003, with the exception of 2010, gross profit margins have declined and then increased
The sales expense ratio continued to decline, from 14.15% to 9.9%, and the strategic policy of continuous large investment in the early stage was reversed, and the sales expense investment continued to decrease
This may be the most desired stage in a company's business process, where the proportion of money spent on customer acquisition is decreasing, while the product can still be strong and the gross profit is constantly increasing.
Let's look at how this is achieved separately.
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market