#秋日生活打卡季#
There are basically two sales models in the home appliance industry, agent model VS dealer model. To put it simply, the agency model and the traditional distribution model have different revenue recognition points, inventory structure, and cash flow
The time point of revenue recognition under the agency system is when the sales list of the agent is received - that is, after the agent sells, the boss appliances recognize the revenue and carry forward the cost
If the product is not sold, the product in the hands of the agent is reflected in the financial report of the boss electrical appliances, which is the goods issued in the inventory.
Compared with the dealer model we studied before, this point is completely different: under the general distribution model, when the dealer confirms the receipt, Robam Appliances will recognize the revenue and carry forward the cost, and it doesn't matter at all when the dealer sells the product
A typical case, such as Kweichow Moutai, the king of A-share stocks, adopts the "buyout" and "pre-sale" model for dealers, and it is impossible for you to find the goods issued on its statement
In the agency sales model, among companies with the same model, who ships more goods and the faster the turnover rate, the better the fundamentals, and the stronger the certainty of future performance.
In the home appliance and home furnishing industry, channel is king. This is an extremely critical part, especially range hoods, cabinets, sanitary ware and other products, involving the later installation, maintenance, it can be said that whoever masters the channel, who has the right to speak.
The biggest difference between the dealer model and the agent model is actually condensed into one sentence, which is the core element in the accounting standards: the transfer of risk and reward
In the agency mode, the agent takes the goods directly and does not need cash.
In this link, the ownership of the goods has not been transferred, and the risk is borne by Robam Appliances.
In the distribution model, (especially the buyout type), the dealer buys the goods directly and settles the cash in cash.
Under this model, the ownership of the goods is transferred to the dealer, and the risk is borne by the dealer
The advantage of the agency model is that the price of selling directly to consumers is higher than that of selling to distributors, so the gross profit will be higher; The disadvantage is that the cash flow turnover rate is reduced, and the inventory cycle is poor, so you need to bear the risk of inventory price decline
Agents don't tend to promote price impulses frequently because they need to bear the losses from promotions.
At present, Robam Appliances has three different levels of brands: Tide, Boss and Fame, among which Dize is aimed at luxury users, Boss is aimed at high-end users, and Fame is aimed at mass consumer groups
The three-year compound growth rate of advertising expenses was -3.01%, and the three-year compound growth rate of revenue was 15.59%.
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