Comparing the financial reports of Liangpin Shop and the three squirrels, which one is the first casual snack?

In the domestic casual snack market, the three squirrels and Liangpin Shop have a fairly high right to speak.
Both are chasing after each other at the top of the industry pyramid, trying to establish their own differentiated advantages.

In contrast, due to differences in product positioning and corporate strategies, the two companies have gone out of development paths with different styles: Three Squirrels started from online and Internet, and used traffic dividends to become a national-level snack giant; Liangpin Store started from offline The brick-and-mortar stores have made efforts to gradually label themselves as "high-end snacks".

Recently, as the most representative listed company in the leisure snack industry, Three Squirrels and Liangpin Shop have successively released their 2020 financial reports.

It can be seen from their respective financial statements that the market performance of both parties in 2020 is remarkable, but there are many differences in detailed comparison.

What is the "first share of national snacks" dominating? Or is the "first stock of high-end snacks" promising? It seems difficult to say.

In this article, Jiedian2018 makes a horizontal comparison from the core levels of the four major industries, including business data, brand strength, sales channels, and product matrix, in order to see the corporate strength and future growth of both parties.

/01/

/01/

Comparison of operating data: Which company has the strongest ability to make money?

Comparison of operating data: Which company has the strongest ability to make money?

The so-called "business in business", on the "good or bad" of the company, profitability is naturally the most rigid reference index, we first look at the operating conditions of both parties.

First of all, in terms of operating income, in 2020, the three squirrels will lead the entire leisure snack industry with an absolute advantage of 9.

794 billion yuan, and the revenue of Liangpin Store will be 7.
894 billion yuan, which is not inferior.
However, it should be pointed out that due to the impact of the economic environment last year, the snack food industry as a whole failed to maintain the high growth of previous years.
Among them, the revenue of the three squirrels dropped slightly by 3.
72% year-on-year.
Although the good product store achieved positive growth, it only increased by 2.
3 percentage points.

In terms of profit, in 2020, the three squirrels and Liangpin Shop will achieve 301 million yuan and 344 million yuan in net profits belonging to shareholders of listed companies, respectively, which is slightly higher.

However, this does not mean that the profitability of the latter has been greatly improved.
You must know that the net profit attributable to shareholders of the listed company of Liangpin Store only increased by 0.

In comparison, the profit growth of the three squirrels is more eye-catching.

Although the total net profit is slightly lower than Liangpin Shop, the good news is that the net profit attributable to shareholders of listed companies in 2020 has increased by 26.
21%.

In the past, the three squirrels with tens of billions of revenue had certain shortcomings in profitability, and even fell into the vicious circle of "increasing revenue but not profit".

Now, with the strong return of profitability, the company has stronger control in the leisure snack industry.

/02/

/02/

Brand strength comparison: national brands VS high-end snacks

Brand strength comparison: national brands VS high-end snacks

In the differentiated competition between the two companies, the difference in brand strategy is a very obvious feature.

In recent years, Best Stores, holding the banner of "high-end snacks", gradually walked out of the "high cold" route that is different from their peers; and the brand strategy of Three Squirrels, in the words of its founder Zhang Liaoyuan, is "to benefit consumers.
" ", to deepen the cultivation of a more people-friendly mass market, and take the route of national brands.

High-end brands often mean that companies have higher profit margins.

This seems to explain why the profit of Best Store is slightly higher than the three squirrels.
So, where is the high-end advantage of Best Store? What is the gap between the two sides?

Liangpinpu pointed out that the high-end brand positioning comes from "continuously increasing investment in product research and development, and building technical barriers for product research and development.

" The financial report shows that the company's total expenditure on research and development in 2020 is 33,716,900 yuan, and the total investment accounts for 0.
43% of operating income.
However, this data is slightly embarrassing in comparison with the three squirrels: the R&D expenditure of the three squirrels in 2020 reached 52,524,600 yuan, accounting for 0.
54% of revenue.

Specifically, as of the end of 2020, the three squirrels have a total of 213 R&D personnel, accounting for 4.
14% of the total number of employees.
There are 18 food R&D rooms and testing rooms, and 388 intellectual property-related patents; the R&D of Best Shop The number of personnel is 160, accounting for 1.
43% of the total number of the company, and 5 laboratories have been built and put into use.

It can be seen that although Best Store is known as the "first share of high-end snacks", it has lost to the three squirrels in key indicators such as R&D expenditure, the number of R&D personnel and institutions.
The high-end goal is more to improve product packaging and invite traffic stars to endorsement Such a way to achieve, this also makes people question whether the relationship between its high quality and high price match.

In fact, as the two largest domestic snack brands, the success of Three Squirrels and Liangpin Shop is largely inseparable from upstream supplier channels.
Under this circumstance, to truly achieve high-end, it is necessary to work hard on improving the efficiency of the supply chain and ensuring product quality.
However, in March of this year, BESTORE fell into a crisis of trust due to product problems, and the industry began to reflect on the true meaning of "high-end packaging" and "high-quality quality".

/03/

/03/

Comparison of sales channels: How to balance online and offline?

Comparison of sales channels: How to balance online and offline?

Three Squirrels was established in 2012.
The company started as an e-commerce company and quickly became a representative of Internet snack e-commerce; Liangpin Store was established in 2006, mainly operating offline stores in the early stage, and then gradually expanding to Central China.
Nationwide.
In recent years, the two parties have increased their sales channel expansion and started to move towards a route of "balanced online and offline development".

Judging from the current proportion of online and offline revenues, the development of Liangpin stores seems to be more balanced.
According to the financial report, in 2020, Liangpinpu’s online channels achieved revenue of 4.
01 billion yuan, an increase of 8.
35% year-on-year, and the proportion of revenue was 50.
68%; offline revenue was 3.
685 billion yuan, a year-on-year decrease of 5.
69%, which is already very close to online Revenue level.

However, it needs to be pointed out that the reason why Best Stores can achieve the “equal distribution” pattern between online and offline has a great relationship with the impact of the 2020 epidemic.
Since the base camp of Best Stores is located in Central China, where the epidemic is severe, the revenue of offline stores experienced a serious decline that year.
Therefore, there has been a situation of "one declining while the other is strong".

Relatively speaking, the three squirrels are still in the adjustment period of their sales channels, and show a strong momentum of online and offline integration.
The financial report shows that in 2020, three squirrels offline stores will achieve operating income of 2.
498 billion yuan, accounting for 26% of total revenue.
Compared with 2017, this value has increased by nearly 6 times.

For a long time, the three squirrels have a relatively high advantage in Internet channels, but their offline layout is relatively weak.
In recent years, the company has vigorously promoted the "online + offline" strategy, gradually getting rid of the restriction of a single channel, and improving the company's ability to resist risks while expanding into new markets.
Thanks to years of brand management, the three squirrels have firmly occupied the minds of consumers and can quickly achieve large-scale offline replication.
Moreover, because of the use of the advantages of e-commerce to achieve a large amount of data asset precipitation, the three squirrels have also outstanding performance in scientific site selection and warehouse building.

In terms of offline channels, both parties are also showing a trend of catching up with you.
According to the financial report, as of the end of 2020, there were 2,701 offline stores and franchise stores of Liangpin Store, distributed in 21 provinces/autonomous regions/municipalities across the country, and 162 cities; the three squirrels will add new stores in 2020 alone.
There are more than 700 companies, with a total of 1043 as of the end of 2020.
Compared with that, there is still a lot of room for expansion.
This will become the company's new growth driver in the future.

/04/

/04/

Product Matrix Comparison: Selected VS Full Coverage

Product Matrix Comparison: Selected VS Full Coverage

In addition to the distinction between "high-end" and "nationalization", the product layouts of Three Squirrels and Liangpin Shop are also very different.

Liangpin Shop mainly expands more SKU products to meet the diverse consumer needs of different consumers in different scenarios.
As of the end of 2020, the company has 1,256 omni-channel SKUs, covering meat snacks, seafood snacks, vegetarian mountain delicacies, etc.
13 physical categories such as preserved plums, dried red dates, nuts, etc.
, try to achieve full coverage of the snack market.

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