利润暴增 1288% VS 超9亿库存,跨境电商公众居品类还能火多久?
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">作者丨谢婷亭</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2020年,是跨境电商的红利年,<span style="color: black;">更加是</span>家居跨境电商的超级红利年。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">毋庸置疑,家具、居家办公<span style="color: black;">制品</span>、建材以及花园户外<span style="color: black;">制品</span>,在疫情催生的宅经济热潮下<span style="color: black;">作为</span>消费热点。在2020年,HOME品类屡次进入亚马逊、eBay两大平台的热销榜,家居平台Wayfair 2020年的<span style="color: black;">营销</span>额为141.45亿美元,自2014年上市<span style="color: black;">败兴</span>首次实现盈利。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/5b09a16e1b214f25b4070d6ac241500d~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=lbq8KhYt0iKoMRvQ33HNZN9V%2Fpg%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">同期</span>,遨森电商、乐歌股份、豪雅、恒林股份跨境大卖业绩全线飘红;在“跨境眼观察”统计的拟上市跨境电商卖家名单中,遨森电商、爱斯基摩人、致欧科技均为跨境家居大卖,家居<span style="color: black;">作为</span>3C、服装后的又一条热门赛道。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">其中,遨森电商在不久前申请了新三板摘牌,拟申请A股上市,随后发布了2020年财报。以下带来这份财报<span style="color: black;">背面</span>的信息<span style="color: black;">诠释</span>。</span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;">净利润增长 1288.25%,户外家居撑起半边天</h1>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/03eef5eb8b674c69ac25539057421e82~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=F7hBWlR2BTRr8ptKSD4VS0ftcKI%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">数据<span style="color: black;">源自</span>:遨森电商历年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">遨森电商从2018年挂牌新三板<span style="color: black;">败兴</span>,营收一路狂飙,在2020年疫情“宅经济”的带动下,</span><strong style="color: blue;"><span style="color: black;">营收<span style="color: black;">更加是</span>增长109.79%,达到34.57亿元,净利润为2.84亿元,较上年同期增长1288.25%。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">毛利率为29.87%,对比2019年得到45.33%有所下降。对此,遨森电商的解释是:将平台费、快递费、运输<span style="color: black;">花费</span>结转为营业成本,<span style="color: black;">引起</span>毛利率下降。<span style="color: black;">因为</span>会计政策变更,行业内各大卖的毛利率均有<span style="color: black;">区别</span>程度下跌。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">而另一家居大卖乐歌股份的境外<span style="color: black;">营销</span>毛利率为48.71%,比遨森电商的毛利率高出不少。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">其中一个重要原因是,乐歌股份在<span style="color: black;">制品</span><span style="color: black;">开发</span>投入更大。截止2020年12月31日,<span style="color: black;">持有</span>专业<span style="color: black;">开发</span>与技术人员647人,而遨森电商的<span style="color: black;">开发</span>及技术人员为173人。<span style="color: black;">同期</span>,乐歌股份还<span style="color: black;">持有</span>有效专利技术987项,<span style="color: black;">帮忙</span><span style="color: black;">保准</span>较高的毛利率。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">遨森电<span style="color: black;">商场</span>绩大幅增长的<span style="color: black;">背面</span>,</span><strong style="color: blue;"><span style="color: black;">一是受海外疫情影响,宅经济需求爆发带动家居<span style="color: black;">制品</span>需求爆发</span></strong><span style="color: black;">。有数据<span style="color: black;">表示</span>,美国消费者在家居市场的网购比例从疫情前的13%-14%,迅猛抬升到了21%,部分热销品类<span style="color: black;">乃至</span>高达50%。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/db079df8b9d2401488f227ef46f200b1~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=TJeSWOVf%2B0rIWD5FORm%2FPIgF4Rc%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">数据<span style="color: black;">源自</span>:遨森电商2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">二是,得益于浙江家居产业的供应链<span style="color: black;">优良</span>。</span></strong><span style="color: black;">浙江省有家具企业3000余家,从业人数50多万人,供应链强大且资源丰富。遨森电商的主营<span style="color: black;">制品</span>基本上是围绕“家居大货”展开,其财报<span style="color: black;">表示</span>,户外系列和居家系列占了总营收的82%;且在2020年,改善了供应链的数字化运营,并加强对品质、成本和交期的把控。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">三是,独立站的流量带动订单增长。</span></strong><span style="color: black;">据<span style="color: black;">认识</span>,遨森电商从2014年起试水独立站,在财报中<span style="color: black;">亦</span><span style="color: black;">说到</span>,独立站<span style="color: black;">经过</span>技术投入,<span style="color: black;">提高</span>了客户体验,实现了高速增长。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">四是,有较为完善的海外仓布局。</span></strong><span style="color: black;">遨森电商在海外<span style="color: black;">持有</span>近20个自建海外仓,这<span style="color: black;">针对</span>“大货”<span style="color: black;">制品</span><span style="color: black;">来讲</span><span style="color: black;">非常</span>重要。<span style="color: black;">针对</span>家居大货而言,<span style="color: black;">因为</span>体积大、重量大,直发成本高,<span style="color: black;">运用</span>海运+海外仓的模式能够大大降低物流成本,从而<span style="color: black;">保准</span>毛利率。</span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;">固定资产增长935.39%,自建海外仓投入加大</h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">针对</span>自建海外仓,遨森电商的策略是<span style="color: black;">连续</span>加大投入。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/eeee848fdfdb42ff84789ebce973e4fb~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=SnyS8LEJ%2FQ82MRrZvHMxUt4M4go%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">截取自遨森电商2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">据财报<span style="color: black;">表示</span>,</span><strong style="color: blue;"><span style="color: black;">期末的固定资产为2.81亿元,较期初增长935.39%</span></strong><span style="color: black;">,</span><strong style="color: blue;"><span style="color: black;"><span style="color: black;">重点</span><span style="color: black;">因为</span>购置了仓库,并加大了仓储<span style="color: black;">设备</span>的投入。</span></strong><span style="color: black;"><span style="color: black;">据说</span>,2020年遨森电商的海外仓数量从11个增至20多个。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/25a9f4b952034c25b651f3819f16eea4~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=Mdxfrq99s54CibcyjTvwWU%2FKKdE%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">截取自乐歌股份2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">不止遨森电商,另一家居大卖乐歌股份,<span style="color: black;">亦</span>在海外仓方面加大了投入。据其财报<span style="color: black;">表示</span>,</span><strong style="color: blue;"><span style="color: black;">固定资产较年初增长33.79% ,在建工程较年初增长6698.77%</span></strong><span style="color: black;">,共计近10亿的投入,均用于海外仓建设。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">日前</span>,乐歌股份已在美国核心枢纽港口区域购买7个自有仓,<span style="color: black;">全世界</span>共17仓,总面积达15.4万平方米,还<span style="color: black;">起步</span>了公共海外仓创新综合服务体项目。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">可见,在2020年的跨境电商物流不稳定的大环境下,海外仓红利凸显,提前布局的家居大卖们吃到了这部分红利,业绩全线大涨,<span style="color: black;">这里</span>刺激下<span style="color: black;">连续</span>加大海外仓的建设投入。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">遨森电商<span style="color: black;">亦</span><span style="color: black;">因此呢</span><span style="color: black;">得到</span>了亚马逊“有备而来年度卖家”,亚马逊官方点评写道:“遨森针对疫情宅经济<span style="color: black;">调节</span>选品策略,月销量高速增长,拓展物流资源,筹备大批海运,快速启用自有海外仓,疫情下取得快速增长。”</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">同期</span>,大卖纷纷加大海外仓建设投入,<span style="color: black;">亦</span><span style="color: black;">表现</span>了物流稳定性<span style="color: black;">成为了</span>卖家们更为关注的问题,越来越多的卖家更<span style="color: black;">期盼</span>能<span style="color: black;">把握</span>物流主动权,<span style="color: black;">保准</span>稳定性。</span></strong><span style="color: black;">此前“跨境眼观察”发布的《2021海外仓蓝皮书》中的调研<span style="color: black;">亦</span><span style="color: black;">表示</span>,相<span style="color: black;">针对</span>2018年,自建海外仓的需求有小幅度上涨,占38.25%。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">然则</span>,自建海外仓<span style="color: black;">针对</span>卖家的资金实力<span style="color: black;">需求</span>颇高。</span></strong><span style="color: black;">一方面是<span style="color: black;">昂贵</span>的购置<span style="color: black;">花费</span>或租赁<span style="color: black;">花费</span>,另一方面是诸如海外仓管理系统、叉车、货架、扫描设备等软、硬件的投入。<span style="color: black;">同期</span>,还<span style="color: black;">必须</span>投入<span style="color: black;">海量</span>的人力成本,<span style="color: black;">包含</span>操作人员、财务人员、客服人员等。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/f01d9ee804d74b079b04030ad929dcbc~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=ISh8p8JGjWAPgmdnhoJBeLVI1dA%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">截取自遨森电商2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">财报<span style="color: black;">表示</span>,遨森电商对海外仓的资金投入为2.35亿元,对比2019年的5000万元,直接<span style="color: black;">提升</span>一个量级。这<span style="color: black;">针对</span>遨森电商的现金流提出了更高的<span style="color: black;">需求</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">不外</span>,遨森电商的总<span style="color: black;">表现</span>金流<span style="color: black;">状况</span>良好,由经营活动产生的现金流量净额为1.03亿元,上年同期则是净流出61.14万元,由负转正;<span style="color: black;">另一</span>,<span style="color: black;">经过</span>国内银行借款2.44亿元缓解了不少资金压力。</span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;">存货超9亿,大件家居非“易啃骨头”</h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">无疑,海外仓在过去一年迎来爆发期,但在大规模备货海外仓的时代,库存和现金流问题凸显。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/4763a4afeaa44f7386053971f23188fe~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=vYLRRW0UFyptCEG44oyLOvjhx5Q%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">截取自遨森电商2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">遨森电商的财报<span style="color: black;">表示</span>,其存货期末为9.24元,较期初增长164.33%。</span></strong><span style="color: black;">对此,遨森电商的解释是:是<span style="color: black;">因为</span>预计<span style="color: black;">将来</span>的<span style="color: black;">营销</span>保持高速增长,提前备货。超9亿的存货,占总资产的51.98%,足见<span style="color: black;">海量</span>备货<span style="color: black;">针对</span>现金流压力<span style="color: black;">极重</span>,大件家居非人人能“啃”的骨头。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/9b19cc2c3ec345afb66cc42d5667a984~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=F7jB3V3iZJ9b%2FBGyhBC7De353nc%3D" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">截取自遨森电商2020年财报</p>
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<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">好在,遨森电商的运营效率还不错,2020年的应收账款周转率为31.04,存货周转率为3.81,<span style="color: black;">处在</span>行业较高水平。同业的乐歌股份2020年的应收账款周转率为15.59,存货周转率为2.93。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">另外</span>,安克创新2020年应收转款周转率为13.63,存货周转率为3.80;有棵树应收账款周转率为4.63,存货周转率约为1.68;泽宝应收账款周转率为7.68,存货周转率为3.68。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">不外</span>,不少卖家担心,后疫情时代<span style="color: black;">大众</span>居品类的线上需求<span style="color: black;">是不是</span>会有回落?<span style="color: black;">海量</span>的存货又<span style="color: black;">是不是</span>会<span style="color: black;">作为</span>包袱?</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/c8d93cd4cdc749bbb0a7dedc20e985d8~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724032926&x-signature=klOUchSdW5GGD3%2BtldCseiTV5us%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">美国国家统计局的数据<span style="color: black;">表示</span>,2021年1月,美国家具和家居装饰的<span style="color: black;">营销</span>额的增长仍在<span style="color: black;">连续</span>,同比增长11.7%。</span><strong style="color: blue;"><span style="color: black;">由此可见,家居的市场红利仍未结束。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">另外</span>,美国、欧洲疫情反复,居家办公在<span style="color: black;">将来</span>一段时期内或<span style="color: black;">作为</span>常态,将继续拉动办公家具零售市场扩容。加之,<span style="color: black;">因为</span>电商渗透率的不可逆性,线上购物习惯将<span style="color: black;">作为</span>主流,</span><strong style="color: blue;"><span style="color: black;">预计<span style="color: black;">大众</span>居品类的线上份额<span style="color: black;">亦</span>不会<span style="color: black;">衰退</span>。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">不可</span><span style="color: black;">忽略</span>的是,中美贸易摩擦后,家具出口的关税有所<span style="color: black;">加强</span>;5月5日,加拿大宣布,对进口自中国和越南的软垫家具征收反倾销、反<span style="color: black;">补助</span>税。</span><strong style="color: blue;"><span style="color: black;">中国制造家具的价格<span style="color: black;">优良</span>或<span style="color: black;">因此呢</span>下降。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">但总体而言,<span style="color: black;">将来</span>2-3年跨境电商家居品类市场或将会<span style="color: black;">连续</span><span style="color: black;">火热</span>,但总量会<span style="color: black;">逐步</span>趋于正常。面对“遍地捡钱”的大好行情,卖家们还需仔细思量自己<span style="color: black;">是不是</span>能吃得下这口“蛋糕”。</span></p>
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