Subdivision leading listed three new board Puppy appliances and other vertical to promote high gross 一枝春桥夕

The leading sub listed on the new board: Puppy appliances vertical promoting high margin reporter Livy Beijing reported as emission layer, three new board private institutions making industry positive, the total number of listed company and the surge since 2015, more leading sub sectors are seeking new sanban. Twenty-first Century economic report reporter recently from the National SME share transfer system (hereinafter referred to as stock transfer system) was informed that the electrical appliance industry as a puppy online in leading the field of cleaner, recently also disclosed "public transfer instructions" (hereinafter referred to as the "one book"), which means that the distance a step closer to listing. In fact, from the beginning of the new three board, industry segmentation leading beach listing phenomenon is not uncommon. For example, the game in the field of payment Yuan Technology (832028), the 99 mutual entertainment gaming marketing industry (836385), the clean ship manufacturing by environmental protection (831846) and already have landed, according to the analysis of CITIC Securities, a new three people, three new board of the leading sub – there may be hundreds of. According to the insiders, mostly leading sub sectors competing layout three new board listed reasons, on the one hand is the total number of three new board expansion, seize the market, betting bonus system may potentially; on the other hand, and the company by the new board specification for their own business and improve the visibility of the appeal is not without relevance. "The new three board listing rhythm has been controlled, many of the proposed listed company is also considering whether the follow-up policy will change, so many companies are also at this point to seize the listing rhythm." A person of Sino Thai Securities believes that, compared with the general company, there is industry segmentation leading concept of listed company will also have a stronger impulse to advance." Subdivision leading beachhead logic from 2014 new three board expansion, similar to the puppy electrical industry leader such subdivision is not uncommon. "Industry leader" mostly appear on the motherboard, and before the new board has already appeared more industry segmentation leader, and these subdivision leader’s attention is also improving." CITIC Securities said three new board business people said. "Because there are so many industries, there may be more than a few hundred, like many people who didn’t know before, and the new third board was noticed." The personage expresses. In the eyes of the industry, the list of leading companies have been listed behind the new board, with the number of new three Board companies increased, as well as listing, listed company intends to try to standardize the vision of corporate governance structure. One of the aims of listing the new three board is to further standardize the operation of the enterprise. "The puppy appliances have to apply for the listing of three new board, the main management company is preferred to the three new board, through the application of three new board listing, to realize the standardization operation of the company as soon as possible, and open up the capital market channel." Tan Chong told the economic news reporter of twenty-first Century. Industry researchers believe that with the deepening of professional market segmentation and the market is becoming increasingly vertical, part of the industry segments market concentration or greater room for improvement

细分龙头挂牌新三板:小狗电器等垂直化促高毛利率   本报记者 李维 北京报道   随着新三板分层、私募机构做市等行业利好的涌出,加之2015年以来挂牌公司总数的骤增,更多的行业细分龙头正在谋求新三板挂牌。   21世纪经济报道记者日前从全国中小企业股份转让系统(下称股转系统)获悉,作为在线家电业中的吸尘器领域龙头的小狗电器,日前也披露了《公开转让说明书》(下称《公转书》),这意味着其距离挂牌更近一步。   事实上,从新三板设立之初,行业细分龙头抢滩挂牌的现象就并不鲜见。例如游戏支付领域的汇元科技(832028)、电竞营销行业的九九互娱(836385)、水面清洁船制造的飞驰环保(831846)等早已纷纷登陆,据中信证券一位新三板人士分析,新三板中的细分龙头可能会有数百家之多。   业内人士认为,大多行业细分龙头争相布局新三板挂牌的原因,一方面在于新三板公司总数不断扩张下,抢抓、押注该市场可能潜在的制度红利;另一方面也和该类公司通过新三板规范自身经营、提高其知名度的诉求不无关联。   “目前新三板挂牌的节奏已经在控制了,许多拟挂牌公司也是在考虑后续政策是否会有所变化,所以不少公司也在这个时点抓紧推进挂牌节奏。”中泰证券一位人士认为,“和一般公司相比,有行业细分龙头概念的拟挂牌公司也会有更强的推进冲动。”   细分龙头抢滩逻辑   从2014年新三板扩容加速后,类似于小狗电器这样的细分行业龙头并不鲜见。   “行业龙头大多出现在主板上,而新三板之前就已经比较多的出现的是行业细分龙头,而且这些细分龙头的受关注度也在提高。”前述中信证券新三板业务人士称。   “因为细分化后的行业非常多,可能会超过数百家,像许多人之前不知道的一些细分龙头,也是因为挂牌新三板被注意到了。”该人士表示。   在业内人士看来,细分龙头纷纷挂牌新三板的背后,与新三板公司数量增多以及挂牌、拟挂牌公司试图规范企业治理结构的愿景有关。   例如此次拟挂牌的小狗电器董事长檀冲认为,挂牌新三板的目的之一是进一步规范企业运作。   “小狗电器之所以申请新三板挂牌,主要是公司管理层属意于新三板的优势,通过申请新三板挂牌,力图尽快实现公司的规范化运营,打通与资本市场的通道。”檀冲告诉21世纪经济报道记者。   行业研究人士认为,随着专业领域市场细分的深化和市场日趋垂直化,部分行业细分领域市场集中度或有较大的提升空间,而这也是促使市场关注行业细分龙头的原因。   以小狗电器为例,据中怡康数据统计,在线上吸尘器市场中,小狗电器的销售量、销售额份额占比连续三年处于龙头位置。   2015年,小狗电器以销售量份额占比14.2%、销售额份额占比19.5%占据线上吸尘器市场的首位,甚至超过了销量、零售额占比分别为8.4%和12.3%的飞利浦。   “从销量的绝对占比可以看出,行业竞争仍然比较激烈,排名首位的占比不足20%。”9月14日,一位家电行业研究员坦言,“不过在这种诸如吸尘器的细分领域,一些中小厂商的退出和兼并,预示着未来仍然有市场更加集中的空间,这也是这些细分龙头在产业资本层面的机会。”   不过从数据来看,小狗电器的零售量、零售额占有率虽然排名首位,但2013-2015年间其市占率是在不断下滑的——即零售量份额从2013年的37.8%下滑至14.2%;零售额也由42.3%下降至19.5%。   细分下的毛利率优势   细分领域龙头带来的一个优势,是其业务毛利率相对更高。   以国内家电行业的传统龙头美的集团(000333.SZ)、苏泊尔(002032.SZ)等上市公司为例,据两家公司半年报披露,美的集团整体毛利率为 29.33%;苏泊尔整体毛利率30.44%。   而据《公转书》披露,小狗电器拥有更高的毛利水平。2016年前4个月,小狗电器整体业务毛利率(含主营业务)达到49.90%。   “细分领域在毛利率上有更好的垂直和综合溢价,因此能够做到更高的毛利率,可能许多细分龙头领域都存在毛利率比较高的情况。”前述家电研究员指出,“不过家电龙头公司的毛利率也和规模增多后带来的整体摊薄有关。”   而从营收规模的维度来看,小狗电器的营业收入体量也已趋近于少数A股公司的水平。   据小狗电器财报显示,该公司2014 年、2015 年的营收分别为1.28亿元、2.34亿元,而据WIND数据显示,其2015年的营业收入已经超过了178家上市公司的业绩。   不过即使营收已达亿元级别,该公司的净利润仍然有限,数据显示2014、2015、2016年前四个月的净利润分别仅为771.35万元、603.73万元和679.05万元,这一业绩距离当前的上市公司整体水平仍然有一定距离。   而在业内人士看来,随着新三板市场环境愈加成熟,不排除后续会有更多不满足主板要求的行业细分龙头前往新三板挂牌。   “细分领域的龙头体量比较有限,但随着新三板市场环境的成熟,制度红利的进一步释放,不排除未来会有更多行业龙头前往挂牌。”前述中信证券人士认为,“但是政策收紧也是趋势,这些细分龙头企业也应该抓紧推进挂牌事宜。”   (编辑:李新江) 进入【新三板主题吧】讨论相关的主题文章: