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    三棵樹:IPO仍需“補課”

    2014年10月28日 瀏覽量: 評論(0) 來源: 《涂界》 作者: 黃長軍
    摘要:但是不能忽視的,三棵樹面對諸多的競爭對手、中低端產能為主以及客戶集中程度不高,以及渠道覆蓋率和品牌到達率仍較低也引發市場人士的擔憂。

    6月24日晚,三棵樹涂料股份有限公司(以下簡稱“三棵樹”)招股說明書發布在證監會的官網上,其全部信息都裸露在外,一目了然。

    三棵樹主營業務為建筑涂料(墻面涂料)、木器涂料以及膠粘劑的研發、生產和銷售,其中墻面涂料是核心產品,公司與嘉寶莉、美涂士、展辰涂料等其他涂料企業一直在爭奪“民營涂料第一股”的位置,目前來看三棵樹暫居上風。

    但是不能忽視的,三棵樹面對諸多的競爭對手、中低端產能為主以及客戶集中程度不高,以及渠道覆蓋率和品牌到達率仍較低也引發市場人士的擔憂。

     

    上市“圈錢”擴產能

    招股說明書顯示,為滿足公司產品戰略的客觀需要,計劃募集約1.7億元資金用于“年產8萬噸水性涂料擴建項目”。

    “三棵樹之所以把擴大產能作為募集資金的主要用途,一方面是看中了其背后非常高的復合增長率。企業之所以強調復合增長率,是看中了投資在特定時期內的年度增長率,更是看中了對涂料產業和產品增長或變遷的潛力和預期充滿信心。”涂界企業市場研究部認為。

    根據招股說明書來看,三棵樹報告期內銷售呈快速成長態勢,其2011年至2013年銷售收入年均復合增長率達27.29%,在公司主營業務收入中的占比由2011年的50.73%上升至2013年的61.07%。目前,產量也由2011年的7.5萬噸增加到2013年的10.8萬噸,增速顯著,“但與立邦、阿克蘇諾貝爾每年數十萬噸的產量相比,公司在規模上仍處于劣勢地位。”三棵樹在其招股說明書中稱。

    涂界企業市場研究部觀察員李明月表示,“涂料企業要產能擴張,資金壓力肯定會愈發顯著。能夠在IPO開閘時盡快打通上市融資渠道,對企業未來發展肯定是有利的。”但同時,他也告訴記者,涂料企業和房地產行情關聯度很大,后者的風吹草動難免會波及前者的業績情況和未來走勢。

    從招股說明書看到,該公司的存貨占比也比較高,2011到2013年末,三棵樹的存貨凈額分別為6855.42萬元、7460.60萬元和6518.88萬元,占總資產比例分別為10.86%、11.95%和12.19%。大量存貨積壓的情況下,仍要尋求產能的擴展之路,不免令人疑惑。

    或許正因目前銷售體系難以承受這么大產能擴張,此次三棵樹將加強營銷網絡作為募投項目的重點,擬斥資4021.30萬元完成營銷服務網絡建設。不過,有業內人士認為,用近1.6億去擴大產能,然后用4000多萬元去消化產能,可能很難實現,特別是當前行業處在結構性產能過剩,競爭激烈的情況下。

     

    渠道建設成投入重心

    此外,渠道建設也是企業投入的另一個重心。目前涂料業仍處于渠道競爭的階段,企業清醒地意識到渠道對競爭力起著至關重要的作用。

    此次,三棵樹欲上市募集4021.30萬元資金用于“營銷服務網絡建設項目”。從招股說明書中可以看出,三棵樹目前的渠道布局網絡相對算是比較強大,目前擁有2052家終端店面。上市后,三棵樹在渠道建設上,計劃將在一二線城市強化市場拓展力量,進一步提高公司產品的綜合覆蓋能力,加強終端控制力。

    為此,在目前境內2052家終端店的基礎上,擬分批次在全國建設26個營銷服務中心、3個大客戶中心、3個物流配送中心。

    不過,相較于立邦、多樂士,三棵樹目前的終端店面鋪設顯得稍弱,目前擁有終端店面2,031家,渠道布局主要分布在華東、華中、西南、華南、華北地區,西北、東北地域市場銷售合計占比未超過10%,而且北京、上海、天津、重慶等一線市場的銷售占比非常低。作為一個定位于全國性的制造品牌,在上市后進一步完善全國布局,深耕和強化渠道能力也是其必然的戰略選擇。

    此外,三棵樹重點客戶較少,經銷商集中程度不高,2000萬元以上的客戶只有1個。為此,“通過營銷服務網絡建設項目中位于北京、上海、廣州的3個大客戶中心的建設,公司對于房地產企業、裝修裝飾公司等大型客戶的覆蓋能力將迅速提升,為公司形成穩定的大型客戶收入來源奠定堅實基礎。”三棵樹在招股說明書中這樣表述。

    上市后,三棵樹計劃將“精耕細作三四線城市、大力拓展一二線城市”作為其渠道建設的重要方向之一,推進全國大中型城市涂料品牌店的建設,建立全國城市全面覆蓋、全國一體化的營銷網絡體系,提升渠道競爭力。

     

    產品結構仍需大力度調整

       從三棵樹發布的招股說明書來看,公司仍然以中低端產品銷售為主。

       在家裝墻面漆方面,2013年,高檔產品銷售收入為1229.91萬元,占比3.67%;中高檔產品銷售收入為6727.87萬元,占比20.05%,而中檔、中低檔產品銷售收入分別為12640.92萬元、12914.85萬元,分別占比為37.68%和38.50%,整個中低檔產品占比達到了76.18%。

    在家裝木器漆方面,2013年,高檔產品銷售收入為4374.31萬元,占比19.10%;中高檔產品銷售收入為1228.40萬元,占比5.36%,而中檔、中低檔產品銷售收入分別為6173.822萬元、10721.47萬元,分別占比為26.95%和46.80%,整個中低檔產品占比達到了73.75%。

    李明月指出,為進一步擴大市場份額,三棵樹加大了產品促銷力度,而其中中低檔產品是促銷的主力,相應系列產品銷售單價略有下降。“中低檔占70%以上,說明三棵樹沒有形成高端的品牌形象,依然以價格戰來取勝市場,這對三棵樹以后發展來說,會存在這一定的風險性。”

        也正是基于發展考慮,三棵樹近三年來在逐步調整產品結構。據了解,公司近三年盈利能力持續上升,2011-2013年公司分別實現凈利潤5516萬元、7773萬元和1億元。其中,墻面涂料及木器涂料中的家裝木器漆在公司主營業務收入中占比合計達80%以上,墻面涂料2011-2013年銷售收入年均復合增長率更是達到了27.29%。

    其財務數據顯示,公司去年實現營收96,457.82萬元,同比增幅約16.88%,凈利4.03億元,較上期同比增長34.8%。從其收入結構來看,墻面涂料帶來的營業收入依舊貢獻最大。但過去三年間,產品結構已出現調整。其中下跌方面,家裝墻面漆收入占總營收比重從2011年36.42%微跌至去年的34.78%,家裝木器漆收入占總營收比重從2011年29.46%下跌至去年的23.75%,工業木器漆收入占總營收比重從2011年8.61%微跌至去年的7.30%,膠粘劑中的萬能膠、白膠的營業收入都出現了下跌;上升方面,工程墻面漆收入占總營收比重從2011年14.31%上升至去年的26.29%。

    透過公司近幾年的業績發展不難看出,全能化的轉型升級已成為其近幾年來的發展重點。三棵樹也公開表示,墻面涂料的主營業務將逐漸強化,公司將堅持聚焦墻面涂料領域,特別是水性涂料。

    自2011年起,公司就開始加強產品的調整力度,并且通過技術研發提高附加值比較高的產品。根據招股書中的“公司正在從事的主要研發項目及進展情況”顯示,三棵樹在新材料或高技術含量產品上尋求突破。

     

    渠道覆蓋率和品牌到達率仍需“補課

    申請IPO的三棵樹,可以說是行業內以及相關品類的有代表性的個案。如果從渠道和品牌看,基本還是在某些區域強,在相當一部分區域比較弱,并沒有形成全國性市場的渠道和品牌布局。實際上,企業仍然處在需要解決渠道覆蓋率和品牌到達率的階段,需要好好“補課”。所以,這也是為什么三棵樹計劃將募集資金相當大一部分用于營銷渠道擴張的原因。

    截至2013年12月31日,公司共有裝修漆標準店2031家,主要位于我國三四線城市,對一二線城市的覆蓋率相對較低。為此,三棵樹在其招股說明書中這樣表示:“公司短期發展目標為:精耕細作三四線城市、大力拓展一二線城市,未來三到五年內,成為我國三四線城市涂料市場的領導品牌、躋身一二線城市涂料市場領先品牌行列。”而從據本刊實際了解來看,與立邦、多樂士這樣的大品牌相比,三棵樹在一二線城市的渠道非常薄弱。

    為了強化一二線城市的渠道覆蓋能力,三棵樹表示將繼續鞏固與恒大地產、綠地集團、富力地產等多家大型房地產開發商的合作關系,并加大招商力度,建立穩定的大型優質客戶隊伍;在原有經銷渠道基礎上,繼續加大拓展力度,大幅度增加一二線城市終端營銷網點數量;建立營銷服務中心,通過卓越的客戶服務質量、高附加值的優質產品,逐步提升公司品牌影響力、擴大一二線城市營銷網絡布局,實現公司在一二線城市市場的快速發展。

    對于裝修漆產品來說,由于其主要面向家庭消費者,銷售網絡的廣度和深度對于產品銷售起著重要作用。而報告期內,公司裝修漆產品收入亦呈逐年上漲趨勢,2011年-2013年年均復合增長率為9.35%。

    與公司裝修漆經銷商及其分銷商所設立的標準店擴張速度相比,公司裝修漆產品銷售收入增速偏小,這說明,三棵樹雖然在銷售網點的廣度擴張上取得了一定成效,但還需充分挖掘該等網點的銷售潛能,促使公司銷售收入增速與銷售網點的擴張速度相匹配。因此,三棵樹亟需建設統一的營銷服務平臺,以提升公司品牌形象、更進一步服務經銷商及終端用戶,并最終促進公司銷售收入的持續增長。

    三棵樹計劃在未來三年內與我國主要的百強房地產企業建立起持續穩定的合作關系,大幅度提升公司墻面涂料在一二線城市的市場占有率。“未來三年內,爭取使公司在全國一二線城市的營銷服務中心數量達到40家,實現對我國的直轄市、省會城市全覆蓋,在全國一二線城市的標準店數量達到400家。”三棵樹在招股說明書中稱。

    標簽:三棵樹IPO
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