Summary of investigation on the hottest Jianlang h

2022-08-03
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Jianlang hardware (002791) research summary

summary:

1) although the macroeconomic data since May is not high, the company has no significant impact, and the overall growth trend remains unchanged

2) from traditional door and window accessories suppliers to engineering suppliers, the expansion of new categories and the laying of personnel channels will bring sustained growth to the company; Attacking the third and fourth tier markets, the old salespeople led the new, and the per capita sales began to turn in the third quarter of last year, looking forward to the improvement of the net profit margin of sales

3) focus on 2B business. In 1796, Joseph Blumer, an Englishman, developed the world's first hydraulic press. At present, there are 4000 salespeople. High quality management ability, information support and effective incentives have laid a leading foundation. 1. How is the operation since May

similar to the first quarter, with no change in trend. Although the macro-economic data is not high, on the one hand, the company's infrastructure accounts for a very low proportion, and the impact of the whole industry is not so synchronized with that of the company. On the other hand, the data in May is not particularly bad, and the infrastructure data is still rising to some extent

2. Why make multiple products

this is mainly due to the highly discrete characteristics of the construction hardware industry. On the one hand, with the increasing diversification of customer demand and the development and changes of the construction market, on the other hand, the upstream customers represented by large real estate developers continue to integrate. On the basis of saving procurement costs, customers are more and more inclined to "one-stop procurement", and have higher and higher requirements for the integrated supply of building accessories. OEM mode is mainly adopted for OEM at the initial stage of the introduction of a small number of new products, and strategic cooperation or M & A will be considered with the increase of ± 1% (the actual value is more than ± 0.5%) of market promotion and order volume

3. How do salespeople adapt to multi product sales

there will be internal training and regular support. From the source, our confusion is also the confusion of customers. Customers also want to package services when they are doing projects. There are needs, and we need to see how to respond to customers' needs. The first step is to see how well the internal products are done. When they are given to customers, there is an overall solution. The company is specialized in doing this. After doing this, the market will be competitive. It can solve the needs and pain points of discrete customers. After understanding the needs, it can call the backstage for support. Different products have different technical support and sales support. In the process of collaboration with the seller, the construction party, the Design Institute, etc, Do the seemingly complicated and trivial things well through internal support. Through integration and professional support, we can form an efficient working mode facing customers

4. The importance of informatization

information and mobility are very important. At present, they can be reflected in time. For example, if you find a demand, the first step is to find a product. It is convenient to find out whether the product is available, whether the business opportunity belongs to you, or whether others are following up. Then there is a customer management system. After logging in in your own name, you can see whether others have followed up, Then, related parties can see what others are doing and whether they can still do what they sell. After completion, the system will distribute it according to their contributions. The company has 4000 sales employees. The average amount of individual orders is 7000 yuan. The amount of orders is very high, which requires very fine management. Informatization and management ability play an important role in it

5. Inventory classification management

more than 30 spare warehouses have been established to prepare some commonly used hardware with large consumption according to the different business volume of each province. From the point of view of material label, more than 60% are regular

6. Will the company provide installation services

there are a small number of products that will be installed, such as fingerprint locks. There are also some products that customers have to install for their customers after they buy them, so they cooperate with customers

7. What are the main areas of product application at present

real estate accounts for about 60%, as well as commercial buildings, municipal projects, public buildings, etc

8. Is the company considering to C

not yet. It is mainly sold through specific engineering projects. For decoration, it is possible to consider it in the future through the decoration company. To B business, in fact, doors and windows mainly depend on the brand awareness of the construction party and the engineering party, and care about the product performance, cost performance and responsiveness of the company. At present, the company is also making password lock and bathroom, which actually have brand awareness. At present, the company does not do retail, but all do small B, which is equivalent to the retail understood by the company. 9. How to view the subsequent growth

first of all, the total amount of real estate has experienced a period of high growth. In fact, the company is in the pre cycle, mid cycle and post cycle of the real estate. The total amount of real estate is stagnant at present, but the grade of its own products is upgraded. The materials used for real estate delivery are much better, the unit price of hardware is also rising, and the company's medium and high-end products are increasing. Secondly, the categories of the company are increasing significantly, which will also bring about subsequent continuous increment

9. How to view the cooperation with real estate developers

at present, there are more and more large real estate developers, and the proportion is also increasing. The company will cooperate with some large real estate developers. The company will participate by category. For example, there are 20 categories related to construction. The company will participate in several categories, but not all of them. 10. What is the current proportion of tier 1, tier 2 and Tier 3 and Tier 4? The company positions the provincial capital cities and prefecture level cities as the first and second tier markets. At present, the main sales come from the first and second tier markets, which are economically developed and coastal areas

11. What is the current market share of door and window hardware

the company made more than 2 billion yuan last year, accounting for about 5% of the total. In this industry, there are many foreign brands at the highest end, foreign brands at the top, and domestic brands such as Jianlang. Compared with foreign countries, the company's price is lower. Compared with domestic, the company's price is the most expensive. Compared with the most high-end products abroad, the price difference is 5%-10%

12. Accounts receivable

it is related to the settlement cycle. At the end of the first quarter, some credit facilities increased, peaked in the third quarter, and decreased in the fourth quarter. The company made proper use of the relaxation of some accounts receivable. After the company went public, it wanted to see the changes of categories. The competition between the first and second lines is fierce. The third and fourth lines can only be directly used as the problem of garbage disposal. The size of a single city is very small, and the sales can not afford to rise. Therefore, a few years ago, we did something. We sent people to the third and fourth lines. The sales may have been 1million in the first and second lines, but 200000 in the third and fourth lines. However, the normal salary has not decreased much, so we see that the sales expenses are increasing, which is necessary to lay a new channel. Since last year, the sales expenses have been improving. This is a process. Originally, they only sold windows and doors. Now they have to install more things to each other and sell more to others, such as smart homes. With more and more products, they have the opportunity to trade more things. All of a sudden, the per capita sales have been increased, and the proportion of sales expenses has come down. Entering new customers, third and fourth tier customers, will also give some credit according to local conditions, which will lead to the growth of accounts receivable, and use these to pry orders. The channel sinking started in 2016. So far, the initial target has been completed, and then it will be adjusted appropriately. The large-scale shop has ended, and the per capita sales have begun to rebound in the third quarter of last year. In the future, the credit may be reduced, or in another way, for example, the same credit needs to achieve more orders. According to the plan, the per capita and personnel should be increased, and the total amount should be in line with the plan. For example, the total amount should be increased by 20%, the per capita increase by 10%, and the sales increase by 10%

13. How about the profit margin of new products

some will be higher than in the past, some will be flat, and some will be slightly lower. In general, the future will not have a great impact on the overall. At present, on the one hand, the proportion is not high, on the other hand, the company will continue to observe structural changes

14. How about per capita sales

at present, the tax exclusive amount is more than 900000 yuan, and the tax inclusive amount is about 1million yuan. The highest in history is 120 yuan. Later, it is more than 900000 yuan. The difference in per capita sales in different regions is still large. Those who do well in the first and second tier may achieve 3million yuan. It is hoped that the third and fourth tier will also rise in the future. At present, it is the old model with the new

15. What is the turnover rate of sales personnel

20%, mainly because those who fail to meet the performance assessment will leave. Sales mainly depends on commission. In less than three months of pre job training, there will be a lot of training at ordinary times, most of which are fresh students. Now, after three months of training, many people sign orders within six months. This is related to diversified products and detailed training. The operation has become standardized and can be learned at any time. The old lead the new. With the support of professionals, it is easy to issue orders after detailed division of labor

16. How to retain personnel? The pulley and gear drive the recording cylinder to measure displacement

mainly depends on motivation and growth. At present, it is growing rapidly. It has been achieved in the earliest year when it was promoted to the vice president of the sales region. After the channel sinks, there will be great plans in the future to quickly cultivate people. As long as new salespeople have the ability, they can constantly improve. Some people may be promoted one level a year, which is helpful for those who have the ability to improve. Those who have no ability now have first-line maintenance for one year, second and third-line maintenance for two years. If the third year is not enough, then the income side will go on its own. The proportion of commission. In the income structure, 2/5 is fixed, 3/5 is floating, and the county may be 1/3 fixed. For example, in the prefecture level cities in Hunan, the median income level is about 50% from the commission income, which is estimated to be more than 100000 yuan. Last year, the per capita sales income was more than 100000 yuan. Before tax, the sales expense of 800million yuan, commission + salary was about 500million yuan, accounting for 60%

17. How to view the hardcover market

the second decoration has not been done yet. Last year, the decoration market made more than RMB 300 million, mainly the first decoration

(002791) survey summary

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