苏宁易购（002024）：在线经营思路调整小店出表后有望迎来业绩改善 投资要点事件：2019H1公司实现营业收入1,346。18亿，一年+21。63％，归属于母公司净利润为21。39兆，一年减少64。37％。2019H1公司实现商品销售规模1,842。15 ppm，每年增长21。80％；其中线上平台GMV为1,121。　　50 ppm，十年增长26。98％。　　完善的全渠道零售网络，快消品类发展重心向线下转移。　　线下：完善多业态，多层级市场智慧零售网络布局。公司继续优化“两大，两小，多专”的线下门店布局，打造覆盖不同市场等级，不同消费需求的智慧零售渠道网络。截至6月30日，家电3C家居生活专业店/红孩子母婴店/苏鲜生数量分别为2,110 / 172/9家；苏宁易购直营店逐步转变为轻资产的零售云加盟店，终止季度末零售云自营店为1,746家，零售云加盟店达3,362家，加速渗透县镇级低线市场；苏宁小店经营模型持续优化，二季度完成出表，将继续围绕社区市场快速布局，门店数量已达5,368家，迪亚天天加盟店减少至42家。一季度收购的37家万达百货门店稳健经营，依托线下苏宁广场进一步丰富的全渠道零售场景。　　零售行业整体增速速度，家电等耐用消费品增长承压，电器店同店仍保持负增长；生鲜，快消品及家居品类相对保持较快增长，二季度线下收入占比较去年同期增加2％，将加速整合小店/零售云/家乐福等线下资源，推动非家电品类协同发展。2019H1家电3C家居生活专业店/苏宁易购直营店可比门店销售收入同比下降5。66％/ 6。27％；红孩子母婴店经营逐步成熟，可比门店销售收入增加增长16。84％。　　线上：聚焦社交运营，强化苏宁拼购，苏宁推客，苏小团等产品矩阵。2019H1线上自营GMV为1,121。50 ppm，十年增长26。98％，2019Q1 / Q2自营增速为41％/ 14％，主站增速低于预期。上半年开放平台实现324。55百万美元GMV，每年增长30。50％，2019Q1 / Q2每年增长26％/ 35％，在苏宁拼购，苏宁推客，苏小团等社交产品运营矩阵的强化下实现增长提速。截至6月30日，苏宁零售体系注册会员数达4。42亿人，线上将继续聚焦社交运营，提升流量集聚/转化效率。　　营收增速与行业相当，净利润至少减少64。37％。2019年上半年实物商品网络零售额增长21。6％，电商行业增速普遍增长，公司全场景零售支撑下，2019H1实现营业收入1,346。18 ppm，十年增长21。63％。2019H1实现归母净利润21。39兆，一年减少64。37％，初步为去年同期出售阿里股份实现56。The impact of the net profit of 01 million; in the…

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