Ali Jingdong Amazon Comparative Analysis Of Market Value

< p > here the world is < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "_blank" > shoes "< > hat net" Xiaobian "to introduce Ali Jingdong Amazon comparison: high profit is not necessarily high.

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< p > with sina micro-blog going public, the outside world once again focuses on Alibaba and Jingdong.

By Alibaba group's fourth quarter revenue and net profit growth in 2013, there is news that Ali valuation increased by 9.8%.

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< p > Bloomberg News survey data show that the average value of Alibaba based on 12 analysts is currently estimated at US $168 billion, which is higher than the estimated US $153 billion in February.

According to this algorithm, Ali valuation will exceed Amazon.

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< p > SanfordBernstein analyst Carlos Cokil (CarlosKirjner) even said that the valuation previously granted to Alibaba group was too conservative and the valuation of Alibaba group was raised to $245 billion.

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< p > however, Tencent technology reference two foreign companies Amazon and eBay two companies data comparison, only from the perspective of revenue and profit analysis valuation is not reasonable, high profit is not necessarily high market value, Ali called the $245 billion valuation is not reasonable.

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< p > eBay company's net revenue in the fourth quarter of 2013 was US $4 billion 530 million, an increase of 13% over the same period last year of 3 billion 992 million US dollars, and net profit of US $850 million, a 13% increase over the 751 million US dollars in the same period last year.

Amazon's net revenue in the fourth quarter was $25 billion 590 million, an increase of 20% over the same period last year, and net profit of $239 million, up 146% from the 97 million US dollar in the same period last year.

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< p > from the data, eBay company's net profit is 850 million US dollars, higher than Amazon's 239 million US dollars, but from the market value, the current Amazon is valued at 148 billion 400 million US dollars, eBay is only 71 billion 161 million US dollars, Amazon is eBay 2 times.

To some extent, Alibaba is more like eBay, Jingdong is more like Amazon, and Alibaba has no reason to be so overvalued.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > Ali > /a > net profit significantly ahead of Amazon and Jingdong < /strong > /p >

< p > now comparing Amazon, Jingdong and Alibaba net profit, Alibaba's revenue in the fourth quarter of 2013 was 8 billion 460 million yuan, while Jingdong lost 110 million yuan in the same period, Amazon's net profit was 1 billion 487 million yuan, and Ali led a lot.

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< p > Alibaba increased by 66% in the fourth quarter of 2013 compared with the same period last year, an increase of 72% over the previous quarter, and fourth quarter revenue surged, thanks to the promotion of e-commerce platform. In 2013, the sales volume of Taobao and Tmall mall reached 5 billion 600 million US dollars during the "double 11" period.

Excluding this seasonal factor, Alibaba net profit still leads Jingdong and Amazon.

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< p > from the perspective of net interest rate, Alibaba exceeded 40% in 2013, while Jingdong net profit margin was less than 1% in the same period. It is very difficult for Jingdong to get a positive profit margin. Its important background is that in 2013, "Jingdong" has not taken too much action, and the net interest rate has improved substantially in 2012 compared with that in 2012. The company is making efforts to open up POP platform and raise gross profit.

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< p > in addition, the interest income of Jingdong in 2013 was 344 million, the interest income in the same period last year was 176 million yuan, and the interest income in 2011 was 56 million yuan.

It is Jingdong's large increase in interest income that narrowed Jingdong's net profit deficit.

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< p > < strong > Alibaba VS Jingdong: rent collection is more profitable than selling. < /strong > /p >

< p > Ali and Jingdong differ in gross profit margin and net profit rate.

Alibaba is the mode of collecting rent. It is the paction fees charged by Tmall that boosted the fast growth of Alibaba revenue. Tmall is now a cash weapon for Taobao.

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< p > Taobao will import a large part of free traffic into Tmall. The paction fees charged by Tmall are usually between 3% and 5%, or even higher. As long as Tmall platform GMV (total paction volume) grows, Tmall revenue will rise.

The Jingdong is a selling mode, and Dangdang, Amazon, are all low gross margin level, the so-called selling is not as good as the collection of rents.

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In the case of Amazon, for example, although the scale is bigger, the net profit margin of Amazon has remained between -2% and 1% in the past 2 years. The net profit margin of Amazon in the fourth quarter of 2013 was 0.9%, which is not easy at all. P

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< p > but B2C website has the characteristic that cash flow will continue to grow.

In 2013, Amazon operated cash flow of $5 billion 470 million, an increase of 31% compared to December 2012, and free cash flow of $2 billion 30 million, up from $395 million in the previous fiscal year.

Despite frequent performance losses, Amazon has come back from the contest with eBay.

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< p > Jingdong is also the same feature.

As of December 2013, Jingdong held less than a href= "http://www.91se91.com/news/index_cj.asp" > cash < /a > and cash equivalents totaling 10 billion 812 million yuan, up from 7 billion 177 million yuan as of December 31, 2012, higher than 6 billion 289 million yuan as of December 31, 2011.

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< p > for Jingdong, it also received support from Tencent.

Recently, there is news that WeChat has officially opened its arms to Jingdong. Jingdong will open on WeChat's first level entrance at the end of May. Jingdong will open an open platform for e-commerce on WeChat, "Jingdong micro shop".

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< p > Jingdong April 10th "revised" recruitment document, which includes Tencent opening WeChat and mobile QQ level access point to Jingdong. After Tencent users enter the mobile app homepage, click on once to access the mobile shopping.

Once the Jingdong WeChat entry is finalized, Jingdong will get important entry at the mobile terminal to make up for the lack of layouts in the mobile terminal and possibly overtake the curve.

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< p > analysts pointed out that Ali's Tmall mode needs more merchants and bigger scale. The bigger the Jingdong is, the stronger the Jingdong B2C mode may be to cut off some share from Tmall and affect Tmall's rentals. There is also a real conflict between Tmall's href= http://www.91se91.com/news/index_c.asp and Jingdong's /a POP platform. Once Jingdong POP platform is bigger, it will also affect the entire revenue performance of Alibaba.

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