伊人一区二区三区_无码毛片一级片特黄_惊爆摩天楼在线观看_137大胆人体在线观看_久久99精品久久久久婷综合_一区二区三区黄色录像

0756-8818851
NOTICE
Website announcement:In business, welcome to use Weihang Logistics!

Hotline

0756-8818851


HQ Add: 9th floor, Yinji Cross Border Building, Cross Border Industrial Zone, Xiangzhou, Zhuhai

TEL: 0756-8818851

FAX: 0756-8818851

WEB: http://m.chengdu007.net



News

Current Location:Home-News-公司公告

Reflection: cold thoughts on the trillion LTL Market

Release Time:2022-07-20 06:48:33 View:1831

The following article is from Hong Kong stock research society, by Hong Kong Stock Research Society (id:ganggushe)



In more than half of 2022, the logistics industry experienced ups and downs.



In March, deppon was acquired by JD logistics and entered the equity delivery stage in May. The former "king of less than carload" finally bid farewell. In early April, the official website of the State Council announced the "opinions on accelerating the construction of a unified national market", and the concept of logistics ushered in a small peak.





But then the epidemic rebounded, and the development of the industry was blocked at different stages. In May, a series of measures to ensure smooth transportation took effect, and the logistics "artery" was revitalized, and the data in some fields were close to the same period in 2019.





As the throat of social and economic activities, logistics is not a simple mode of transportation. However, no matter which form of express delivery, less than carload or finished vehicle, it conforms to certain basic rules. Therefore, through the targeted interpretation of the major strategic actions in the development of some logistics enterprises, this paper attempts to answer the following three questions:





1. The competition in the logistics industry and its subdivisions is fierce. What else deserves attention?





2. In the field of less than carload, why can Anneng logistics be the king when deppon exits?





3. As the logistics industry continues to develop, what core issues need to be addressed?





01




Discussion on the value of "blue ocean" vs "red ocean"




Logistics is the barometer of economy, the artery of life, and the throat of industrial resource flow... The status of logistics is indeed high, but it comes from its next specific fields. These fields constitute the "cells" of the logistics industry, which not only determines the boundary of the industry, but also affects the external cognition of logistics.





The most typical field is express delivery. Because e-commerce is too close to public life, coupled with the ideological brand of express price war, for most people, "logistics is a red sea" is a conclusion.





Is this really the case? I'm afraid not. Here I want to mention the slogan used by Debang: send it to Debang by bulk express. In our view, logistics is cargo transportation, but in the logistics industry, different standards such as the scale and mode of freight transportation make the industry divided into express delivery, small ticket less than carload, large ticket less carload and other different fields.





In addition to the traditional division methods, the market continues to undergo new changes, such as the growth of the large ticket and less than carload market, the influx of special line services serving the large ticket market into express enterprises, and the freight ecosystem is further reshaped.





At this time, looking back at the description of logistics Red Sea, a single understanding is indeed too narrow, which can be supported by two examples.





The first example is the acquisition of the former giant Debang. Deppon was listed in 2018. After listing, in order to differentiate, it took the initiative to move its business from express to express, which was once renamed deppon express.





Express has become the core business of deppon, but deppon failed to get a bargain from the red sea of express, but fell into a deep quagmire. In 2020, the market share of deppon express was only 0.68%. At the same time, the diversification of deppon's express business continued to shrink, and finally made a mistake.





The second example is Anneng logistics. In the 2021 top 30 list of China's LTL enterprises released by Yunlian think tank, the freight volume of Anneng logistics, the leader of LTL express, ranked first.





In contrast to deppon, Anneng logistics broke its wrists in 2019 and took the initiative to withdraw from the express industry - at that time, Anneng logistics was unable to compete with seven listed express companies, with a loss of more than 2billion yuan in 2018. Wang Yongjun, chairman of Anneng logistics, called it an "epic" retreat.





The financial report shows that the adjusted net profit of Anneng logistics in 2021 is 408 million yuan. This retreat has made it a vast exit.





These two examples express the same view: express delivery is a red sea, but there may not be other opportunities in the logistics industry.





In the case of fission, integration or other pattern changes in the industry, new entrants may also face fierce competition, but for players who already have advantages, integration is an opportunity.





In addition, the road freight market has grown with the overall economic growth, and the expansion of the scale has led to a series of adjustments, mergers and transformation trends within the industry, releasing structural dividends.





The LTL market is one of the typical beneficiaries. With the development momentum of network express enterprises such as Anneng logistics, more logistics demand flows to these logistics digital forces.





The growth rate of the express market exceeded that of the LTL market. At the same time, the shares of large tickets and small tickets began to concentrate on more powerful service providers. When their networking and large-scale capabilities became stronger, the original special line services and other fields were gradually won by express players.





As of 2020, CR10 in China's less than carload market is only 5.7%. CR10 refers to the market share of the top 10 companies in terms of business scale, which means that the current less than carload market is highly fragmented and its long-term value cannot be ignored. Of course, it cannot be misunderstood.





02




The value of less than carload is not the scale




The different destinies of deppon and Anneng logistics naturally come from their different choices. However, the share price of Anneng logistics in the secondary market has fallen by more than 70% since its listing. Why is it not favored?





Externally, the global situation and capital market turbulence are the reasons. From the perspective of industry, the market has doubts about the "beautiful myth" of LTL market integration. However, this is more likely because the market does not fully understand the value of LTL.





Carl Sagan has a famous saying: "we live in a society that depends on science and technology to operate delicately, but most people in this society know little about science and technology."





In the field of logistics, the market knows that digitalization and other scientific and technological means can indeed guide logistics to develop in a more efficient and orderly direction, but it puts the actual focus on the scale, and believes that neither Anneng logistics nor other enterprises have really achieved enough integration and leadership effect. At the same time, the actual scale of less than carload is not as large as expected.





The stable market that express companies can really cover may be only 250billion or even 150billion yuan. This is far lower than the trillion expectations of the market for logistics and its sub sectors.





However, the value of LTL is not the scale, but the business flow behind it. In other words, it connects many "businesses".





Jin Renqun, vice president of Zhongtong express group, once said that express is the foundation of the future flexible supply chain, and the silly and big black giant warehouse + vehicle transportation will gradually be replaced by the agile and fast way of a small number of batches of Direct stores + Express City distribution.





This is a new opportunity for aneng logistics. In this perspective, the value prediction of less than carload express needs to be based on two points.





First, the total scale of business flow is undoubtedly worth trillions. More than 70% of the less than carload online market comes from wholesale and retail customers, and the scale of the wholesale and retail market is huge. Second, the ability of logistics enterprises to divide the cake, that is, infrastructure construction, digital level and so on.





Debang's collapse lies in its "direct + diversified" plate spread too large, high cost and lack of focus, which makes it difficult to establish basic advantages in the logistics industry. On the contrary, its freight partner platform mode has more advantages in efficiency.





Anneng logistics is known as the "king of express". It has built a logistics network with a township coverage of 96.4% and has about 29100 freight partners. In 2021, aneng logistics added 15 distribution centers, about 400 trunk transportation routes, and invested 1.12 billion yuan to increase the scale of its self operated fleet.





As of December 31, 2021, the total distribution centers of aneng logistics have reached 162, the total trunk transportation routes have reached about 3100, and the self-supporting fleet has about 4000 high-capacity trunk trucks + more than 6000 trailers.





Just like jd.com invested in infrastructure for a better retail experience, in return for the appearance of low gross profit. But beyond this appearance, those moats built by basic investment can make competitors "look at the mountain and run away to death".





The reason why Anneng logistics has the first mover advantage in the field of LTL express is that it has seen the trend earlier than others. The supply chain tends to be flat and flexible, and orders also tend to be small batch, multi batch and fragmented. The growth of the express market is a foregone conclusion, and the scale is a representation, but not a reason.





Therefore, it is normal for the market to have doubts when the technology express force represented by Anneng logistics has not transformed the whole industry. However, often when the trend can be seen by everyone, the most magnificent value creation cycle has passed.





03




The demand of logistics for anti vulnerability is increasing




After reading typical cases, our eyes return to those external factors that have had an impact throughout the first half of the year. For logistics enterprises, external turbulence is the root cause of logistics vulnerability. As the logistics system becomes more complex, this vulnerability is rising linearly.





For example, when a manufacturing enterprise's supply chain becomes more and more complex and depends more on logistics, the greater the loss of a node's problems.





During the epidemic in the first half of the year, the supply chain problems in the automotive industry occurred because the core suppliers were concentrated in the Yangtze River Delta, but this node was interrupted, and materials could not be delivered to factories and auto enterprises across the country. Similarly, natural disasters such as floods and snowstorms lead to traffic disruption, which will affect the normal operation of express delivery, retail, fresh food and other industries. It is the same truth.





Business flow has a strong dependence on logistics, but logistics enterprises themselves cannot put external risks in a cage. They should focus on dismantling risks, and then adopt the operation method of applying the right medicine to the case.







The essence of anti vulnerability is to understand your weaknesses and then defend against them. It can not only provide more logistics methods, but also strengthen the monitoring of logistics status and adopt corresponding operation methods.





Fragility and anti fragility are twins. The fragility of logistics comes from networking. The anti fragility of logistics is that the closer the networking is, the deeper the digitalization is. Only by going deep into the capillaries can we know the galloping state of every drop of blood.





At the stage of resumption of work and production in Shanghai, Anneng logistics has a corresponding practice. Anneng logistics has set up a temporary drop off center near Shanghai, which improves the transportation efficiency and epidemic prevention effect by replacing the centralized vehicle with the Shanghai vehicle head. In addition, as the first franchising express enterprise in the industry, Anneng logistics also provides franchisees with support measures that are detailed to the distribution of network fees.





Digital capability is not only an insurance under extreme conditions, but also can bring higher benefits in daily operations.





Lin Disheng, CFO of Anneng logistics, said, "in the past 10 years of development, we have developed more than 50 sets of information systems, which can connect all our full link operation processes and enable our management to see our costs in real time, but this is only the first step. Now we need to monitor our costs by week and day, and we can monitor our delivery and costs by hour."





Therefore, for network line LTL companies such as Anneng logistics, the overall impact of the outside world should be more controllable. Coupled with the large number of service industries, it has dispersed the logistics pressure of specific industries, and has more advantages in combating economic cycle fluctuations. On the whole, the pressure resistance of the logistics industry is also stronger than that of the commodity industry because of its characteristics of no production and no inventory. The anti fragile construction of the logistics industry itself is also more important to ensure the normal operation of the commodity industry.





Taleb, the author of "black swan", believes in his book "anti vulnerability: benefits from uncertainty" that anti vulnerability can not only keep things firm in the impact, but also make themselves better in the opposite direction. The guiding operation of digitalization in different situations is a reflection of this concept.





In any industry that involves the national economy and the people's livelihood, ensuring stability always coexists with seeking development. In the future, the logistics industry must "repair both inside and outside". It should not only step on the rhythm of external benefits such as the unified market, but also strengthen its ability to resist potential risks.





In the long run, the competition and annexation between the participants will continue, whether it is the LTL express or the logistics industry as a whole. However, from the example of the self reform of Anneng logistics to its return to the fast track, the right strategy will eventually lead the company to the right result. Perhaps this is the development focus brought by strategy.





Source / Hong Kong Stock Research Society (id:ganggushe)

主站蜘蛛池模板: 日韩成人精品在线观看_中文字幕高清在线播放_av黄色片网站_亚洲欧美日韩免费_av熟女人妻一级毛片_一级黄色片网址_欧美一区二区三区久久久精品_涩涩成人 | 奇米777官网_免费99精品国产自在在线_国产精品WWW夜色视频_国产美女无遮挡免费_9999视频_特级做爰片毛片免费看小说_国产白浆二区二区精品视频_欧美成人黑人xx视频免费观看 | 污污内射在线观看一区二区少妇_国产公开久久人人97超碰_免费无码一区二区三区A片_黄色在线观看视频_九色porny丨首页原版_国产超碰人人模人人爽人人喊_亚洲a∨成熟国产一区二区成熟一级毛片_亚洲午夜影院在线观看 | 日韩av黄色网址_久久99国产精品一区二区_国产自在自线午夜精品视频在_韩国久草_91爱网_免费看成人毛片无码视频_娇喘抽搐高潮喷水A片免费观看_亚洲国产精品久久久久久女王 | 欧美顶级毛片在线播放_日韩五区_国产一级午夜_avhd101素人diy入口_成人免费一级片_超碰香蕉在线_无码人妻一区二区免费视频_51国产午夜免费福利视频 | 欧美怡春院一区二区三区_熟妇女的欲乱在线观看_丝袜足控一区二区三区_四虎国产精品永久地址99_人人射人人爱_欧美一级毛片日韩一级_激情综合在线观看_国产日产欧产精品精品推 | 免费观看一区二区_亚洲欧美校园_亚洲AV中文无码字幕色下药_美女被按在床上_亚洲一久久_特黄一级性片看_国内a级毛片免费观看品善网_日本av中文字幕 | 国产奶水一区二区三区_pornhub欧美在线观看_日韩欧美国产1_亚洲大片免费观看_日本床戏视频_a国产精品_天天av天天翘天天综合网色鬼_日b视频在线观看 | 欧美日韩一道本_欧美日韩在线视频不卡一区二区三区_亚州黄色_三区四区在线观看_不卡视频一区二区_亚洲免费观看视频_国产一级黄色录像_欧美男男激情videos高清 | 日本久久精品一区_亚洲黄片在线免费_日本japanesexxxxx乱_久久久这里有精品_亚洲AV成人一区二区三区_亚洲狠狠婷婷综合久久久_欧美+日本+国产+在线观看_精品国产美女AV久久久久 | free国产毛片一区二区_97天天综合网_又污又黄无遮掩的网站_久久精品AV无码夜色_激情男女高潮射精AV免费_嫩草视频网站_久久精品亚洲一区二区三区观看模式_免费a级黄色毛片 | 麻豆精品A片免费观看_日本黄色片xxxx_综合久久综合_色综合久久中文字幕无码_国内国外日产一区二区_乱中年女人伦视频国产_国产AV国片精品JK制服丝袜_欧美最猛性xxx | 免费av看片_69久久精品无码一区二区_亚洲成人一二三区_中国大陆黄色片_一区影视_男人扒开添女人下部免费视频_又大又粗又硬又黄的免费视频_国产字幕 | 亚洲最大在线视频_色成人在线_国产毛片18片毛一级特黄日韩a_91视频麻豆_国产91精品免费视频_自拍视频啪_69国产成人免费精品视频_先锋影音最新色资源站 | 精品人伦一区_高清一区二区三区四区_国产精品银行在线播放_一区二区三国产_欧美特黄一级_91亚洲精品视频_欧美精彩视频在线观看_色妺妺视频网 | 51VV宅男天堂_日本69xxxxx_日本免费一区二区在线观看_五级日本片全部免费_亚洲高清免费_69av在线免费观看_成人免费大全_999精品视频这里只有精品 | 免费香蕉视频_偷摄私密养生馆少妇推油_狠狠狠狠狠狠狠狠_chinese国产avvideoxxxx实拍_YY111111人妻影院_国产女人精品视频国产灰线_中日韩一级露脸视频_91污在线 | 九九视频精品全部免费播放_国产51人人成人人人人爽色哟哟_全职猎人1999在线动漫免费观看_91好色视频_九色在线网站_超碰97人人草_亚洲成AV人片高潮喷水_黄色成人在线播放 | 国产厕所精品_亚洲成人第一网站_中字无码av高清在线播放_亚洲国产另类久久久精品网站_99精品国产闺蜜国产在线闺蜜_久久亚洲AV成人无码国产_欧美日韩国产高清视频_一区二区三区999 | 无码H黄肉3D动漫在线观看_午夜网站在线_av之家免费黄片_日本少妇裸体视频_中文字幕欧洲_色久天堂_国产成人欧美一区二区三区八_国产亚洲欧美一级 | 无码精品人妻一区二区三区九里奈_成人精品一区二区三区_四虎影视永久地址_爽爽影院线观看免费_伊人久久大香线蕉综合影院首页_国产色亚洲_日本老熟妇乱_好了av四色综合网站 | 亚洲小说少妇区图片_亚洲国产欧美在线人成_日本欧美v大码在线_国产精品精品自在线拍_国产亚洲一本大道中文不卡_在线观看黄动漫_亚洲国产精品一二三_国产精品免费看视频 | 四虎永久在线精品国产馆v视影院_永久免费观看美女裸体视频的网站_女教师の爆乳bd在线观看_亚洲加勒比无码一区二区_性欧美牲交xxxxx视频欧美_五月色婷婷在线影院_国产人伦视频_粉嫩av一区二区三区在线 成人一在线视频日韩国产_超碰在线公开97_久久亚洲精品国产一区_国产精品久久不能_午夜亚洲精品专区高潮日w_kaori肉感在线播放_www.四虎影视.com_欧美日韩久 | 精品国产不卡在线观看免费_国产精品亚洲综合天堂夜夜_日韩精品视频播放_福利小视频在线播放_亚洲一区亚洲二区亚洲三区_九九伊人八戒_亚洲中文久久精品无码1_国产色视频网站 | 夜夜艹天天干_亚洲情区_超碰在线官网_欧美人与禽2O2O性论交_欧美精品日日鲁夜夜添_成年免费无码动漫AV片在线观看_日本老肥婆BBBWBBBWZR_成人AV综合在线网站 | 18勿入网站免费永久_91色综合网_国产欧美在_女人体1963毛片a级_久久久老熟女一区二区三区_亚洲依依成人亚洲社区_激情爱爱网站_中国XXXX真实偷拍 | 男女18禁啪啪无遮挡激烈网站_黄色毛片免费进入_学园默示录免费观看_辽宁人妻Chinese_在线婷婷_黄的网站在线观看_欧美特级黄色大片_日本在线视频免费 | 无码毛片手机在线观看_AV综合网男人的天堂_十八禁真人啪啪免费网站_老汉av在线_国产AV无码专区亚洲AV极速版_奇米国产_夜夜爽77777妓女免费视频_一本大道东京热无码 | AV在线播放无码线_久久无码高潮喷水_国产精品二区在线观看_日本一级黄色_韩国a级黄色_久久精品免费一区二区_精品国产一区二区三区香蕉沈先生_色欲天天天天天综合网 | 麻豆传媒视频在线免费观看_九色在线视频蝌蚪_亚洲色欲www综合网_欧美日韩视频在线观看一区_亚洲一线二线三线品牌精华液_日本中文字幕片_久久一道_色偷偷日本 | 三级精品在线_国产成人片视频一区二区_精品国产一区二区三区久久狼_天天摸夜夜添夜夜无码_99在线精品国自产拍不卡_亚洲www网站_日韩大片在线永久观看视频网站免费_吖v国产高清在线播放 | 粉粉嫩av一区二区三区四区_午夜视频免费播放_jizz在线观看_亚洲一区二区三区免费在线_91短视频免费在线观看_杨幂ai换脸视频_免费A级毛片18禁_超碰在线播 | 国产一级毛片视频在线!_天天草天天_国产精品无码永久免费不卡_91久久夜色精品国产九色_日韩亚洲在线观看_久久久妻_久久免费看黄A级毛片连期A片_久久精品国产久精国产69 | 日本久久精品一区_亚洲黄片在线免费_日本japanesexxxxx乱_久久久这里有精品_亚洲AV成人一区二区三区_亚洲狠狠婷婷综合久久久_欧美+日本+国产+在线观看_精品国产美女AV久久久久 | 婷婷久久精品_九九热这里都是精品_色综合色狠狠天天综合网_国产精一区_久久中文一区二区_亚洲AV最新天堂地址_国产精品污www一区二区三区_free男子游泳部一季免费观看 | 人妻丰满熟妇av无码区hd_欧美另类一二三四_国产激情二区_欧美日韩一区二区在线播放_被公侵犯人妻一区二区三区_AB无码精品一区二区三区人妖_亚洲国产精品成人AV在线_97久久人人超碰国产精品 | 四虎永久在线精品国产馆v视影院_永久免费观看美女裸体视频的网站_女教师の爆乳bd在线观看_亚洲加勒比无码一区二区_性欧美牲交xxxxx视频欧美_五月色婷婷在线影院_国产人伦视频_粉嫩av一区二区三区在线 成人一在线视频日韩国产_超碰在线公开97_久久亚洲精品国产一区_国产精品久久不能_午夜亚洲精品专区高潮日w_kaori肉感在线播放_www.四虎影视.com_欧美日韩久 | 福利免费在线_中文字幕无码日韩专区免费_亚洲成人一区二区三区四区_久久99精品久久久97夜夜嗨_内射高潮享受视频在线观看_中文字幕av无码专区第一页_一区二区三区在线观看免费视频_新疆老熟女厉害 | 国产乱淫a∨片免费视频_精品视频日韩_窝窝午夜精品一区二区_无码自拍一区_欧美怡红院免费全部视频_在线亚洲AV成人无码中文_午夜影院在线观看视频_免费一级suv好看的国产网站 | 国产精品自在拍视频首页_中文字幕乱码亚洲无线码按摩_成人激情视频在线观看_www.四虎com_国产在线视频99_2002亚洲精品真实在线_国产精选在线播放_色先锋影音岛国av资源 | 亚洲精品天堂在线_久久艹国产_亚洲美女视频在线观看_成人h视频在线_女人18毛片水真多_久久综合在线_在线偷拍自拍_亚洲最大网址 |