VCS - Chinh phục đỉnh cao mới

Đang ngâm cứu báo cáo thường niên của CSTE xem có gì hay ho không?
CSTE ký hđ với IKEA hết hạn cuối 2017, giờ mà VCS giật đc cái hợp đồng đó thì VCS lại bung nóc nhỉ
doanh thu của CSTE quý 2/17 là 150tr usd, biên gộp 33%, biên ròng 10% thua xa VCS, dthu quý 2 của cả tập đoàn PHX chắc cũng phải cỡ gần 60 tr usd

Cp hoa hậu cua thi truong Việt Nam, giá cung pai hoa hậu, suy ra cái mốc 200 sơm muộn cũng phai vượt thôi

Khéo tuần sau vượt luôn đấy, các bác cứ chốt dần đi là vừa

Chot de mat hag ah bac ))

cám ơn anh, câu "VCS là sản phẩm thời trang chứ k đơn thuần là cty đá" hay quá ạ, quá chuẩn

Mất sao được bác, đầy ng bán mua lại sau

Một số điểm chính trong báo cáo của CSTE (giờ VCS đọ với CSTE chứ k đọ với mấy cty trong nước nữa)
- Thành lập từ 1987, lâu thế mà không hơn VCS là bao
- tỷ trọng nguyên liệu gồm 90% quartz và 10% resin
- Nguyên liệu thô (quartz,..etc...) chiếm 44% (quartz chiếm 37%), resin là 33% giá thành sp
- quartz tăng giá 10% thì biên ln gộp giảm cỡ 0.9% và số này cho resin là 0.8%
- thông thường quý 3 và 4 sẽ là quý cao điểm trong năm về doanh số do mùa xây dựng ở Mỹ rơi vào thời điểm này, thời tiết ủng hộ, năm học mới rồi năm mới.
- CSTE chi 0.6% doanh thu cho R&D, VCS là 1% gì đó
- Biên gộp 2014-2016 giảm từ 42.4% về 15.1%, biên ròng từ 18.5 về 15.1%, biên gộp trong quý 2/17 chỉ còn 33% và biên ròng còn 10%.

We have invested considerable resources to position our quartz surface products as premium branded products. Due to our products’ high quality and positioning, we generally set our prices—especially for our differentiated products—at a higher level than alternate surfaces and quartz surfaces provided by other manufacturers. Manufacturers located in the Asia-Pacific region and in Europe market quartz surface products at lower price points, including quartz surface products which imitate our products and designs. Even if we seek to lower the prices that we charge for our products in certain markets, we may be unable to achieve the low labor and energy costs as some of our competitors in order to maintain current margins on our products. Some of these competitors have developed know-how and technical capabilities to manufacture products similar to our products and other competitors may do so in the future. We have also experienced instances of our competitors marketing products with similar appearances and similar model names to some of our products. Competition of this nature may increase in the markets in which we operate and may develop in new markets. Even if these competitors are unable to compete with us in all markets in which we sell our products, the introduction of similar products at lower price points may result in lowering or eliminating the value that distributors and end-consumers place on our premium brand and products.

Changes in the prices of our raw materials have increased our costs and decreased our margins and net income in the past and may increase our costs and decrease ourmargins in the future.
In 2016, raw materials accounted for approximately 44% of our cost of goods sold. The cost of raw materials consists of the purchase prices of such materials and costs related to the logistics of delivering the materials to our manufacturing facilities. Our raw materials costs are also impacted by changes in foreign currency exchange rates,mainly the euro as it relates to polyester and other raw materials purchased from Europe. Quartz, which includes quartz, quartzite and other dry minerals (together referred to in this annual report as “quartz” unless otherwise specifically stated), is the main raw material component used in our products. Quartz accounted for approximately 37% of our raw materials cost in 2016. Our cost of sales and overall results of operations may be impacted significantly by fluctuations in quartz prices. For example, if our cost of quartz were to rise by 10%, we would experience a decrease of approximately 0.9% in our gross profit margin. In particular, from 2013 to 2015, we experienced selective price increases from our Turkish quartz suppliers, such that the average cost of quartz supplied to our facilities in Israel increased by approximately 3% and 4% in 2013 and 2014, respectively. For cost of quartz in 2016 and prior years, see “ITEM 5.A: Operating Results and Financial Review and Prospects—Operating Results— Cost of revenues and gross profit margin.” Any future increases in quartz prices could also have a materially adverse impact on our margins and net income.

Polyester, which acts as a binding agent in our products, accounted for approximately 32% of our raw materials costs in 2016. Accordingly, our cost of sales and overall results of operations may be impacted significantly by fluctuations in polyester prices. For example, if the cost of polyester was to rise by 10%, we would experience a decrease of approximately 0.8% in our gross profit margin. The cost of polyester we incur is a function of, among other things, manufacturing capacity, demand and the price of crude oil. Our cost of polyester fluctuated significantly over the years. In particular, in 2010, average polyester cost increased by approximately 9%, despite an approximately 20% increase of the cost denominated in euro, given a stronger NIS (our functional currency during this period) compared to the euro. We acquire polyester on a purchase order basis based on our projected needs for the subsequent one to three months. In recent weeks, we have been experiencing major pressure from our polyester suppliers to increase prices even during a period covered by purchase orders. For cost of polyester in 2016 and prior years, see “ITEM 5.A: Operating Results and Financial Review and Prospects—Operating Results— Cost of revenues and gross profit margin.”

Pigments are also used to manufacture our products. Although pigments account for a significantly lower percentage of our raw material costs than polyester, we encountered in the past and may experience in the future fluctuations in pigment prices. Such prices fluctuations may also may have a materially adverse impact our margins and net income. For cost of pigments in 2016 and prior years, see “ITEM 5.A: Operating Results and Financial Review and Prospects—Operating Results— Cost of revenues and gross profit margin.” We have found that increases in prices may be difficult to pass on to our customers. If we are unable to pass on to our customers increases in raw materials prices, specifically in quartz, polyester and pigments, our margins and net income may be materially and adversely impacted.

A key element of our strategy is to expand our sales in certain markets, such as the United States and Canada, which will require a substantial effort to build awareness and develop the quartz surface market and will also depend on our implementation of our go-to market strategy. Failure to expand such sales would have a materially adverse effect on our future growth and prospects.

A key element of our strategy is to grow our business by expanding sales of our products in certain existing markets that we believe have high growth potential, as well as in selected new markets. In particular, we intend to focus our growth efforts on the United States and Canada. In 2016, according to Freedonia, engineered quartz surfaces represented only 14% of the total countertops by volume installed in the United States. We face several challenges in creating demand for our products in the United States, Canada or other markets, including driving consumers’ desire to use quartz surfaces for their kitchen countertops and other interior settings. If the market for quartz surfaces does not develop as we expect or develops more slowly than we expect, our future growth, business, prospects, financial condition and operating results will be harmed. We may also seek to expand into additional markets in the future. Our success will depend, in large part, upon consumer acceptance and adoption of our products in these markets. Consumer tastes and preferences differ in the markets into which we are expanding as compared to those in which we already have substantial sales.

Our future growth and prospects in these markets also depend on the level of our execution, our go-to market strategy and its implementation. In connection with our growth strategy, Caesarstone USA and Caesarstone Canada Inc. (“ Caesarstone Canada ”) entered into exclusive agreements with IKEA in May 2013 and October 2014, respectively. Caesarstone USA is also party to an agreement with Lowe’s Companies Inc. (“ Lowe’s ”). For more information, see “—Cooperation with large retailers could introduce uncertainty into our sales volumes, and our agreements with them may not be extended beyond their current terms, thus materially and adversely affecting our financial results. Additionally, our reliance on third-party suppliers to provide installation and fabrication services to large retailers could impair our relationship with our customers, which could materially harm our business and results of operations”.

We may also enter into similar agreements with other third parties. As part of our strategy to expand into selected new markets, in the first quarter of 2017, we started selling and distributing our products in the United Kingdom (“ U.K. ”) directly through our U.K. subsidiary, Caesarstone (UK) Ltd

We have experienced quarterly fluctuations in revenues and net income as a result of seasonal factors and building construction cycles, which are hard to predict with certainty.

Our results of operations are impacted by seasonal factors, including construction and renovation cycles. We believe that the third quarter of the year exhibits higher sales volumes than other quarters because demand for quartz surface products is generally higher during the summer months in the northern hemisphere when the weather is more favorable for new construction and renovation projects, as well as due to efforts to complete such projects before the beginning of the new school year. Conversely, the first quarter is impacted by a slowdown in new construction and renovation projects during the winter months as a result of adverse weather conditions in the northern hemisphere, and, depending on the date of the spring holiday in Israel in a particular year, the first or second quarter is impacted by a reduction in sales in Israel due to such holiday. Similarly, sales during the first quarter in Australia are negatively impacted by fewer construction and renovation projects due to public holidays. In the third quarter of 2016, we generated 23.4% more revenue and a 63.1% higher adjusted EBITDA than the first quarter of 2016. Adverse weather in a particular quarter or a prolonged winter period can also impact our quarterly results. Our future results of operations may experience substantial fluctuations from period to period as a consequence of such adverse weather. Increased or unexpected quarterly fluctuations in our results of operations may increase the volatility of our share price and causedeclines in our share price even if they do not reflect a change in the overall performance of our business.

Our History

Caesarstone Ltd. was founded in 1987 and incorporated in 1989 in the State of Israel. On June 9, 2016, we changed our name from Caesarstone Sdot Yam Ltd. To Caesarstone Ltd. We are a leading manufacturer of high quality engineered quartz surfaces sold under our premium Caesarstone brand. Caesarstone is a pioneer in the engineered quartz surfaces industry. Our products consist of engineered quartz slabs that are currently sold in over 50 countries through a combination of direct sales in certain markets performed by our subsidiaries and indirectly through a network of independent distributors in other markets. Our products accounted for approximately 8% of global engineered quartz by volume in 2016. In 2008, 2010 and 2011, we acquired the businesses of our former Australian, Canadian and American distributors, respectively, and established such businesses within our own subsidiaries in such countries. We now generate a substantial portion of our revenues in the United States, Australia and Canada from direct distribution of our products. Our products are primarily used as kitchen countertops. Other applications include vanity tops, wall panels, back splashes, floor tiles, stair and other interior surfaces that are used in a variety of residential and non-residential applications. Because of their hardness and non-porous characteristics, our products offers superior levels of scratch, stain and heat resistance, making them extremely durable and ideal for kitchen and other applications relative to competing products such as granite, manufactured solid surfaces and laminate. Through our innovative design and manufacturing processes we are able to offer a wide variety of colors, styles, designs and textures.

From 2005 to 2007, our revenue grew at a compound annual growth rate of 37.9%, and during the more challenging global economic environment from 2007 to 2009, at a compound annual growth rate of 11.5%. From 2009 to 2016, our revenue grew at a compound annual growth rate of 18.7%. In 2016, we generated revenue of $538.5 million, net income attributable to controlling interest of $74.6 million, adjusted EBITDA of $130.3 million and adjusted net income attributable to controlling interest of $81.2 million. See “ITEM 3.A: Key Information—Selected Financial Data” for a description of how we define adjusted EBITDA and adjusted net income attributable to controlling interest and reconciliations of net income to adjusted EBITDA and net income attributable to controlling interest to adjusted net income attributable to controlling

Company overview
We are a leading manufacturer of high-quality engineered quartz surfaces sold under our premium Caesarstone brand. The substantial majority of our quartz surfaces are used as countertops in residential kitchens and sold primarily into the renovation and remodeling end markets. Other applications for our products include vanity tops, wall panels, back splashes, floor tiles, stairs and other interior surfaces that are used in a variety of residential and commercial applications.

Founded in 1987, Caesarstone is a pioneer in the engineered quartz surface industry. We have grown to become the largest provider of uartz surfaces in Australia, Canada, Israel, France and South Africa, and have significant market share in the United States and Singapore. Our products accounted for approximately 8% of global engineered quartz by volume in 2016. Our sales in the United States, Australia, Canada and Israel, our four largest markets, accounted for 41.3%, 24.3%, 15.9% and 7.9% of our revenues in 2016, respectively. We believe that our revenues will continue to be highly concentrated among a relatively small number of geographic regions for the foreseeable future. For further information with respect to our geographic concentration, see “ITEM 3.D: Key Information—Risk Factors—Our revenues are subject to significant geographic concentration and any disruption to sales within one of our key existing markets could materially and adversely impact our results of operations and prospects.”

We have direct sales channels in the United States, Australia, Canada, Israel, Singapore and, as of January 1, 2017, the United Kingdom. We generate the majority of our revenues in the United States from direct distribution of our products throughout the country. In Australia, we generate the substantial majority of our business from direct distribution. In Israel, we distribute our products directly to several local distributors who in turn sell primarily to fabricators. We sell our products in Canada through a joint venture in which we hold a 55% interest. We also sell our products directly in Singapore, and the United Kingdom. In our remaining markets, we distribute our products through third-party distributors. In each of our markets, fabricators typically sell our products to end consumers, contractors, developers and builders who are generally advised by architects and designers regarding the use of our products. Our strategy is to generate demand from all levels in our product supply chain.

We experienced annual compound revenue growth of 9.7% between 2014 and 2016, driven mainly by the continued quartz penetration, improvement in housing conditions (increased remodeling spending and residential unit completions) in our top three markets, increased portion of innovative products within our offering and market share gains in Canada, partly due to the partnership with IKEA. Our growth rate in 2016 compared to 2015 slowed down to 7.8%, impacted mostly by a 0.3% decline in the United States compared to 20.3% growth in 2015 from 2014, partly due to decline in revenue from IKEA, which was negatively impacted by the temporary changes in IKEA promotional events. From 2014 to 2016, our gross profit margins decreased from 42.4% to 39.5%, adjusted EBITDA margins decreased from 26.1% to 24.2%, and adjusted net income decreased from 18.4 to 15.1% over the same period. We attribute the decrease in margins mainly to the inefficiencies in our Richmond Hill facility which opened in 2015 and to negative exchange rates fluctuations

Our Products
Our products to date are generally marketed under the Caesarstone brand. The substantial majority of our products are installed as countertops in residential kitchens. Other applications of our products include vanity tops, wall panels, back splashes, floor tiles, stairs and other interior surfaces. Our engineered quartz slabs measure 120 inches long by 56 1/2 inches wide and 130 inches long by 65 inches wide with a thickness of 1/2 of an inch, 3/4 of an inch or 1 1/4 inches. Engineered quartz surfaces are typically comprised of approximately 90% natural crushed quartz and approximately 10% polyester and pigments. Our products’ composition gives them superior strength and resistance levels to heat, scratches, cracks and chips. Polyester, which acts as a binding agent in our products, make our products non-porous and highly resistant to stains. Pigments act as a dyeing agent to vary our products’ colors and patterns.

Research and Development
Our research and development department is located in Israel. The department is comprised of 16 employees and works closely with employees from ther departments, all of whom have extensive experience in engineered quartz surface manufacturing, polymer science, engineering, product design and engineered quartz surface applications. In 2016, research and development costs accounted for approximately 0.6% of our total revenues. (VCS chi 1% revenue cho R&D)

Cost of revenues and gross profit margin
Approximately 44% of our cost of revenues is raw material costs. The cost of our raw materials consists of the purchase prices of such materials and costs related to the logistics of delivering the materials to our manufacturing facilities. Our raw materials costs are also impacted by changes in foreign exchange rates. Our principal raw materials, quartz and polyester, jointly accounted for approximately 69% of our total raw material cost in 2016. The balance of our cost of revenues consists primarily of manufacturing costs and related overhead. Cost of revenues in our direct distribution channels also includes the cost of delivery from our manufacturing facilities to our warehouses, warehouse operational costs, as well as additional delivery costs associated with the shipment of our products to customer sites in certain markets. In the U.S. and Canada we also incur fabrication and installation costs related mainly to IKEA. In the case of our indirect distribution channels, we bear the cost of delivery to theIsraeli seaport and our distributors bear the cost of delivery from the seaport to their warehouses.

Quartz is one of our principal raw materials. Our products incorporate a number of types of quartz, including quartzite, quartz and other dry minerals. In 2016, approximately 68% of our total quartz was from four suppliers in Turkey, with the major part acquired from Mikroman and Polat.

Quartz accounted for approximately 37% of our raw materials cost in 2016. Accordingly, our cost of sales and overall results of operations are impacted significantly by fluctuations in quartz prices. In 2015, the average cost of quartz decreased by approximately 1.5% despite some selective price increases from our Turkish quartz suppliers. This reduction was related to an approximately 16% devaluation of the euro compared to the U.S. dollar in 2015 on an annual average basis, which affected the cost of purchasing quartz from non-Turkish European suppliers. Quartz imported for our U.S. manufacturing facility involves higher transportation costs, therefore our total average quartz costs increased by approximately 1.3% in 2015. In 2016 the average cost of quartz decreased by 1.3% as a result of lower transportation cost, given the drop in oil prices. Any future increases in quartz costs may adversely impact our margins and net income.

Given the significance of polyester costs relative to our total raw material expenditures, our cost of sales and overall results of operations are impacted significantly by fluctuations in their prices, which generally correlate with oil prices. In 2015, average polyester costs decreased by approximately 27% from 2014, of which approximately 12% was due to a change in our costs denominated in euros, and the rest related to an approximately 16% weakening of the euro compared to the U.S. dollar on an average annual basis. In 2016 average polyester costs decreased by approximately 12%, of which only 0.3% were related to devaluation of the Euro compared to the U.S. dollar.

Any future increases in polyester costs may adversely impact our margins and net income. We are exposed to fluctuations in the prices of pigments, although to a lesser extent than with polyester. For example, the cost of titanium dioxide, our principal white pigmentation agent, decreased continuously by approximately 20% and 3% in 2015 and 2016, respectively. The gross profit margins on sales in our direct markets are generally higher than in our indirect markets in which we use third-party distributors, due to the elimination of the third-party distributor’s margin. In many markets, our expansion strategy is to work with third-party distributors who we believe will be able to increase sales more rapidly in their market than if we distributed our products directly. However, in several markets we distribute directly, including the United States, Australia, Canada and, asof January 1, 2017, in the United Kingdom. In the future, we intend to evaluate other potential markets to distribute directly

@iStocksVN nghiên cứu Caesarstone kỹ rồi kết luận cho anh em VCSer biết nhé..nhìn qua tình hình mình dự lợi nhuận năm nay VCS khả năng vượt Caesarstone đấy..

Tương lai VCS sẽ đuổi kịp CSTE cả về doanh thu đó bác

Doanh thu để vượt cần nhiều thời gian .. nhưng lợi nhuận thì sát nhau lắm rồi (ln Q2 VCS coi như đã vượt so với 14.5M$ của Caesarstone)..chờ cuối năm xem kết quả tổng thể thế nào nhé..

Quan trọng hơn là lợi nhuận VCS đang tăng trưởng mạnh còn ln Caesarstone lại đang đi giật lùi..