In August, The Number Of Retail Sales Of Major Retail Enterprises Increased By 8.8% Over The Same Period Last Year.

< p > week review: 1. Industry view: in August, the number of retail sales of 100 major large-scale retail enterprises increased by 8.8% over the same period in August. The sales growth of < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > category was 4.7%, the three quarter slipped for two consecutive months, and the terminal sales slump did not change.

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< p > Company tracking: 1. Ge Wenyao, chairman of Shanghai Jahwa, retired: in September 17th, Shanghai Jahwa announcement, chairman Ge Wenyao applied for retirement due to personal age and health reasons.

In September 22nd, the company announced the resolution of the board of directors and accepted the retirement application of Mr. Ge Wenyao. The board of directors decided to elect Zhang Chun, the independent director, as the acting chairman.

We think GE's abrupt retirement is unexpected, and the sharp fall in the stock price last week also reflects the concern that the capital market is concerned about the changes in the senior executives in Shanghai. It is expected that the future successor to the chairman of the listed company will be the key to maintaining the stability of the business team as a necessary condition for the future development.

We have long been optimistic about the prospects of the cosmetics industry and the strength of Shanghai Jahwa. We believe that the long-term interests of major shareholders, Ping An Trust, listed companies and investors are the same.

In the three quarter, due to the late summer weather this year, the sales of toilet water sales were slower than in previous years. The growth rate of Q3 Liushen brand may drop to a single digit. It is estimated that the growth rate of the three quarterly report may be slightly lower than that of the Chinese newspaper.

Considering that the cost of equity incentive fees is less in the second half of the year, it is expected that the three quarterly report is expected to maintain a net profit growth of more than 30%.

To maintain profit forecasts, we expect short-term stock prices to be adjusted. We believe that the PE valuation of 35 times 2013 is reasonable. If the stock price is overadjusted, it will provide long-term investors with buying opportunities.

2. Interview with clothing experts: last week, we conducted in-depth exchanges with Mr. Zhang Bingliang, a fashion brand strategist. Experts believe that the future garment enterprises will gradually pform from the high margin, low efficiency, high inventory mode to low margin, Gaoping efficiency and low inventory mode. Upgrading the product cycle speed is the core of pformation. In order to improve the efficiency of terminal sales, the front-end enterprises should focus on cultivating core suppliers, reduce excessive SKU quantity, enhance the accuracy of product design, strengthen the terminal data analysis ability, and establish a rapid reaction mechanism.

(3) the company set up a subsidiary company: the bird of fortune 6 million 500 thousand and the gold yarn Investment Co., Ltd. jointly established the Shanghai Kami a target= "_blank" href= "http://www.91se91.com/" > dress < /a > Co., Ltd.

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< p > last week, < a target= "_blank" href= "http://www.91se91.com/" > textile < /a > the performance of the clothing plate was weaker than that of the market. Last week, the textile and clothing index fell 2.04%, compared with the 0.81% index of the Shen Wan A index.

Among them, the textile manufacturing index fell 1.67%, relative to Shen Wan A index fell 0.45%; clothing home textile index fell 2.40%, relative to Shen Wan A index fell 1.18%.

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< p > industry basic data: cotton prices rose slightly last week, and chemical fiber prices fell slightly: domestic 328 spot spot rose 0.06% to close at 19149 yuan / ton, Zheng cotton main contract rose 0.5% to 19790 yuan / ton.

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< p > polyester staple fell 0.3% to 10300 yuan / ton, viscose staple fell 1.1% to 13000 yuan / ton, nylon yarn last week maintained a price of 19900 yuan / ton.

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< p > our view: clothing sales are still weak in August. Brand clothing has recently performed better than textile manufacturing, and brand apparel will have a bottom layout.

The sudden retirement of Ge Wenyao, chairman of Shanghai Jahwa, is undoubtedly a major event last week. After the turmoil of Jahwa and major shareholder safety in May this year, Ge Zong's retirement should be expected, but only 4 months later, the retirement time is still ahead of everyone's expectations.

We believe that the short-term market needs to absorb psychological impact. Shanghai Jahwa is a rare good company in the A share market. In the long run, we are still firmly optimistic about the innovation capability of the daily chemical industry and Jilin, and the excessive adjustment of the stock price will provide a better buying opportunity for the long-term investors in the capital market.

From the end sale of clothing, retail sales of hundreds of retail enterprises in August are still relatively weak, but since July, the share price of < a target= "_blank" href= "http://www.91se91.com/" > brand clothing < /a > is better than that of textile manufacturing, and it is expected that the bottom configuration will be in the low stage of industry.

We are optimistic about the enterprises that can stimulate consumer demand through product innovation and enhance the profitability of the same store. We recommend the high-end women's dress, and the leisure wear leading apparel, Semir clothing, and cosmetics will be longer and more complete. The outdoor leaders will be very innovative in the area of the electricity supplier and platform, and we can pay attention to the recovery process of the home textile leader fuanna and Luo Lai home textiles.

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