Incentive Improvement, Merger And Reorganization Is Worth Looking Forward To.

Growth in the second half is expected to pick up; the cardinal effect of anti-corruption is expected to be eliminated next year: the high base effect of gold sales will be eliminated in the second half of the year, and the low base effect of anti-corruption in the second half of last year will also exist.

The annual prepaid card shows a double decline in sales and recycling, and the cardinal effect is expected to be eliminated in 2015.

The whole channel: 1, the construction of the whole channel pformation system has been completed 70%. In 2015, the whole channel system of Wang Dian well features on the new year's Day was fully launched; 2, the deep joint venture included 4 aspects, namely single item management, inventory management, cargo selection management, and flour noodles operation, and won the support of 200 left history brand dealers. It will be tested in the department store and the Shuang an shopping mall, which will have a positive impact on the improvement of the discount points and the precise marketing of members.

Under the background of the reform, the company speeds up the promotion of talents and encourages the marketization; the integration of Beijing's key enterprises is possible: one side, the retail industry belongs to the general competitive industry, the reform direction is "put"; another side, Wang Dian well is an important brand with strong market influence, and how to reform is uncertain.

Company management

Enthusiasm is high, many ways to push the reform: 1, has been through the market mechanism to attract talents: the negotiation of wage type, to carry out market-oriented assessment, the excess profit divided into the top; to implement the general manager competitive system; 2, try bottom-up reform, the proposed subsidiary company workers holding.

Promotion and

Sharing resources to prepare for its inject into the listed companies: to close down the loss shop and small quantity door shop in the 17 stores of Spring Department Stores; to reserve the project tilting to Wang Dian well, and to keep department stores no longer independent; brand resources and management talents can borrow power: the advantages of Department stores in spring are reflected in luxury investment resources, high-end shopping malls and the operation and management of outlets.

Maintaining the "recommended" rating: the impact of the economic slowdown, anti-corruption and big losses in the new door has been fully reflected. In the second half of the year, the loss of Zhanjiang's closure is not the same as that of HQ last year, and its performance is expected to rebound.

Full channel pformation, deep joint venture, reform of state owned assets, downward incentive mechanism improvement, and purchase and reorganization value are waiting.

The 2014-16 year growth rate is expected to be 5.2%, 10.2% and 13.9%, with a target price of 20.5 yuan, corresponding to 13 times PE. in 2014.