永辉超市：加强信息化推进微创新.docVIP

新浪财经端：证监会新政激活A股IPO改革八大关键词瑞银证券彭子姮 2013年同店增长强劲，新区有序推进。于2013年5-7月、9-10月分别进行大、小两次促销，全年同店增长强劲，我们估计全年新区增速为15-20%、整体增速约为5-7%。新开店方面，2013年4季度集中开店数量较多，达到21家；我们预计2014年上半年上海将开出3-5家农改超1.0版本门店，单店平均面积约为4000平米，以生鲜及食品为主要品类；此外2014年1月新开上海鲁班路店销售势头良好。ERP信息系统支持下进一步涉水电子商务。ERP全国体系布局完毕令得以进一步布局电子商务入口端，我们预计将持续积极尝试、并局部试点手机移动端与门店销售贯通的模式，利用电子商务挖掘更好的消费体验：1月15日永辉微店APP试运行，可以实现移动端APP线上订购、支付和超市门店线下提货的功能，目前暂时在福州区域的8家门店进行试点。总部设立创新研发部门承担风险及相关费用。总部设立创新研发部门，新业态、新品类的尝试风险及成本由总部承担，成本收益制度设计令前台门店及业务部门对推动创新落地较此前更为积极。例如1月15日试点的永辉微店，即为总部承担成本费用，门店受益线上业务可能带来的新增收入；同时我们也于近期观察到永辉部分门店开展了“鲜炒系列”等进一步迎合消费者需求的微创新业务。估值：维持“买入”评级，目标价17.5元。我们维持2013/14/15年EPS0.53/0.68/0.88元，根据瑞银VCAM工具维持12个月目标价17.5元(WACC=8.5%)，对应市盈率分别为33/26/20倍。  2fh0f3c7a 微信投票0731  Writing parallel sentences highlightsWriting parallel sentences highlightsPolitical classI go to enhance the consciousness of active, dynamic, firmness.I go to enhance the strong political identity, identity theory, emotion recognition.The implementation, maintenance support, development of the overwhelming majority of the people all the benefits.That really makes people enjoy people more real, more fully, more extensive human rights.The advance of political consultation, democratic supervision, participation in politics and political system construction.The advancement of social democracy political system, standardize standardization of procedures.The implementation of self-management, self-service, self education, self supervision.- establish socialist democracy and the rule of law, freedom, peace, justice and equality.The efforts to solve the people most concerned about, the most direct benefit directly, most practical problems.That should enhance the consciousness of political power, the overall situation consciousness, suffering consciousness and sense of responsibility.The development for the people, development depends on the people, the fruits of development are shared by the people.The optimization of public resource allocation, innovation of public s