Smith Barney'S Innovative Performance Is Rising.

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< p > China Merchants Securities Research believes that this year's < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107105" > Mei Bang dress < /a > is affected by the continuous downturn of the market. The annual performance is expected to remain in a declining range overall, but the quality indicators for growth are continuing to improve, and the foundation for recovery next year will continue to strengthen.

MB vigorously innovates reform, builds new experience under the integrated development of online and offline, and the continuous optimization of channels next year will hopefully lead to a rebound in performance.

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< p > the company has gone through < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107107" > inventory crisis < /a >, insisting on the concept of continuous innovation.

In the past year, innovation has been made in a series of aspects such as organizational change, supply chain management, product upgrading, shop experience and so on. Especially in terms of organizational change, a team with global product innovation has been established, and the company is moving from the original entrepreneur rule to the manager guidance.

In addition, equity incentive exercise conditions for next year's track of performance recovery direction.

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< p > it is worth noting that in order to increase the stock market liquidity in the two tier market, there will be no more than about 50000000 shares of major shareholders by the end of April next year.

China Merchants Securities believes that in the context of stronger confidence in the company, it is estimated that the price of the about 50000000 shares will be higher than the previous high point by the end of April next year, which will have a phased impact on the stock price, but after the pain, the shareholder structure will be more perfect.

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< p > the inventory problem of the company has achieved good results this year. It is expected that next year's performance will be lower than that of a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107108" > risk controllable /a > there is room for recovery in fundamentals.

Despite the short term impact of the downturn in demand, the income side recovery is highly limited, but under the guidance of equity incentive objectives, the recovery of profit margins will bring greater flexibility to profits.

It is suggested that the recovery opportunities should be grasped according to the company's performance recovery rhythm, but we should pay attention to the impact of subsequent reduction on stock prices.

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