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　　机构：中金公司

　　评级：增持

　　目标价：2.21港元

　　Trends to watch

　　We expect SSSG to continue to recover, benefiting from a favorablemacro environment. The CICC macro team expects CPI to reach 2.6%in 2018 and 2.8% in 2019.

　　Watch fresh produce upgrade. The company developed two newbrands, 京捷生鲜 and 京客隆爱家 . In2017, 13 stores were transformed to the new brands to provide abetter fresh produce consumption experience.

　　Valuation still attractive. The stock is trading at 5x 2018e EV/EBITDA,lower than peers’.

　　Earnings forecast 

　　Considering the weak wholesale revenue growth, we lower our 2018net profit forecast by 1.9% from Rmb52mn to Rmb51mn, and introduce a 2019 net profit forecast of Rmb59mn.

　　Valuation and recommendation

　　 The stock is trading at 5x 2018e EV/EBITDA. We maintain our HOLDrating, but lower our target price by 5.96% to HK$2.21, implying17.55% upside room from the current price. Our TP is based on 6x2018e EV/EBITDA.

　　Risks

　　Fierce competition from e-commerce and new retail industry; costhikes. 

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