Clothing Brand Seven Wolves: Terminal Sales &Nbsp; Performance Exceeded Expectations.

Seven wolves (002029) concentrated on terminal historical inventory last year, and this year, the intensity of terminal distribution is moderately liberalized.

This year's sales during the national day of the company promoted by the marketing competition and other activities, especially the operation of Direct stores. The good sales condition gave the company's performance growth over expected support.

For front-end industries with consumption promotion, we should choose a channel structure conducive to long-term development or improvement, and have a single store to enhance management capabilities.

In view of the fact that the company has strong global control capability, there is room for improvement in the quality improvement of single stores in the future. With the progress of support for franchisees, the continuous development of flat channels and the promotion of single brand and multi series, the company will have stable and sustainable growth in the future.

Companies that are in the forefront of consumer upgrades but have the ability to improve single stores have been the focus of attention. Especially in the past month, the company has been listed as the main target of recent recommendation in the overall adjustment of the industry.

Combined with the three quarterly report, the company's profit forecast is raised. It is estimated that the EPS in 11-13 years will be raised from 1.37, 1.76 and 2.18 yuan / shares to 1.41, 1.91 and 2.36 yuan / shares respectively. The current valuation is 11, 12 years 26.8 and 26.8 times, the valuation has the margin of safety, and the "highly recommended" rating is maintained.

Half year target price can be estimated at least 12 years 22.5~25 times, and the target price center is 42.92~47.69 yuan.