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上市公司2008年中期业绩无法逃离这样一个大的经济背景:由于国际原油等大宗商品价格在国际资本趋利的催动下连创新高,全球通胀预期加剧;CPI 与 PPI 双双创出新高,国内经济通胀明显加剧。但在国内外双重通胀压力下,商业零售业异军突起,其规模和利润率仍不断提高,而且利润的增长超过收入的增长,行业的内生性增长显著,商业零售业成为调整市中的避风港。近日,欧亚集团、王府井、东百集团等零售类上市公司陆续发布半年报,在 CPI居高不下的上半年,他们的共同特点是:毛利率上扬,营业收入与净利润都保持两位数且稳定增长。“我们预估2008年上半年零售公司的平均业绩增长应该在30%～40%左右。”上海证券分析师刘丽称。申银万国分析师金泽斐则表示,从整体来看,今年上半年,商业零售行业平均净利润(扣除非经常性损益后的净利润)增长应能达到40%左右,个别优质企业达到50%以上。
Listed companies in 2008 interim results can not escape such a large economic background: due to the international crude oil and other commodity prices in the international capital drive despite the trend of a record high, global inflation expectations intensified; both CPI and PPI hit a new high, the domestic economy Inflation is noticeably worse. However, under the pressure of double inflation both at home and abroad, the commercial retail sector has been emerging as a mega-nation. Its scale and profit margin continue to rise. Its profit growth exceeds that of its revenue. The industry’s endogenous growth has been remarkable. Commercial retail business has become a safe haven for the city. Recently, the retail companies such as Eurasia Group, Wangfujing and Dongbai Group successively released their semi-annual reports. In the first half of the year with high CPI, their common features are: the gross profit margin has risen, and both the operating revenue and net profit have remained at two Number and steady growth. “We expect the average performance of retail companies in the first half of 2008 growth should be about 30% ~ 40%. ” Shanghai Securities analyst Liu Li said. Kansei Fei, an analyst at Shenyin Wanguo, said on the whole that in the first half of this year, the average net profit of commercial retail industry (net profit after deducting non-recurring gains and losses) should increase by about 40% and individual high-quality enterprises should reach over 50% .