商貿(mào)零售行業(yè)2018年三季報總結(jié)景氣度下滑，中秋錯位致環(huán)比略有改善

1、目錄1、2018年三季度商業(yè)貿(mào)易行業(yè)行情回顧...............................31.1、2018年三季度行情回顧—整體表現(xiàn)較弱，永輝漲7%............................32.2018年三季報總結(jié)：收入、凈利潤增速放緩，ROE下滑................................52.1、收入增速總體呈現(xiàn)同比放緩態(tài)勢，中秋錯位致環(huán)比改善，超市板塊表現(xiàn)較好.........

2、...................................................................................................................52.2、業(yè)績增速同比環(huán)比均呈現(xiàn)放緩態(tài)勢...........................................................73.ROE拐點向下呈現(xiàn)放緩態(tài)勢..........

3、......................................................................93.1、行業(yè)ROE下滑，凈利率及周轉(zhuǎn)雙雙惡化.................................................93.2、毛利率持續(xù)提升，費用率的提升導(dǎo)致凈利率惡化..................................10圖1、2018Q3商業(yè)貿(mào)易指數(shù)跌

4、幅為7.79%............................................................3圖2、2018Q3商業(yè)貿(mào)易板塊萃華珠寶以12.66%增幅領(lǐng)漲..................................3圖3、行業(yè)前三季度收入增速同比下滑.................................................................5圖4、單

5、三季度行業(yè)收入增速環(huán)比提升.................................................................5圖5、2018年前三季度百貨板塊收入增速同比下滑.............................................5圖6、單三季度百貨板塊收入增速環(huán)比向好....................................................

6、.....5圖7、前三季度超市板塊收入同比增速提升.........................................................6圖8、單三季度超市板塊收入增速環(huán)比提升.........................................................6圖9、前三季度專業(yè)連鎖收入同比增速提升.........................................

7、................7圖10、單三季度專業(yè)連鎖收入增速環(huán)比下滑........................................................7圖11、行業(yè)前三季度利潤增速同比下滑................................................................7圖12、行業(yè)單三季度行業(yè)利潤增速環(huán)比下滑.......................

8、.................................7圖13、百貨前三季度利潤增速同比下滑...............................................................8圖14、超市單三季度行業(yè)利潤增速環(huán)比下滑........................................................8圖15、超市前三季度利潤增速同比下滑.........

9、......................................................8圖16、超市單三季度超市利潤增速環(huán)比下滑........................................................8圖17、第三季度行業(yè)ROE呈現(xiàn)下降走勢走勢......................................................9圖18、行業(yè)凈利率和周轉(zhuǎn)

10、率均出現(xiàn)下滑...............................................................9圖19、百貨板塊ROE拐頭向下.............................................................................9圖20、百貨板塊凈利率和周轉(zhuǎn)雙雙下滑.......................................

11、........................9圖21、超市板塊ROE小幅下滑...........................................................................10圖22、超市板塊凈利率、周轉(zhuǎn)率雙雙下滑.........................................................10圖23、行業(yè)和各子板塊毛利率持續(xù)提升.......

12、......................................................11圖24、行業(yè)和各子板塊銷售費用率提升明顯......................................................11圖25、行業(yè)和各子板塊管理費用率小幅提升......................................................11圖26、超市板塊財務(wù)費用

13、率提升明顯.................................................................11表1、2018Q3零售板塊漲跌幅前五........................................................................4表2、行業(yè)重點公司2018三季度業(yè)績回顧.....................................

14、....................12表3、行業(yè)重點公司估值情況...............................................................................12表1、2018Q32018Q3零售板塊漲跌幅前五資料來源：wind，整理相對滬深300漲跌證券代碼證券簡稱漲跌幅換手率相對漲跌幅漲幅前5名002731.SZ萃華珠寶12.6641.6114.72600712.

15、SH南寧百貨7.0662.569.11601933.SH永輝超市6.6828.178.73600612.SH老鳳祥5.8424.907.90603101.SH匯嘉時代4.60106.906.65跌幅前5名600280.SH中央商場48.51121.3846.46000587.SZ金洲慈航39.92252.8337.87002094.SZ青島金王35.41122.9133.35603900.SH萊紳通靈33.81140.2031.7600