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1、 !#$%&()*+,!国金证券研究所 分析师:廖馨瑶(执业 S05) 分析师:许孟婕(执业 S03) 联系人:叶思嘉 线上线下全景看消费修复?#$%&()*+,%&-./01023456789:;34?2A234BCDE-./F,GHICJ56/#2$K#256LM!N OPQRSTQUV1W?234X56YZ1AL23456/_ abcNdbefSgh-%&A2ijk34Sg%&lm?nopq1%&rstuv;Qw1*+,Qwxyy z|F,9:BCQwDs?1CMOFTQ1%&R#mk1“”1 y1,+(;O1O%&%&r56O%&-|1$O%
2、&ySgh-%&_|S$O%&ySgh-%&$2%&)m:2%&!2%&$0T1%&(j(a H1HBh-BBk1_1$rYZGA$2k%&)0*+,:1DE$+GSgh-)_#%&(y1+Gm!0*#$+%?+9&%&($)$*;10*+,9+1,-./0/1Q2.156/34A(?+(56789$:;k=A?(5A$BCDEF)GHF*f;IJ15KL*rMN OdOP OF$L0.1,-56/01QL,R!S1TBC*UVWQFXY56L OO O$O!OF!OOb$Sdb1M O!OY,56/Z4 dbPQsQL,R!,1T_*UVWQFa56L OO O!OOb$,RN?b Nab/
3、cd)efg+hf#/1GHijkl*,!Umno OdOP Ofgpqrst1.u OP Ofgp1vwxyyz1|gc$+#ps?15cf+#?ONb$?OOb$?!Nb1eMp9$q,s/sG.1L0c1,R,R!d“”!N O56/(!Oab(4!d,b)1;!dab$!Nb4 Ndb$!Sb1 56e!N O56/1a,s/1;$3(Te56/341(H$e56-+?v/xf2k56&$1i*.eMIJ 行业深度研究 证券研究报告 主要消费产业行业研究 2023 年 06 月 21 日 买入(维持评级)#$%&!#$%&()*+,!O!#$!#$%#$%&()*+,%&-./0102
4、3456n/9:RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa!R!;34)A234DE%&rstq-RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa!RO;Qw)*+,BCQwDE-.901DE,+(RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!RP;O)O%&%&-./:ORRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR$2%&)m:RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
5、RRRRRRRRS OR!$)!2T0RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRS ORODB)m=*LHB0h-B RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRN ORPP)k1RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!d OR$)HrG1*;RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!A$2k%&)0*+,:1DE1+G RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!PR!Sgh-)DE1Qw+TG1m%&9*RR
6、RRRRRRRRRRRRRRRR!PRO)$*;10*+,9+1,-./0RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!PRPcd)efg+hf#/1GHijkl*RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,u RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRROd?$$%!)z|iF,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
7、RRRRRRRa O)z|34=;oRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa P)z|iF,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa )z|34=;oRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa a)xyy z|iF,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
8、RRRRRRRRRRRRRRRRRRRRRRRRa ,)xyy z|34=;oRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa )Sgh-;34F*RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!OS)$RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!ON)$RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!Pd)
9、*2;RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P!)$Sgh-DETRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O PO)$Sgh-DERRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O PP)DE|RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O P)DE|RRRRRRRRRRRRRRRRRRRRRRRRRRRRR
10、RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O Pa)DEDRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O P,)DEDRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!O P)#$|RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P PS)#$+RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
11、RRRRRRRRRRRRRRRR!P PN)Sgh-+RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P d)DE+RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P !)Sgh-X,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P O)2564!a;(bOdO!)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!P)256!a;
12、(bOdO!)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!a )TK*vFP56/(9KL OdOPd,!)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!a a)TK*vFPe56/(9KL OdOPd,!)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!a ,)TBCvFP56/(9KL OdOPd,!S)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,)T_vFPe56/(9KL OdOPd,!,)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,S)T
13、BCvFPe56/(9KL OdOPd,!S)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,N)T_vFPe56/(9KL OdOPd,!,)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,ad)mn OdOP fg!d|gc+#kRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!#$%&!#$%&()*+,!a!).ufgRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!aO).uqljvw2q(RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
14、RRRRRRRRRRRRRRRRRRR!aP)mn.A8“”zq&RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!S a)L0c56/(bOd!N1Z,)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!S aa)vwgc/56/(bOd!N1Z,)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!S a,)mn|F,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!N a)m
15、nCd|F,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!N aS)a e56/,s/(bOd!N)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!N aN)a;e$3564(bOd!N)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRROd?#$%&!#$%&()*+,!a!?撑?撑?!R!R!;34)A234DE%&rstq-;34)A234DE%&rstq-BCQwDE-./1A234GHIQ;34QwQA234 z|F,(!b1?z|F,OR!bA
16、234 z|F,(OROb1?z|F,!bxyyA234DEF,aROb1?xyy z|F,!ab!)z z|iF,iF,O O)z z|34=;o34=;o -./:;-./:;P P)z z|iF,iF,)z z|34=;o34=;o -./:;-./:;a a)xyyxyy z z|iF,iF,)xyyxyy z z|34=;o34=;o -./:;-./:;CJL/W/1023456+?234!K/(OdOPR,Rda,R!)vCJ
17、L/Y!N OF56/SRb$a jW#;3421$.1#2$K#256LM!N OPQRSTQUV1W?234X56YZ1AL23456/_ abcNdbef#$%&!#$%&()*+,!,!)vCJL/vCJL/-./:;S S);342CJ56/(;342CJ56/(b bOd!NOd!N O)O)-./:;#234%&r56:A2ijk34.v%&()1Sgh-;34m Hnor/jpq0%&N N)Sgh-;34noSgh-;34no -./:;#$%&!#$%&()*+,!RORO;Qw)*+,BCQwD
18、E-.901DE,+(;Qw)*+,BCQwDE-.901DE,+(xyy_H;iDE0R4k1 z|F,l:01Qwxyy a z|F,!ab1 z|F,!b1 z|F,OR!bHf$r9L1xyy2V345_BCHf:6;17xyy-.DER01_Z8kl_ a sYZ9+z|%&G#69n1*+,QwDE-.9:BCQwD?1CMOFTQ1%&R#mk1“”1 y1,+(1_%&:4m9yZ,a$xyyD;=(aRSS$PRN$aRdP 1/;L Od!N O1YZ?1=?-;AI2k-WBC.D9yDEf1EDEm9m1_mkFBC BCDE_ a MOFRSTQ1a$xyyQ;=(!
19、d”$”$a,”!d!d)/DD !)/D/D -./:;-./:;!O!O)xyy/Dxyy/D !P!P)BCDEBCDE -./:;-./:;!RP!RP;O)O%&%&-./:O;O)O%&%&-./:O O%&r56:O.v%&()1-|1$O%&ySgh-%&_|S$O%&ySgh-%$%&!#$%&()*+,!S!)_DE_DE|-./:;?O OR!R!$)$)!2T2T00 OdOP O!1x_-T41?-;%&m99m1ji2GHI1 P;c
20、$;Qw1,1_OJ KzL Qw KzL !b1(BCAHMNOPfQ(7RSTuD5U9+VDOPfM%&WXW1 YW9yYG*oZOPBC!a!a)$20$20 -./:;#$%&!#$%&()*+,!N!,!,)c$0c$0 !)BCYBCY -./:;-./:;!S!S)TQwXYTQwXY -./:;OROORODBDB)m=*LHB0h-Bm=*LHB0h-B HDB01 Pab1-!0HB1 OOO a YZ?R15612kl_#69n1jiODB_;m4uv a NOb1
21、 Oaab1XaW1a+F,!Rb1a+!dbm=*bL1*b+cdO?R=1O6HBh-BeB!N!N)a+a+OdOd)a+a+-./:;-./:;#$%&!#$%&()*+,!d!O!O!)DB|O6DB|O6 OOOO)DB|O6DB|O6 -./:;-./:;O ORPRPPP)k1)k1 H P Pdb1-0Qw1 a db1OYZ?R1O%&m4uv1jiQwT?-fxxyyb1%&9 Dgh+h19ijkl+hfmsnorq-1“!P Oq-F*9:1%&ZL*=*1_*pl
22、sq1%&1Z#T;i/LOPOP)_ P P 44 OO)a a XX -./:;-./:;OaOa)O,O,)xyyr/#xyyr/#-./:;-./:;#$%&!#$%&()*+,!OO)“!P!P q-:F*q-:F*-./:;OROR$)HrG$)HrG1*;1*;H1$_yrsQw$GHIQ0=*L1%&mtt56*uf2Qw;OSOS)$ONON)$-./:;-./:;PdPd)*2;*2;-./01
23、:;?PR!PR!Sgh-)DE1Sgh-)DE1Qw+TGQw+TG1m%&9*1m%&9*%&G6vIJk1DE%&9GH*+,1Qw%&DET.v%&()1$Sgh-DEAT1_w%&yIJk1Sgh-DE#$%&!#$%&()*+,!O!P!P!)$Sgh-DET$Sgh-DET POPO)$Sgh-DE$Sgh-DE -./:;-./:;m=*bLSgh-%&_G#6IJk56/9+jm*LG+xX y#$z 1.v%&()1|,#6Ey#$z 17m=*!L#$+ETYZ%1|(m=*9LSg%&_GIJkE
24、9*PPPP)DEDE|PP)DEDE|-./:;-./:;PaPa)DEDDED P,P,)DEDDED -./:;-./:;#$%&!#$%&()*+,!P!PP)#$#$|PSPS)#$+#$+-./:;-./:;.v%&()1i+,krs+k O$1 +F,k1|(!):Z1_s1j?+%4Y1WAIvDEw%&yIJk9V+1_ O$-?+jZO)|(_4zk1DE9(H%&*+,1-ZQw?+DE+PNPN)Sgh-+Sgh-+
25、dd)DE+DE+-./:;-./:;?+%&*9L.v%&()1Sgh-X,10+()X,rs1?+($89)X,T|(_%&G#6k1DEZ0+%&YZG1YZ9(“”1Z?+0%&TL%&I!)Sgh-X,Sgh-X,-./:;#$%&!#$%&()*+,!P PR RO O)$*;10*+,9+1)$*;10*+,9+1,-./0-./0 256.1?+$0*+,$K/0YZ+256.1?+$0*+,$K/0YZ+/1Q2.156/34A(?+(56789$:;k=A?(5A$BCDEF)56/3A?$Y1O
26、)_%&9*+,y8?zIJ1?$m=*9L(T)569+OO)25642564!a!a;(;(b bOdO!OdO!)-./?AB:;#$%&!#$%&()*+,!a!PP)256256!a!a;(;(b bOdO!OdO!)-./?AB:;GHF*f;IJ5CJS1K256/341L*rMN OdOP OL1|TT0fK*1F$aM O!OFY,+1*L-y56/9!ddb1,0bF56/9!db(tMK3XYG)1!K OdOPR,R!UVWQF$a56/!Sb$!abF+F11_v-1QL OdOPR,R!131!,N$YO1KA
27、2ijk34|(N_*L*r$W+%&*+,rs1Z_*712()TK*vFP56/(9KLTK*vFP56/(9KLO OdOPdOP d,d,!)aa)TK*vFPe56/(9KTK*vFPe56/(9KLL O OdOPd,!dOPd,!)-./01234-5_8019:;-./01234-5_8019:;0.1,-56/0|_;T*.1QL,R!S1TBC*UVWQFXY56L OO O$O!OF!OOb$Sdb1M O!OY,56/Z4 dbPQsQL,R!,1T_*UVWQFa56L OO O!OOb$,RN?b Nab/1Oje56/!Ob#$%&!#$%&()*+,!,!,)T
28、BCvFTBCvFP56/(9KLP56/(9KLOdOPdOdOPd,!S!S)T_vFPe56/(9KLT_vFPe56/(9KLO OdOPd,!,dOPd,!,)-./01234-5_8019:;-./01234-5_8019:;SS)TBCvFPe56/(9KTBCvFPe56/(9KLL O OdOPd,!SdOPd,!S)NN)T_vFPe56/(9KLT_vFPe56/(9KLO OdOPdOP d,!,d,!,)-./01234-5_8019:;-./01234-5_8019:;P PR RP P cd)efg+hf#/1GHijkl*cd)efg+hf#/1GHijkl*f
29、gc+h#?1eMp9$q,s/sG,!Umno OdOP Ofgpqrst1.u OdOP Ofgp1vwxyyz1|gc$+#ps?1|g1ygcf+#ps?1T5cf+#?ONb$?OOb$?!Nb#$%&!#$%&()*+,!adad)mnmn O OdOPdOP fgfg !d!d|gc+#k|gc+#k -./op8019:;&p=12q_;1|gl&.dt.(QL OP O,!U)1Ofgp1vw2q7(DE1p1q,abqM:19yDEpD P ijqn1P ijnq,(aab:Z P 8p1_;DEEpX9p$_MWqpfgqDE1p ijnDEpq Pb10(O x P n
30、1,;=(PObx O!bY,O1OfgpDEqrs1vw2q.dq%&1q,(ab0(qxzq1q,;=(PObx!b#,fg6qaa01es(vw2qM:1$K$2$w$*$|gia/9(34a!a!).ufg.ufg aOaO).uqljvw2q(.uqljvw2q(-./qr8019:;-./qr8019:;qM:1#234 Pdd w2&mnu11021$y”?Pdd 2&j(T1fgpaF,d 1xd,9.u1$v$*$gDEqI9#qDE1.90,T1 5P$=3$I$v$.d3$d8$/pea/34zq&1zn+#k,bmn.u1fgpzqaF,!O zd7S_?1|4mnQw
31、1fgpzn+,#f+h?,bfgfzqd.$V/?Xp|g1y”_ P 8w2&.u|g7(zqDE1pT$!v$K$#$2$%$&($)*$+,-.,2$/%$K|g9&DE#$%&!#$%&()*+,!S!aPaP)mn.A8yzzq&mn.A8yzzq&-./op8019:;a c“”56/s/1 tMCd$k04m56YZGYG1,6i./0/.1a wgc“”12(Pdd S,b156L!N OF NPb(4!db)56L!N O Nb(4 NNb)156L!N O!ddb(4!dab)1,s/1dO#4U_ =#1|(a.,s/MCd(a mnCd|/rssG)$k04mYZ56
32、3sG/.1.1L0c1OdOPR,R,R!d“”!N O56/(!Oab(4!d,b)1;!dab$!Nb4 Ndb$!Sb1 56$56/|4(Q%aa)L0c56/(L0c56/(b bOd!NOd!N1Z1Z,),)aaaa)vwgc/56/(vwgc/56/(b bOd!NOd!N1Z,)1Z,)-./stu8019:;-./stu8019:;Qw-./6fg$ips/mn ,R,R!O|F,OPb$4#Odbs/0%20%40%60%80%100%120%----032021-052
33、------05RevPAR(%19)OCC(%19)ADR(%19)#$%&!#$%&()*+,!N!a,a,)mnmn|F,F,aa)mnCdmnCd|F,F,-./01234-5_8019:;-./01234-5_8019:;e561a,s/10S$4e;=(!N OF Nb$Sb1eqm$/-84e;1$3(Te56/341(H$e56-+aSaS)a a e56/,e56/,s/(s/(b bOd!NOd!N)-./01234-5678
34、019:;#$%&!#$%&()*+,!Od!aNaN)a a;e$3564(;e$3564(b bOd!NOd!N)-./:;?5fm671%&6vi%&8uvl:%&9sji:156+n_*;Tv1%&%&?1-BCQwDE17OBCQwL+hr1+W ABw_*LCD1*ZYGEFh#=.eMIJGR|2.1.SIJjieMMIJssSH IJKL:+45MN1D.KDSIJ45OP1Q7.Z+RVtxSTUV.RWYG.(I$1M_1TZE3XF.#$%&!#$%&()*+,!O!#()*+,-./()*+,-./!01/2345 678 9:;?%ABCD
35、EFGH=I!JK/2345 678 9:;?%ABCD FG7EFGI!LM/2345 678 9:;#NO?%PQBCD!RFG7FGI!SK/2345 678 9:;N“”019:vwxyz 019:=x84|”8KnQN-ZZZjZZZ8Nz“”-j|”-jZ8D,a019:vwxyz 8QNx-N-S019:;a-z;8019:;-EFQ9N;-QZ8N=H;-Q8019:QjN=-x!-#$NA-ZZ%&n(z)*-+,8-Q./-80*F812jQ34ZijQ5019:6OZL789-H-*=:-Q;N=a#?j8-nQABCaDE9:Z1FG-HIHIJNK-9:1FGnxLM
36、-NO8QPQEQRS=x;N=K-9:1FG-TZTUVWXYZgh5m-Q_4-abcAdef019:g-ghNb-hWij85QACNakl-m2n9:;eN-yzoS)8xuHstNZA-=QZZ-%yz8019:QA-%yz#8-*nQ-K“-”-8019:-!xA-z=-9:P8az-K|K1FpN Z):-dQ”Z);eK*bc-)Z4H8QABCa)bc!S)9:1FG-yzlSNAK-9:1FG8N-Vv-+,j019:;8X8019:Q#019:-KN8Kaa#$NQ019:NK-VKyz8019:Qa#$=ySA0j019:“”=x8”h YY/JTJIJ/JTJTJJ/_/TJTJ/J 0M I/JJJ/_/JJJJ/yM T M /JII/JIJ/_/JJJ/Y1 TJT A J