携程 22 年扭亏，继续看好餐饮酒旅修复

2023年03月12日 买入（维持评级） 行业周报 证券研究报告 社会服务业行业研究 国金证券研究所 分析师：苏晨（执业S1130522010001）suchen＠gjzq.com.cn 联系人：叶思嘉yesijia＠gjzq.com.cn ワ錜挿 携程22年扭亏，继续看好餐饮酒旅修复 #$%&f()*#$+,-./0123456789:-3;<=(>?@AB#$CDE)&f(BFG9H +IJK-LDE)MNOPQR=S=T.T.VWXYZR=S1V[\3]^_`Va_`1Sb_`1^^_-&f(cdefC8[g@E)hijklmnBFG9HYZdopqrst-QRT.1S-TTuvAE)w=1uxy=S1V[\3z[- |wMNOPQWXYZR=S1V[\31SS_`1S]_`1Sb_`1S^_@~01ΩYZÄ-QR=S=T.T.1S-.*`./G901HÅ=S1V[\31S1_`1a_-.*xyÇ1V[\3z[ÉZR+Cz[-./ÑÖJKw@ Üá%àâTä\ãåçméèêfp-ëíìîÉZw@QR=S=T.T.1S-ïñóòôöõ.ŠzùâYZR==[û=1[\31S^_`a=_-WE)DLD`üD`†DA¢£E)Q§=S=T.T.1SWX+==[\3ùâYZ1S=_`1Sb_`1Sb_@QRT.]•ïñ¶ßÜ®©ôöõ.\™´¨ùâYZR==[\31S]_-=ä¢∫ÆÑØ1Sb_¢Nz[-ñp+W@±±ûúóòõ.≥)C¥3µŸYm®Ä-Ayyb≥)C¥3ŸYm®ªãNLyº∂£æ@ø¿%¡¬[§ƒOû#Ñ«YZ»…4I8à3@=S==õ[¡¬ ÀÃ=SSÕŒ`œS.1_-YZR=S1V[b]_–—“ ”‘1^ÕŒ-\ãƒO–’÷:ÿG⁄⁄¤—“ ”‘1TÕŒ`ÿ^.]_-YZR1V[‹=S_-^<== ÀÃbS.TÕŒ `œa.^_ûYZR1V[\3‹]S_-›fiëfl‡·‚„⁄”‘‰`’÷:ÿG⁄⁄¤ ”‰WXÅb.a_`V.V_ûœ^.b`T.TÂÊÁ–<^#ÑËÈÍø™àÎH\ãNÏyÇ=SS_û1^S_-./[ęNµËÈàÎH\ãœ]S_–[Ó¢∫-Ôu.*ËøàÎHxyÇ1V[\3-#Ñ«àÎHYZRÒÚgz[^S_œ-./[ęËøàÎHÛцYmµ\ãÙı-Ôuàâ]䈘.#Ñ01HYZRÒÚgbS_-¯=T[[ˆYZ]S_˘VS_-à3»…˙˚@¸»(˝˛yˇ=.=]˘T.]3y"„⁄#+==[`=1[$%\3WXœ^T_`1b_-&¿'(JÏ)d+I@˜*+,-N)Ôu./01µ›23RwC4ø™-5®6‚7-=S=T.=.=]˘T.^789¤⁄7\ãœ^^_:;<<œ=1ÂÊÁû⁄„7œ1V_=-=.1V˘=.=bˇ&f(˝†y3789¤⁄7 侨䰘⿺Ⱆデ騈驶 >ã==[&f(˝?yœb^_:;<<œ1aÂÊÁû⁄„7œ1V_=@ Nyˇ&@AB=S=T`T`]˘=S=T`T`1S3CPTSSûDElmWXÿT.V]_ûÿ].Sa_–FGHIˇJK3ÿT.1a_-LW 䫏餴䒊雳 ∫Ä-Üá⁄MûNMlmWXÿ=.V]_ûÿ].ab_-ø™⁄MûNMlmWXÿ=.a^_ûÿb.a^_-OPlmÿb.1_-Q:HIlmÿ1.S]_@RS>ã∫Ä-FGHIRSNyTUØTSuJKLV$WRSwYX˝1T@ 23)YZ[\4]^ØYZm®µ_p-Tä`aλbc-Ŷßdbqdep>fg-hiÒ(jkdel:ûmnYZ5'LÎopAB-q+1û=ärØLÎ'(Hûffi+1V[YZdt[Úu@v<=&wxffiëí›2ªÑz[A»bc|Ö¯∫û¸g0Dfië]~µBÄ-˜*ÅÅÜáø¿ÉZd∂ÇÉΩefÑÏ@ÖÜ%13ABFh'(∂ÇÑÖÉZ-LáA=S=T[ÀÃâäãÄ(åWÜçæAÙé(›éèêäzéèëíû¨™ì”z[ ∂Çfîïñ-óLáAÜáJ—ôöÄòıôö-õ[ÆdõúÉZ>?œòı?ùûµÜáüµ@=3ø™$Wdž†[°¢â#£œÏVœ§•¶w-ßÙ°¢rØA®Úu£-àâ©∫]˘Vuä∂Ç™∫°'´¨ƒÆ-•å 굥ꤗ䲿爙 ®©Ø®ß±PYûôö:2ô:Š¥+W-l][µ6$W°¢#£«”@T3¿«ffidemnûl:JK∂Çåçm£ctÉZ-]Ä[íŠWfi-\AFûrHÉZœÙHëíµüµ@Ay⪺¥%Oyøæûø¿¶¡û¬Eπƒû^_^_ûZ«¿«»Ä@ ÒÚÉZAı… Î?–À™ÃÕ…Aà3–òANÏŒœ–m®–â—Qn]/Úu”‘Œœ@ !"#$ 1ûy’÷%¡¬==[ƒOû#Ñ«YZ»…4[8à3^ 1.1ûy¤\%¡¬==[ƒO-ÿÖÄ[Üáø¿ÉZ^ 1.=û#$%&f()*#$+,-./0123456789:-3;<=(>?^ 1.TûÜá%àâTä\ãåçméèêfp-ëíìîÉZwb 1.^ûø¿%¡¬[§ƒOû#Ñ«YZ»…4I8à3] =û$ÚJŸV Tû⁄\N)Ôu¤‹1= ^ûŒœÑ›1T &'#$ fiñ1%E)BFG9HYZdˇ_=S1V3^ fiñ=%E)hijklmYZdˇ_=S1V3b fiñT%.*G901HYZdˇ_=S1V-]ßR=S=T`T`1S3b fiñ^%./G901HYZdˇ_=S1V-]ßR=S=T`T`1S3b fiñb%flNG901HYZdˇ_=S1V-]ßR=S=T`T`1S3b fiñ]%‡ÀG901HYZdˇ_=S1V-]ßR=S=T`T`1S3b fiña%ïñóò®©õ.\™ŠzùâYZdˇ]ßR=S=T`ST`1S3] fiñ]%ïñóò®©WE)D\™ŠzùâYZdˇ]ßR=S=T`ST`1S3] fiñV%ïñ·á®©õ.\™ùâYZdˇ]ßR=S=T`ST`Sa3] fiñ1S%ïñ¶ßÜ®©õ.\™ùâYZdˇ]ßR=S=T`ST`S]3] fiñ11%±±õ.≥C¥™"ŸYmˇ]ßR=S=T`T`1S3] fiñ1=%úóòõ.≥C¥™"ŸYmˇ]ßR=S=T`T`1S3] fiñ1T%¡¬.éWIÀÃAÙ)a fiñ1^%¡¬WWIÀÃYZdˇ_=S1V3a fiñ1b%¡¬‚”‰A†e„Äa fiñ1]%¡¬ì”l:„Äa fiñ1a%¡¬y"„⁄#AÙ)] fiñ1]%¡¬&¿⁄¤¤y"„⁄#] fiñ1V%›23RwC4ø™yd789¤⁄7ˇ]ßR=S=T`ST`Sb3] fiñ=S%›23RwC4ø™yd⁄„7ˇ]ßR=S=T`ST`S^3] fiñ=1%†‰G901HYZdˇ_=S1V-]ßR=S=T`T`1S3] fiñ==%ÂÊG901ÁËHYZdˇ_=S1V•]ßR=S=T`T`1S3] fiñ=T%ÈÍG901ÁËHYZdˇ_=S1V•]ßR=S=T`T`1S3V fiñ=^%òÎG901ÁËHYZdˇ_=S1V•]ßR=S=T`T`1S3V fiñ=b%¬Eπ#YΩˇ]ßR=S=T`T`113V fiñ=]%NyRSTÏUÚuV fiñ=a%NyÜáRSTÏUtt1S fiñ=]%Nyø™RSTÏUtt1S fiñ=V%NyOPRSTÏUtt1S fiñTS%NyQ:HIRSTÏUtt1S fiñT1%Ny$WTÏUÌÓ1S fiñT=%NyÜá$WTUûÏUg˛Ô11 fiñTT%Nyø™$WTUûÏUg˛Ô11 fiñT^%NyOP$WTUûÏUg˛Ô11 fiñTb%NyQ:ª∑HIuMTÏU11 fiñT]%Ny$WËÒªÚ ŠÃg˛1= fiñTa%Ny$WËÒªÚ Š#g˛1= fiñT]%⁄\N)Ôu¤‹ñ1= 1ծワ⚁곿䶀玐22䎃䪍✷ծⴀ㞯康䛪㢕蒜㤉䧴㥩✵곫劍 1.1ûy¤\%¡¬==[ƒO-ÿÖÄ[Üáø¿ÉZ 5®˜*µ=S=T[dÛºÙJKstxÎ-ıˆ»…n—Ò˜-ÕÇ=S=T[-˜*ÅÅØ¯Ò˘Û Îí˙Úu£D£#$deê™∫ Î?µçAA˚¸-àâRSYZΩÓn˝˛›Š+ÅLˇ-ABdeh8"Bde-#Üá$ø™$¿«-#Ñ«]^6˘ÛBÄ@23YZµ—ÒWÄû%âm®©∂Š&efïñŸÚuh'£êàâ)Yà3ûÚ(5)lp+j*+-5∂à3,-ËG–wı35è⁄\ıˆW._p Î?]cû∂òı/0µWfiüµ@ÖÜŠ¥12ÉZΩÓûW.>?ûÙHÄ\A¤‹?ffiã3$45601-|w]7ÉZRSWh12W. Î?Íα8A/0@ ÒÚ¢∫D£HIqde6YO9:;‹-¿<ÍÜáWG„¤ØG„¤=HwØã>=S1V[µ1.]1_£æR=S==[µ 1.^]_-?@A⁄û>èÒ(∂˚jÉZBB-CADHIqdeE¥ôfiEF+(µı3st@23)YZ[\4 ]^ØYZm®µ_p-Tä`aλbc-Ŷßdbqdep>fg-hiÒ(jkdel:ûmnYZ5'LÎopAB-q+1û=ärØLÎ'(Hûffi+1V[YZdt[Úu@v<=&wxffiëí›2ªÑz[A»bc |Ö¯∫û¸g0Dfië]~µBÄ-˜*ÅÅÜáø¿ÉZd∂ÇÉΩefÑÏ@ÖÜ%13ABFh'(∂ÇÑÖÉZ-LáA=S=T[ÀÃâäãÄ(åWÜçæAÙé(›éèêäzéèëíû¨™ì”z[∂Çfîïñ-óLáAÜáJ—ôöÄòıôö-õ[ÆdõúÉZ>?œòı?ùûµ^_^_ûG‚G-⁄\Z[˝Hu@=3ø™$Wdž†[°¢â#£œÏVœ§•¶w-ßÙ°¢rØA®Úu£-àâ©∫]˘Vuä∂Ç™∫°'´¨ƒÆ-•å®©Ø®ß±PYûôö:2ô:Š¥+W-l][µ6$W°¢#£«”-õ[Ædõúø¿¶¡ûIJø™–⁄\Z[‰Kø™ûLMø™@T3¿«ffidemnûl:JK∂Çåçm£ctÉZ-]Ä[íŠWfi- \AFûrHÉZœÙHëíµüµ-õúZ«¿«»Äû¬Eπƒ@ Ay⪺¥%Oyøæûø¿¶¡û¬Eπƒû^_^_ûZ«¿«»Ä@ 1.=û#$%&f()*#$+,-./0123456789:-3;<=(>? AB#$%>BFG9Hm®Ä-LDE)MNOPQR=S=T.T.VWXYZR=S1V[\3]^_`Va_`1Sb_`1^^_-& f(cdefC8[g@E)hijklmnBFG9HYZdopqrst-QRT.1S-TTuvAE)w=1uxy=S1V[\3z[-|wMNOPQWXYZR=S1V[\31SS_`1S]_`1Sb_`1S^_•ëíLDE)YZd]C@ fiñ1%E)BFG9HYZdˇ_=S1V3 上海北京广州深圳 2023-03-0997%84%105%144% 2023-03-0897%84%102%141% 2023-03-0798%85%102%142% 2023-03-0698%85%101%143% 2023-03-0599%85%100%142% 2023-03-0498%86%99%143% 2023-03-0398%87%99%145% 2023-03-0298%88%99%147% 2023-03-0196%89%101%151% 2023-02-2897%90%101%151% 2023-02-2797%90%102%152% 2023-02-2697%91%102%152% 2023-02-2598%91%103%153% 2023-02-2499%91%105%156% 2023-02-23100%91%107%158% 2023-02-22103%93%108%159% 2023-02-21106%96%110%163% 2023-02-20107%98%111%165% 2023-02-19109%101%113%170% 2023-02-18111%103%114%174% 2023-02-17113%109%114%180% 2023-02-16116%111%116%188% 2023-02-15118%113%122%201% 2023-02-14129%123%131%224% 2023-02-13145%137%141%252% 2023-02-12158%155%154%282% 2023