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) 国金证券研究所 分析师:廖馨瑶(执业S1130522060005)分析师:许孟婕(执业S1130522080003)联系人:叶思嘉 liaoxinyao@gjzq.com.cn xumengjie@gjzq.com.cn yesijia@gjzq.com.cn 䫏餴鹤鳓 线上线下全景看消费修复 #$%&'()*+,%&-4/01023456789: ;34<=10234%&56:>?2@A234BCDE-4/F,G>HI@CJ56/#2$K#256L M1NOPQRSTQUV1W?234X56Yfi[\1AL]23456/_`abcNdbef@Sgh-%&A2ijk34Sg%&lm?nopq1%&rstuv@ ;Qę1*+,Qęxyyz[|F,]~9:@BCQęJDÄÅÇsÉ?1aÖÜCáàMâOFäTQ1ãjç %&éR>è#mƒëík1ÖÜìîïñ1óÅòô[ööÖÜõúáàùïy1ûü>,+'(ï†@ ;O°1¢O%&£§%&•r56û¶>ßO%&£§@®©™´¨cÆØ)[|ïñ±Ã1∫¥µ‹$õú»ª ¢Oº%&ËyõSgh-%&áæ_)[|ïñø¿¡¶>¬SØ$ƒ~ªOÁº%&ËyõSgh-%&áæ@ «$2ø%&)»máæï… À:>ÃÕ 2ø%&ï…Œœ–—@1“4œ2ø%&‘~’÷á˙ÿ$Ÿ⁄¤‹0ï…T›1%&'(jfiÕá(fl‡aœH· ‚„‰Â1ï…HÊBÁh-BËÁÈB@ÍÎÏÌk1ÇÔ_‚„‰Âï…@Ò1ÚÛ$ÙıመrYfiËG@A$2k%&)0*+,¯˙]~:1™˘DE¶…ïñ$˙ó+hG Sgh-)ÃÕáæ¸_#¿%&É<˛˛™˘'(ïy1´¨¯˙˙ó+hG‡fiÕ»mˇ!0"*˛˛#$˙ó +%¿@?˙ó+¯˙áæ9&%&éß'(˙á$¶¯)@ ¯˙)áæ$á*;Ù10*+,]~9+16œ¢-à./0@áæœ/1¨QǨ2à.Ã156/34õA<áæ]~(?˙ó+(5«<áæ6789$˙á$¶¯$:;<ák=õA<áæ)$YfisK>?(5˙á¢õ@A$BC¢õDEFª)@GHFáæ¢á*f¸;ÙIJ15K˙¢Lá*rõMNOdOPOF¨$ô¨ÇhL@0Äà.Ã16œ¢-¯˙56//01QL6.1S1T]BCá*`UVWQÇF¨X„Y56LOOO$O1OFäõ 1OOb$Sdb1MO1OY,õ56/ËZ44œ`db[\PQsË¿¡]^‡QL6.161T]_`¯á*`UVWQÇF¨aó56LOOOõ1OOb$Ë6.N?bNab/^@ cd)‚efg+hfË]#/1GHiäjkl*@6œ14Umn˜oOdOPOfgpä’qrs‚t1à.¡ uOPOfgpä1vwxyy’z[1|õgõc¨$Ô]Ç+~Ë]#päsçÉ?15ÄÅõc¨fÇÇ+Ë ]#É?ONb$ÉÑÉ?OOb$ÖÜÉ?1Nb1‚eMpäáñ9à$ñâqä,sç/sG@ã.åçé1è3ëL 굥ꤗ䲿爙 ¢0íc¨16.4“6.1déìîï[éË1NO56/(1Oab(4ñ1d6b)1ó;Ãòôô1dab$[)é11Nbö4ñNdb$11Sbõ1òôô56Ë¿¡@íe˙ŠË1NO56/Ã1aœù,4œûs/1ü;æë¢fl†°¢$£3£§(T]õº•íe56/¶ß341®\(ß©H™$´¨íeª56=Ë+@ ÆØè3ïñv“õ±/xáf‡‚äõ˘¥‡2k˙Š56&µ$1¨!ÆÂð|ªi‚ä‡'º»æ†¬‡'ºø¿ª¡¿*‡à.¬eœƒMxIJ«»˘¥ª@ !"#$ #$%&'()*+,%&-4/01023456n/9:a 1.1;34)A234DE%&…rstq-a 1.O;Qę)*+,BCQęDE-4901DE,+'(ï†` 1.P;O°)¢O%&£§%&-4/:>ßO` «$2ø%&)»máæï… À:>ÃÕáæS O.1÷á˙ÿ$Ÿ⁄¤‹)1“4œ2øT›‘~0í S O.OÊDBË)»m=*LõHÊBï…0>«ÃÕõh-BËN O.PPôàÀ)ÍÎÏÌk1ÇÔáæï…@Ò1d O.4ÚÛ$Ùıá)H·‚„‰Âˆ˜r«G1á*]~;Ù11 A$2k%&)0*+,¯˙]~:1™˘DE¶…ïñ1˙ó+hG11 P.1Sgh-)™˘DE¶…ïñ1™˘Qę˙ó+T›hG1»m%&9ˇ"*11 P.O¯˙)áæ$á*;Ù10*+,]~9+16œ¢-à./014 P.Pcd)‚efg+hfË]#/1GHiäjkl*16 ˘¥]uOd &'#$ Ã]1)ÕŒz[|iF,a Ã]O)ÕŒz[|34<=;oa Ã]P)Ñœz[|iF,a Ã]4)Ñœz[|34<=;oa Ã]a)xyyz[|iF,a Ã]6)xyyz[|34<=;oa Ã]`)–pSgh-¯˙;34ª<no6 Ã]S)cvCJ˙ŠL/6 Ã]N);342CJ˙Š56/(bOd1NO)6 Ã]1d)ÕŒœ/JDÄÅ` Ã]11)Ñœœ/JDÄÅ` Ã]1O)xyyœ/JDÄÅ` Ã]1P)BCDEœÇÖÜúáà` Ã]14)©™_`”°ÆØDE)[|‘àS Ã]1a)Ÿ⁄¤‹$÷á˙ÿ2ø0ï…S Ã]16)÷á˙ÿ¢cæ$’¤á$Oá0ï…N Ã]1`)–pBC÷á˙ÿáæÿY]^N Ã]1S)T]Ÿ⁄¤Ÿ»QęX„Y‘àN Ã]1N)Ñœ‹›aóÇ+ï…N Ã]Od)fiflÑœ‹›aóÇ+ï…N Ã]O1)ÑœÊDBˇæ|·O6‚ï…1d Ã]OO)fiflÊDBˇæ|·O6‚ï…1d Ã]OP)ÑœÇÔï…_PôàÀá梄41d Ã]O4)‰ƒÇÔaœXù]^1d Ã]Oa)ÑœÂÊÍÎáæ1d Ã]O6)xyyÂÊÍÎÇÔáæÍÎr/ÁËÈ#1d Ã]O`)ÍïÎÏÌì1Pq-‘à]~:>Fæá*11 Ã]OS)fiflÚÛ$Ùıááæï…11 Ã]ON)–pÚÛ$Ùıááæï…11 Ã]Pd)Ùıáá*2øï…]~;Ù11 Ã]P1)©™$–pSgh-™˘DET›ïñ1O Ã]PO)©™$–pSgh-Ó‚™˘DE1O Ã]PP)©™´ŠDE)[|‘à1O Ã]P4)©™´¯DE)[|‘à1O Ã]Pa)©™´ŠDEJDÄÅ‘à1O Ã]P6)©™´¯DEJDÄÅ‘à1O Ã]P`)©™[ïï#$HÒ)[|‘à1P Ã]PS)©™#$óÇ+‘à1P Ã]PN)–pSgh-´¯óÇ+‘à1P Ã]4d)©™´¨DEóÇ+‘à1P Ã]41)–pSgh-¯˙áæXùä,1P Ã]4O)¯˙¨25641aü;áæ(bOdO1)14 Ã]4P)¯˙¨256\1aü;áæ(bOdO1)1a Ã]44)T]K˙á*cvF¨ŠP56/(9KLOdOP!d6!14)1a Ã]4a)T]K˙á*cvF¨ŠPÚe56/(9KLOdOP!d6!14)1a Ã]46)T]BCÛÙcvF¨ŠP56/(9KLOdOP!d6!1S)16 Ã]4`)T]_`¯cvF¨ŠPÚe56/(9KLOdOP!d6!16)16 Ã]4S)T]BCÛÙcvF¨ŠPÚe56/(9KLOdOP!d6!1S)16 Ã]4N)T]_`¯cvF¨ŠPÚe56/(9KLOdOP!d6!16)16 Ã]ad)mnOdOPfgçòï1d|õgc¨Ç+Ë]#kÉ1` Ã]a1)âıà.¡ufg’'fiàïñ1` Ã]aO)âıà.¡u’qljvwñ2q(fl1` Ã]aP)mnà.A8ᓈõ”’zq&˜¯1S Ã]a4)è3ëL¢0íc¨56/(bOd1N1˘˙fi,)1S Ã]aa)¢vwgc¨œ/56/(bOd1N1˚¸fi,)1S Ã]a6)mn˝Ç)[|F,1N Ã]a`)mnCd˝Ç)[|F,1N Ã]aS)aœíe˙Š56/ù,4œûs/(bOd1N)1N Ã]aN)aœü;íe¢fl†°¢$£3£§ª56„4(bOd1N)Od ♧ծ嶊餩遤⚹䚍⟟嫱嶊餩崞駟䏞넞넞絁㙹䋑䛪撑玐䏞刿⠏ 1.1;34)A234DE%&…rstq- BCQęDE-4/ï…±Ã1A234G>HIQÇ@;34<=±Ã1aœfl˛BCQęõA234z[|F,] ~G>QęQÇ@ÕŒA234z[|F,(“1`b1?>ÕŒz[|F,O.1b‡ÑœA234z[|F,(“O.Ob1?>Ñ œz[|F,14b‡xyyA234DEF,a.Ob1?>xyyz[|F,1ab@ Ã]1)ÕŒz[|iF,Ã]O)ÕŒz[|34<=;o -./01234-5678019:;<=-./01234-5678019:;<= Ã]P)Ñœz[|iF,Ã]4)Ñœz[|34<=;o -./01234-5678019:;<=-./01234-5678019:;<= Ã]a)xyyz[|iF,Ã]6)xyyz[|34<=;o -./01234-5678019:;<=-./01234-5678019:;<= CJ˙ŠL/ˇW/^1023456+>?234@!K˝/(OdOP.6.da“6.11)cvCJ˙ŠL/YË>1NOFä56/"S`.4b$aœj±ˇWø#‡;342Ã1]œ$à.Ã1#2$K#256LM1NOPQRSTQU V1W?234X56Yfi[\1AL]23456/_`abcNdbef@ Ã]`)cvCJ˙ŠL/ -./01234-5678019:;<= Ã]S);342CJ˙Š56/(bOd1NO) -./01234-5678019:;<= #«234%&r56û:>A2ijk34@ã.v%à&'±([)1®–pSgh-¯˙;34ª<õnor/ ±Ã1cvÛÙ$#234x«234nor/r%1A*234nor/+#,†H1û-(0234DEõ%&r56Ë+1.m˛+#,†Hnor/±pq%&1WA$*234l/>m†Hnor/jpq0%&õ‰Â@ Ã]N)–pSgh-¯˙;34ª<no -./01234-5678019:;<= 1.O;Qę)*+,BCQęDE-4901DE,+'(ï† xyy_H·;ŠiDE0Ràõ4]k1]œz[|F,]~l:>01Qę@xyyaœz[|F,1ab1Ñœz[|F,14b1ÕŒz[|F,O.1b@H·äfÕŒ$Ñœõˆ˜r9L1xyyÍÎ2VÙõè345_BCH·äfû :6;Š17xyy-4DERà01_Z8íkl_aœsYfi9+õz[|ï…]~@%&G#6õ9n¢1*+ ,QęDE-4]~9:@ BCQęJDÄÅÉ?1aÖÜCáàMâOFäTQ1ãjç%&éR>è#mƒëík1ÖÜìîïñ1óÅòô[ööÖÜõúáàùïy1ûü>,+'(ï†1_%&:¿4m˛9yõúáfi,@aœÕŒ$Ñœ$xyyõDÄÅ;=(a.SSÅ$P.N4Å$a.dPÅ1/;LOd1NO1<4JDÄÅ/>Yfi?Á1=>?-;@AI\2k -WBCä.D9yDEáf1E§~’DEmƒû9«»mëí1_»mëíkFòôBC[öö@BCDEÖÜúáàù_4“aœMâOFäRSTQ1aœÕŒ$Ñœ$xyyõQÇÖÜúáàù;=(14dî$`4î$a6î@ Ã]1d)ÕŒœ/JDÄÅÃ]11)Ñœœ/JDÄÅ -./01234-5678019:;<=-./01234-5678019:;<= Ã]1O)xyyœ/JDÄÅÃ]1P)BCDEœÇÖÜúáà -./01234-5678019:;<=-./01234-5678019:;<= 1.P;O°)¢O%&£§%&-4/:>ßO ¢Oº%&r56û:>OÁº@ã.v%à&'±([)1®©™´¨cÆØ)[|ïñ±Ã1∫¥µ‹$õú»ª ¢Oº%&ËyõSgh-%&áæ_)[|ïñø¿¡¶>¬SØ$ƒ~ªOÁº%&ËyõSgh-%&áæ@ Ã]14)©™_`”°ÆØDE)[|‘à -./01234-5678019:;<= ✳ծ絁♳嶊餩ㅷ碫㟞鸟佅丒⠏✵〳鷥ㅷ碫 O.1÷á˙ÿ$Ÿ⁄¤‹)1“4œ2øT›‘~0í OdOPO1“4œ1÷á˙ÿxŸ⁄¤‹õï…]~_cáæ