社服24年春节专题：多数据维度超预期，看好酒旅持续性

行业专题研究报告 证券研究报告 社会服务业行业研究 2024年02月18日 买入（维持评级） 社会服务组 分析师：叶思嘉（执业S1130523080001）yesijia＠gjzq.com.cn 䫏餴鹤鳓 多数据维度超预期，看好酒旅持续性 !"#$%&'()*+, 1 #$%&'()*+,-./01234)56789:;<+#$=>()*+S@ABCDCEFGH$IJKLM NO,-./*+MPQS@ARSTUVWMXY=Z[K1\]/^_S@A`01abcd/efBghij ]Mghk^lmn78MopqrsS\]tau/vwK123=>xy4)789:;(z)*+[<B1|FKL/]~)S@ÕÄ-./ÅÇj(zÑÖÜáØâälã3teåNOçé; #è'êAëCEM1|F[a1Díìîï;ñóòôöõúùó/CDCûü1üC†°Cü1¢£#èUCE§•¶ß/®©™´¨u*ÆØå(û±*+/ëCEF#$i.ì1(!¥í/ë1|F#$i.ì1û!ûí/µ≤2/ÙÍüPÍ£‡ª8•üPÍ£º ‡ª8•üπÍüæø¿¡¬1|FÖ1Cû!1íüûE!Cíü1û¢!¢íü(¢!¢íü11¥!Cí;#$O§ƒ.¶ß®©™´¨u*ÆØåCC!|±*+/•[ëCEFM1|FS@A¿¡¬1D(!|íM11C!Dí; =>4'=>)S@A,-.;’«»…4)öùóX fÀ/CDCûF#$ƒ.¥§®==>4)()û!¢û±* +/iSîïEû!Eí/ÃÕSŒœS@–CD1|Fi.11|!Dí—=>)g()%”r†EC†!¥¢±V/iSîïû¢!Eí/ÃÕSŒœS@–CD1|Fi.1D¢!¢í—‘’g÷^1EE(V/iSîï|!ûí/fiÿS@–CD1|Fi.|D!(í;<+#$=>()*+S@ABCDCEFGH$IJKLMNO,-./*+MPQS@ARSTUVWMXY=Z[K 1\]/^_S@A`01abcd/^Ÿi]⁄¤ÕÄvwfi‹cqrRzc=>4)›Q789:Öfifl;=> )çJ'1•()‡œ·‚„ï/®=)gL[()‡œCC¢!|P‰/iSîï1D!Cí/)gÑÖÜL[)‡œ1(!ûP‰/iSîïE¥!Dí/ÊÁCDFaùóËÈõIπL—C•qrÍÎÏÌÓ/op()Ô6]/#$.Ò®=opÚæ()ÔCû!†í/()*ùs=>)g()*+ÖCû!¢í/ÛÙ)Mkı)ˆ˜ö¿qr]¯˘¬—E•65˙¨P ˚'¸Gx˛I[ùcgØˇaK"ùîï/*f˙¨$%ú&Ñ'Qîïë(/)*+Gú&Ñ,-.A(;(z)'[<S@–1|FπL;ñó«4öùó/Q(z4)/†¥E0*+/1X(z)/E†D0*+/Qz)/ECE0*+/[2ÅCD1|Fi.πL—ñó=34æ576ùó/#$•[(Qz1†|0*+MS@–1|F#$i .Å78/9:L;“ú<=”Øâ=34)>÷îïëI/ÄßëCD1|Fîï,E8; ?@'ANBCDEiFùóNOGH/IJS@‚K3LIJ—-ßMN?@3LOPDE?@;ñó=QùR 䫏餴䒊雳 SÈTUVfiANWXBCDEIYZ[/#$•[®=iF‡ª\S@–CEFMC1FÖ1D(íM¢1í/I[ùciFNOëCEFi.GHîï—*5µ≤2/IJ*5S@A·‚3LIJ*5/B#$]^_`Ü)au;-ßMNb?@qrNO3LOPDEb?@/cd#$.Òe™©òfgnh/]^M`Ü()fiOP?@ˆ˜Hk¿Ø; 굥ꤗ䲿爙 <+#$i&jkbqrùóS@ùó3L-./vwK123=>4)M?@789:/(z)Ml1m]~)no8fgˇaëxpqrÒ/‹UsJ/tuvJuw1•x1ªyaz[|MK18ë3]Ö/~7I4)M)*ÄÅMiZÇt—C•ÉÑ,ŸazÖÜ]Ö/~áàâM7ä7; qrãåç.S@é_-./(z)äléèk8/êåëçí/ìîï^_xñ6ót; !"#$ 1MòJ'#$iùóôA,-./K123öŠúqr@ù!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!û CM(˘'#è4gû,†1|FπL/()‡œK1îï!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!û EM°4'=>)S@A,-./(z)[<S@–1|FπL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!† ûM?@'ANDEiFGH¢@/IJ3LIJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û £§\•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1† &'#$ ¶N1'#è.Ò®©™´¨u*ÆØåi£0*+•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!û ¶NC'CûF#让™´¨u*ÆØåi£ëCEFî.•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!û ¶NE'CûF#让™´¨u*ÆØåi£ë1|Fî.•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!û ¶Nû'CûF#èßòôÌ®û4gisSµ≤£UCE§¶ß•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N('CûF#èPÍ*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N†'CûF#自8PÍ*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N¢'CûF#躇ª8PÍ*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N¥'CûF#èÙÍ*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N|'CûF#èπÍ*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!( ¶N1D'CûF#èæø*ÆØåiS@A£íCD1|•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!† ¶N11'CûF#è=>æøø©iS@A£íCD1|/nú–CDCûüCü1¢•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!† ¶N1C'CûF#$O§ƒ.•[®©™´¨u*ÆØåiS@–CEF1D†íM1|F11Cí!!!!!!!!!!!!!!!!† ¶N1E'CDCû#$=>ÕSŒœ4)*+MPQS@–1|FÖ11|íM1D¥í!!!!!!!!!!!!!!!!!!!!!!!!!!!¢ ¶N1û'CûF#$()‡œK1\]!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!¢ ¶N1('CDCû#$™´4)ÑÖÜ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!¥ ¶N1†'CDCû#$9:>÷ˆ˜ö¿qr]¯¨E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!¥ ¶N1¢'=>ö¿vJÆ5CDCû#$4)Ø@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1D ¶N1¥'=>ö¿vJ˙¨CDCû˙¨gØS@±ß!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11 ¶N1|'#$ƒ.iØG˙¨2¥)g*+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11 ¶NCD'#$ƒ.iØGQµ…Óú[IG¨uQ6Ô!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11 ¶NC1'CûF#$)*ÄÅß&Å]ë1|FS@A!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1C ¶NCC'CûF#$)*ö¿˙¨•[Ä(6+S@A!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1C ¶NCE')*ÄŪkƒ.•[Ä(6+£é’º(ƒøØ•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1C ¶NCû'CûF#$9:L;(Qz>÷[,¿1|Fi.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1E ¶NC('CûF#$X=•[(Qz*+S@–1|F#$Å78!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1E ¶NC†'=¡gèø©iS@–1|Fi.¢Cí£nú–CDCûüCü1†•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1E ¶NC¢'¬Égèø©iS@–1|Fi.¢|í£nú–CDCûüCü1†•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û ¶NC¥'ƒ.>Ü“g(Qz¬É•[πLK1\]!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û ¶NC|'ûxCE(z)auäle(ƒ(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û ¶NED'ANBC?@$•®=iFØπS@êA£íCDC1•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û ¶NE1'ANBC?@$•®=iFØπS@êA£ë6HFi.•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1û ¶NEC'ANBC?@$•®=iFØπS@êA£íCDC1•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1( ¶NEE'ANBC?@$•®=iFØπS@êA£ë6HFi.•!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1( ¶NEû'¢¢®=H5I«.F[t"ù!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1( ¶NE('¢¢®=»5I«.F[t"ù!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1( 1、观点：春节多数据维度超预期，持续看好体验型消费复苏 #$%&'iùóôA,-./01234)56789:;’«»…4)öùóX fÀ/CDCûF#$ƒ.¥§ ®==>4)()û!¢û±*+/iSîïEû!Eí/ÃÕSŒœS@–CD1|Fi.11|!Dí—=>)g()%”r†EC†!¥¢ ±V/iSîïû¢!Eí/ÃÕSŒœS@–CD1|Fi.1D¢!¢í—‘’g÷^1EE(V/iSîï|!ûí/fiÿS@–CD1|Fi.|D!(í;Q(z4)/†¥E0*+/1X(z)/E†D0*+/Qz)/ECE0*+/[[<S@–1|Fi.πL;<+#$=>()*+S@ABCDCEFGH$IJKLMNO,-./*+MPQS@ARSTUV WMXY=Z[K1\]/^_S@A`01abcd/efBghij]Mghk^lmn78MopqrsS\ ]tau/vwK123=>xy4)789:; ?@ÌÓ/ANBCDEiFPQiîGH/IJS@‚