【旅游文旅报告】社会服务业行业研究：多数据维度超预期看好酒旅持续性-20240218-国金证券.docx

《【旅游文旅报告】社会服务业行业研究：多数据维度超预期看好酒旅持续性-20240218-国金证券.docx》由会员分享，可在线阅读，更多相关《【旅游文旅报告】社会服务业行业研究：多数据维度超预期看好酒旅持续性-20240218-国金证券.docx（17页珍藏版）》请在第壹文秘上搜索。

1、OIS金证弊WtMMIMIMU三K社会服务业行业研究买入（维持评级）行业专题研究报告证券研究报告社会服务组分析师：叶思嘉（执业SII30523080001）yesijia多数据维度超预期，看好酒旅持续性其直鹤跚$%&X八十一Ql23457S=oc(oS=()SAB2023FSJK1.MNO,-.,A+MPQSARcd,fBghoMghklmn7SMopcr*14t,vwK123=xy4)789二。(n)人+vB19FK1.,-)SOA-,DQE(zN*aaaa31=NQo()e=eA23M19Fa10%+b-oneU231TR,uE0er4,e23Fi.+1r.8%,19Fi.+14.4%,2

2、,U%0P%0(8P%oO%oae0iD19FO124.1%43.2%147.7%r7.7%118.2%o(g)SVSr_uZE0e22.9,Ie23FM19FS(三)A,jD10r.9%M112.0%o=4z=)SA,-.o,Y.4)ouoQfA,2024F$/.8=4)()4.74HH,i44T34.3%,A4*11SO=2019F三i.119.0%6326.87,ittTi47.3%,AC)FeeS=2019F=I.107.7%;,-133rXZ,i*r-9.4%,fi(g=2019尸i90.r%o()八+SAB2023Fe-SIJK1.MNO,-.,A+MPQSARTUVMQY=ZK1

3、,c_SA01abod,八Y。*C)AVWfi4)Q7rS9:OfiflO=)QJ=1()-,T,=)t*1.()oe227.9P%o,TT10.2%,NO*1.)A1r.4P%o,i*438.0%,EA20Fau6EElO1.;2c|r(TTs6,op()1,$.O(B)=op0ae()O24.6%,us=()O24.7%,UUMI)-OeC|r-;315-P0二ICioK,uTT,f$%&NwQTTe(,)*u8tN,-A(oz)=19F$i-D7S,1.;ul,A32019Frr,3Bo?=ANBCDEiFuoNOGH.IJTS(三),K31.J5-BMN?3I.OPEF：?on6=Ql

4、JRSETUVfiANWXBCDEIYZ,l=iFtmXS(5=23FM21FO10hM71sc,Iao-BMZb?qrNO31.OPDEb?,cd$.OeTMdfgnh,M)fiOP?-k0o期鳍匏雳C|ruoS(三)u63l_-_,vwK123=4)M?789二，(N)Mllm)no8fQepcr,1TMyaNfMK18e3O,-rI4)M*AAMiNqt;2EN,VazdUd;,-aaaMTTo吾DB壤qraaj.SA-.,SIeeKQ,e),1TT_h16t，#%u66A,-.,K123oouqr(三u42M(：4“口口十19FO1.,()oeK1H-43M04:=)SZX,-.,(z

5、)=19FO1.64M?zANDEiFGH(),U31.IJ1414-16UN1ze.OuZEOe0(O4IfN224FeuAZE00(e23FT.4UN3z24FeuAZE04N4z24F(eooSuu4,t0S*(U23H3rNrz24FP%oAZEO0SA(%2O19rN6z24Ft8P%oAZEO0SA(%2019rIfN7二24Fe,，iTM8P%oAZE00SArN8z24FeU%oAZEO0SA(%2O19rUN9z24FeO%oA/E00SA(%2O19rN10二24Feae0A/EO0SA(%2O196UN11z24Fd=ae000SA(%2O19,nu=2024/2/176

6、UN12z24F$?/.l(Xg)uaZEOe0SO=23F106%M19F112%6UN13二2024$=O,oce4)A+MPQS=19FO119%M108%7UN14z24F$()toeK17N1rz2024$4)N4*8UN16z2024乙qr-E8IfN17z=6vJE52024$4)010FZ18二=Ae乙VJ2024”0S区11UN19z.i02)”人士11UN20二$/.i0Qp.6uluiQG611N21z24F$)*AA3&Ae19FSA12FN22二24F$)*o-A(6S(A12UN23z)*AAaKjT.A(-(e,(ae0012UN24z24F$O:1.;(Qz,6

7、19Fi13N2rz24F$Q=l(QzA+S=19F$D7813N26z=i*0(c)0S(三)=19f三i.72%(nu=2024/2/1613OBISHW#$%&t()UN27z-,e0(三)0S(g=19Fi.79%(nU=2024/2/1614UN28zaQn-兰O1.Y1%14IfN29:4x23(z)a*ale(14UN30zANBC?$l=iF0OSeA(%2O2114N31二ANBC?$l=iF0OSeA(e1-Fi.14UN32zANBC?$l=iF0OS(三)eA(%2O211rN33zANBC?$l=iF0OSeA(e1-Fi.1rIfZ34二g)=HSISI57B9z

8、o,V.4)ouoQfA,2024F$/.8=4)()4.74J*T34.3%AO*oS=2019f三i.119.0%)(%r6326.87XZ,i*r-47.3%,AO4lceS(g=2019Fri.107.7%;,*-133rXZ,itK-9.4%,fig=2019F7i.90.%oO(n4)/683O-4-,1Q(z)Z360O-,Qz)Z323O人+,S=19Fi.O1.oS=()S()AB2023F-lJK1.MNO,-.,A+MPQSARtTUVqMQY=ZK1,_SAO1atcl,fBghoo31.OPDE?oh6=QuRS=TUVfiANWXBCDElYNn2024F$l(B)

9、=iFtXS=2023FM2021FO10r%M71%.luciFNO23Fi.GHTT;*52,IU*5SA-,31.J*5,B$/A*)a*oT.,-r3MNb?QrN031.OPDEb?,oci$.OedfQnh,MfiOP乙0oScjKtxqruoS(0u631.-_,vwK123=4)M?789二，nMlIm)n08fgepQrO,1TMyaNfIMK18e3O,-fI4)M*AAMiNoMAoFt;2EN,VazOUO,aMTaTMaAoO2、出行：春运旅客发送超越19年水平，出游半径持续增长eU23eAe23FM19Fi-O1.iT10%1onod)ooouuo,20241262

10、17(eU23HB,(r)tM-l|a/E0r4士人+,目23Fi.+1r.8%,19F$i.+14.4%;ouI2024/2/17(e623TM,uaZE0e30828O-+-,23Fi.+r2.4%,19F$i.+47.r%o中Nl二TMSK0。(。八十A33,00031,00029,00027,00025,00023,00021,00019,00017,00015,000-/:;/TA2BC帮N2/4f=e(三)uE00(e23F帮N3=24f=eUXE0。(豆19F2eU23U%o/P%o(8P%o(m8O%oae0jIlBel口4“2.776.0044.r70.19/0.49土八十,

11、i“+r4.4%-10.4%+18.6%+4r%+6r.r%MS=2019Fi.124.1%43.2%147.7%r7.7%118.2%,1QU%oMae0SA-U$%1.,也“1A(S(三)-,P%oQ辛TM80SAnoy%-Y3-o1ZlA口23书BAN6Y4Fef8P%o/E00SA(%2019a20232021-20222023-2024.2024ST16UVEFGHWXYK1.ZtOTN8:24F0D%AjE00SA(%2O19a1fN924FeO%o/E00SA(%20192021-20222023-2024u5tCOCMOOOOCD0tCOCJ1.f1.XJCO寸COOO-CKO寸lXXDC0O-XJC5tv7T7t.ttt占rr.rr阡阡尸阡阡甲号个2021-20222023-2024202120222023-.2024营业性公路Q11J非营业性公路水路航空