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海底捞翻台率较2019年恢复情况及收入和门店对比

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moTml4XooYzogIXjgIIxMeaciDjml6XotbfvvIzliY3lvoDnvo7lm73nmoTpnZ7lhazmsJHjgIHpnZ7np7vmsJHoiKrnqbrml4XlrqLlsIbooqvopoHmsYLlv4XpobvlhajnqIvph4/mjqXnp43nlqvoi5fvvIzlubblnKjnmbvmnLrliY3lh7rnpLrnlqvoi5fmjqXnp43or4HmmI7lj4oz5aSp5YaF55eF5q+S5qOA5rWL55qE6Zi05oCn5oql5ZGK77yb5Yeh5piv5LiN6IO95Ye656S65YWo56iL6YeP5o6l56eN6K+B5piO55qE5YmN5b6A576O5Zu955qE5peF6KGM6ICF77yM5b+F6aG75Ye656S65Ye65Y+R5YmNMeWkqeWGheeahOeXheavkuajgOa1i+mYtOaAp+aKpeWRiuOAguacquaOpeenjeeWq+iLl+eahOe+juWbveWFrOawkeWSjOWxheawkemcgOWHuuekuuWHuuWPkeWJjTHlpKnlhoXnmoTnl4Xmr5Lmo4DmtYvpmLTmgKfmiqXlkYrmiJbmlrDlnovlhqDnirbnl4Xmr5Logrrngo7lurflpI3or4HmmI7pmLTmgKfmo4DmtYvnu5Pmnpzor4HmmI7miJblurflpI3or4HmmI7nm7jlhbPlo7DmmI7kuabjgILlt7LmjqXnp43nlqvoi5fnmoTnvo7lm73lhazmsJHlkozlsYXmsJHpnIDmj5Dkvpvnlqvoi5fmjqXnp43or4HmmI7jgIHlh7rlj5HliY0z5aSp5YaF55qE55eF5q+S5qOA5rWL6Zi05oCn5oql5ZGK5oiW5paw5Z6L5Yag54q255eF5q+S6IK654KO5bq35aSN6K+B5piO6Zi05oCn5qOA5rWL57uT5p6c6K+B5piO5oiW5bq35aSN6K+B5piO55u45YWz5aOw5piO5Lmm44CCIHwKfCDoi7Hlm70gfCDku47kuK3po47pmanvvIjpu4Tnga/vvInlm73lrrblkozlnLDljLrlhaXlooPoi7Hlm73pnIDoh6rmiJHpmpTnprsxMOWkqe+8jOW5tuWcqOaKtei+vuesrOS6jOWkqe+8iOaIluesrDLlpKnliY3vvInlkoznrKw45aSp77yI5oiW56ysOOWkqeWJje+8ieWIhuWIq+i/m+ihjOaguOmFuOajgOa1i++8m+S7jumrmOmjjumZqe+8iOe6oueBr++8ieWbveWutuWSjOWcsOWMuuWFpeWig+iLseWbveW/hemhu+WcqOaMh+WumumFkuW6l+i/m+ihjDEw5aSp6ZqU56a75bm26L+b6KGM5qC46YW45qOA5rWL44CC5oq16L6+5YmNMTDml6XlpoLmnInpq5jpo47pmanlm73lrrblkozlnLDljLrml4XooYzlj7LlsIbmjInpq5jpo47pmanlnLDljLrlhaXlooPlip7ms5XmiafooYzjgILmiYDmnIk=

所属报告：

社会服务行业2022年投资策略：在疫情不确定性中寻找商业模式的确定性-211216（35页）.pdf

打包全文图表

复苏脉络：疫情反复中，遵循疫情平稳季的验证把握复苏节奏脉络经历了两年疫情反复，市场复苏预期往往随病毒变异、疫苗普及、特效药进展等波动起伏。虽然近期有奥密克戎病毒变异影响，但考虑近两年病毒的相应应对，我们认为未来伴随疫苗和特效药等的推动，后续复苏预期仍有望持续强化。从复苏时间轴来看，结合近两年的验证，旅游细分赛道顺序为：免税>酒店>餐饮>景区>演艺>出境游。从 2021 年表现来看，免税疫情下销售净利率承压，但疫情平稳期规模和盈利较可观（3-5月，十一客流下滑近3成但销售额增 60%+），国内疫情企稳复苏仍可观，只是市场对海外疫情企稳后的国门放开影响有担忧；酒店今年 Q2 复苏较良好，华住、锦江等龙头境内业务同比疫情前转正，且近两年酒店行业供给减少预计 15%+，未来若行业企稳，即使经济未完全复苏，但因供给短期减少，预计龙头公司的 REVPAR 相对也可较快恢复，复苏弹性较有支撑；餐饮龙头复苏节奏受品牌发展阶段和加密情况分化，处于强势期的品牌复苏较快（或者强势区域也复苏较快），如海伦司、太二等，但部分品牌区域加密较大则表现分化，复苏节奏阶段受制，后续需关注门店调整后表现；景区中休闲游景区复苏仍然相对较快（如疫情平稳期的天目湖复苏节奏较快），跨省游长线游占比较高景区则恢复受制（参考乌镇和古北的恢复差异）；演艺则因为异地跟团游受压制复苏节奏偏慢，股价也相对承压；出境游则因为海外疫情严重和出国受限而依然处于停摆，仅澳门游有限度放开，但也受疫情反复波动。

行业数据原图定位