【国金消费策略】锦江酒店首次覆盖:规模龙头发展提质,静待行业复苏曙光

国金证券研究所
28 Apr 2022

投资逻辑疫情加速行业连锁化,龙头竞争格局改善趋势明确。疫情之下供给出清,经测算若间夜量需求恢复至19年水平,供给量缩将使行业OCC较19年提升3pct,此外消费者安全性诉求、投资人抗风险意识均上升,推动行业连锁化率加速上升,未来复苏过程中龙头将更为受益。中长期看行业正向规模效应明显,轻资产+中高端+连锁化+数字化将共同推动头部竞争格局改善。国内连锁酒店中市占率第一,中高端品牌优势明显,拓店规划明确...

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