20240417-财通证券-酒店餐饮板块周度跟踪_五一预期带动板块情绪_茶饮品牌集中赴港IPO_16页_1mb

酒店餐饮投资策略周报：五一预期与茶饮上市驱动板块情绪

酒店板块：

• 五一预期驱动情绪：受清明假期消费数据支撑与五一出行高景气预期提振，君亭酒店(+2758%)、华天酒店(+2137%)领涨。
• 行业数据分化：全国RevPAR较2019年同期下跌1261%，头部酒店得益于翻新改造与会员体系优势，量价表现优于行业。
• 事件催化：锦江转让时尚之旅100%股权，旗下21处资产纳入ABS项目预计改善债务；华住一季度拓店目标完成度超26%。
• 投资建议：短期关注君亭酒店、华住集团；中期关注锦江酒店改革兑现情况。

餐饮板块：

• 同店修复分化：海底捞翻台率同比提升，奈雪等茶饮品牌同店承压；达势股份预计维持正增。
• 茶饮资本扩张：霸王茶姬拟赴美上市，锅圈发布“社区央厨”新战略。
• 风险提示：同店拐点未现、拓店不及预期、行业竞争加剧。

English Summary

Hotel Industry Investment Strategy:

• Easter Holiday Expectations Boost Sentiment: Holiday consumption data and rising anticipation for the May Day holiday lifted spirits, with Junting (+2758%), Hua Tian (+2137%), leading the sector.
• Industry Data Diverges: National RevPAR fell by 1261% compared to 2019. Leading chains outperformed due to renovation efforts and strong membership programs.
• Event Catalysts: Jiangsu transferred 100% ownership of Fashion Travel via ABS, aiming to improve debt; Huazhu completed over 26% of annual store targets.
• Investment Recommendations: Focus on Junting (short-term) and Huazhu (Q1 guidance); monitor Jiangsu’s reform progress mid-term.

Catering Industry Update:

• Same-Store Recovery Mixed:海底捞 sees same-store growth via higher turnover;奈雪 faces challenges from high base comparisons.
• Tea Chains Capital Expansion:霸王茶姬 targets US IPO, while Guo Quan launches "community central kitchen" strategy.
• Risk Factors: Same-store performance remains uncertain, expansion speed may lag, and competition intensifies.