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S0850511040005 S0850517050001 nn 2023 2 12 2 1.2.3.1.39%1.05%4.18 19 5.A 23 4 6.10 14 7.5 6 8.9.YWCXxOnQpMnMtNpMqNpQnM8OaOaQmOrRnPsRjMqQpNiNrQsR6MnMmMuOoPoQwMmQqQ 1 23 5.9%2022 1564 31%19 54%22 349 29%2023 2023 2 51.9 24.8%19 91%23 15.6 5.9%/2 Wind 3 1.2019-23 6.0 2.8 10.0 14.7 15.6 56.8 35.9 28.9 41.6 51.9 01020304050600246810121416182019 2020 2021 2022 2023 2023/2019-23 22%16%40%34%30%2019-23 4926 4743 8670 10300 9959 2023/2 Wind 4 1.2019 2020 2021 2022 2023 56.8 35.9 28.9 41.6 51.9 YOY-36.7%-19.7%44.1%24.8%6.0 2.8 10.0 14.7 15.6 YOY-54.0%261.0%47.8%5.9%12.2 5.8 11.5 14.3 15.7 YOY-52.3%97.5%24.4%9.5%4926 4743 8670 10300 9959 YOY-4%83%19%-3%21.5%16.2%39.8%34.4%30.2%YOY(pct-5.3pct 23.6pct-5.4pct-4.2pct +23 90%22%23 2&5 1.2 2022 31%29%22 2022 12%2022 2.7pct=/=/Wind 6 1.2018-22 2018 2019 2020 2021 2022 2876 2896 2129 2258 1564 YOY 5%1%-26%6%-31%9.7%13.0%21.1%29.7%27.0%279 376 448 671 422 YOY 19%35%19%50%-37%3499 3587 6129 7367 8263 YOY 2%3%71%20%12%()97 135 275 495 349 YOY 22%38%104%80%-29%2022 2021 2021-22 2022 4-5 9-10 12 21 5pct Wind 7 1.2021-2022%24.7 28.0 28.2 27.2 30.3 33.4 28.4 22.1 32.7 36.8 34.2 33.5 26.2 29.0 27.1 18.2 24.1 30.7 25.6 20.2 25.5 31.3 35.7 25.8 152025303540Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2021 20228 1.cdf cdf cdf GDF GDF/cdf 2022 3 3 2022 3 8 5 2022 4 2 2022 4 11 9 2022 8 5 2022 9 21 47 2022 4 2 2022 4 17 15 2022 8 4 2022 9 16 44 cdf 2022 8 8/10/12-14/17/18/22 2022 8 23 8 2022 10 6-1-2022 8 6 2022 8 17 11-2022 10 28 2022 8 8/10-15/17/22/27-10 2022 10 6-1 2022 1-2 7-8 12M22 22 22 3-4 8-9 21 1-2 6 11 21 23 21 10M21 36.8%90-95%39-41%2021-22 15%85%39-41%33-35%90-95%Wind BBC 9 1.36.8%35.7%0%5%10%15%20%25%30%35%40%2020-7 2020-8 2020-9 2020-10 2020-11 2020-12 2021-1 2021-2 2021-3 2021-4 2021-5 2021-6 2021-7 2021-8 2021-9 2021-10 2021-11 2021-12 2022-1 2022-2 2022-3 2022-4 2022-5 2022-6 2022-7 2022-8 2022-9 2022-10 2022-11 2022-12%22 3-4 21 8 22 8-9 4Q 2020 2021 2022 24%24%33%2020-22 10%12%15%25%35%33%33%25%35%32.0%28%37%34.3%Wind 10 1.16%19%22%25%28%31%34%29%25.0%26.0%27.0%28.0%29.0%30.0%31.0%31%26.3%27.3%28.3%29.3%30.3%31.3%32.3%33%27.6%28.6%29.6%30.6%31.6%32.6%33.6%35%29.0%30.0%31.0%32.0%33.0%34.0%35.0%37%30.3%31.3%32.3%33.3%34.3%35.3%36.3%39%31.6%32.6%33.6%34.6%35.6%36.6%37.6%41%33.0%34.0%35.0%36.0%37.0%38.0%39.0%2025 1.1 25 1 5000 25 23 19 24-25+35%+27%25 2 23-25 29.5/31/31.3%2020-22+71%20%12%2023-25 8/10/8%2023-25E 762 1190 1648 2021-25 CAGR 35%11 1.2020 2021 2022 2023E 2024E 2025E 2129 2258 1564 2896 3909 4965 YOY-26%6%-31%85%35%27%21.1%29.7%27.0%29.5%31.0%31.3%448 671 422 854 1212 1554 YOY 19%50%-37%102%42%28%6129 7367 8263 8925 9817 10602 YOY 71%20%12%8%10%8%()275 495 349 762 1190 1648 YOY 104%80%-29%118%56%38%Wind 2.12 14(2022-2035)2&1 31 2 3 GMV 3000 485.6 9.8 2 8 GMV 1997 54.3%GMV 1526.2 390%504 131%2 10 GMV 2825.4 GMV GMV STR 10 11 12 RevPAR 2019 56%60%63%2023 2019 89%20 21 201973.4%79.9%-S 49.21 31.4%19 41%19 90%133 19 85%12 3.1.39%1.05%0.08%1.39%1.47 7 1.05%0.96 23 Wind A%2023 2 4 2023 2 10 13 2.6 2.5 2.0 1.6 1.5 1.4 1.4 1.1 1.1 0.9 0.8 0.5 0.4 0.3 0.0-0.1-0.1-0.2-0.4-0.6-0.7-0.7-0.8-1.05-1.1-1.2-1.2-1.2-2.8-4-3-2-10123 4.18 19 1.39%0.08%1.81%2.17%+10.5%+10.1%+10.0%-W-14.3%-5.7%-4.7%Wind%2023 2 4 2023 2 10 14 10%10%10.48 598.42-W-14.29 7931.85 10.06 81.36-5.70 117.26 10.00 1113.22-4.73 932.25 8.28 41.81-4.19 25.14 6.24 57.26-4.04 236.30 6.06 90.09-3.47 238.24 5.72 1733.57-3.10 4209.25 5.37 1599.46-2.64 5.49 5.20 278.26-2.60 31.86-S 3.86 1733.57 0.00 37.98(%)(%)1.39-1.81-0.08-2.17 5.A 23 4 3260.67-0.1%11976.85-0.6%Wind K12 619.97 1.9%+13.1%+12.2%+8.6%-5.2%-3.4%-1.5%Wind A%2023 2 4 2023 2 10 15 13.1 12.2 8.6 8.3 5.9 5.3 5.0 5.0 3.7 3.3 2.9 2.7 2.6 2.5 2.2 2.1 2.0 1.5 1.1 0.9 0.9 0.8 0.6-0.2-1.5-3.4-5.2-10-5051015 ST ST 6.10 14 21190.42-2.2%7126.19-3.5%+19.9%+14.6%+12.7%-12.1%-12.0%-10.7%Wind%2023 2 4 2023 2 10 16 19.9 14.6 12.7 7.2 5.6 5.0 3.4 2.6 2.0 0.0 0.0-1.1-1.7-1.9-3.8-4.1-4.3-4.8-4.9-5.1-5.1-5.1-10.7-12.0-12.1-15-10-50510152025 21-S 7.5 6 11789.58-1.8%33699.88-0.7%+18.1%+5.2%+1.6%-20.5%-13.0%-11.0%Wind%2023 2 4 2023 2 10 17 18.1 5.2 1.6 0.6 0.5 0.0-0.5-2.8-7.4-11.0-13.0-20.5-25-20-15-10-505101520 8.2023 2 10 Wind 18 EPS Wind EPS EPS PE X 2020 2021 2022E 2023E 2020 2021 2022E 2023E 601888.SH A CNY 4209 204.42 2.97 4.67 0.00 6.38 69 44-32 600859.SH 318 28.04 0.34 1.18 0.47 0.94 82 24 60 30 600754.SH 598 63.03 0.10 0.09 0.15 1.52 612 670 407 42 605098.SH 42 35.40 0.90 1.45 1.43 1.90 39 24 25 19 002607.SZ 358 5.80 0.37-0.38-0.12 0.09 16-67 300144.SZ 391 14.96-0.67 0.12 0.04 0.35-124 349 43 600138.SH 106 14.59-0.32 0.03-0.28 0.48-497-30 603136.SH 52 27.81 0.29 0.28 0.16 0.78 94 101 171 36 301071.SZ 193 133.23 0.50 1.65 3.43 5.79 264 81 39 23 1179.HK HKD-S 1287 40.00-0.81-0.18-0.45 0.84-47 1992.HK 136 10.92-2.46-2.67-0.50 0.43-26 6862.HK 1078 19.34 0.07-0.91 0.07 0.48 293-259 40 9922.HK 275 18.94 0.10 0.29 0.21 0.54 187 66 90 35 9987.HK 2005 479.00 14.52 18.45 8.82 14.41 33 26 54 33 0667.HK 131 6.01 0.14 0.17 0.22 0.32 43 35 27 19 1797.HK 616 60.85-0.80-2.00 1.22 1.66-50 37 9616.HK 23 3.53 0.14 0.54 0.67 0.85 26 7 5 4 8.19 SAC S0850511040005 021-23219399 Email SAC S0850517050001(0755)82900465 Email 20 021-23219583 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%21 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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