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|()T abl e _S umm ary-&31+Z 300:-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%社会服务 沪深300 5469 2 24$st art$1.4.2.8.3.15.4.22.XVDWwPrMnOqRpRpMqNqPpO7NdN9PmOrRmOnReRoOqOkPpNuM6MoOwOMYtPmRwMnMrN 3 24.4 24 1 1.1 1 1.2 2024 2022 3.8 90 70%75%Z omhyI+l3nZVjLp1OGhfm2ZDzSda0ryHb0G1WUCrSdD7N9ShVIJmvJnSxbGVdbe9K 5 24 2 3 Z 53%Z 47%Z Z“”“”4 2024 Z 20岁 以下42%20-30岁29%30-35岁15%36岁 以上14%男25%女75%6 24 5 2024 1.3 2022 6 7 24 20%-26%17%21%20%25%NFC 7 8 20-26%20-25%17-21%10-15%11-12%10-12%-35%3.8 1.8 2018“GO”26.93045.357.772.490.901020304050607080901002019 2020 2021 2022E 2023E 2024E 8 24 2022 6300 2018 GO 2022 1000 9-”2023 1-7 4600 2023 1-7 2800 2023 1-7 6-7 2000+2023 1-7 7 200 7 1 3 3 2 2.1 2017 1488 2022 4213 CAGR 23%2027 10,312 2022 18 9 24 322/222/167 15%10 11(&)2022 2100+50%2017-2022 CAGR 20%2027 5118 2023-2027 CAGR 19.1%2017-2022 CAGR 38%2022 1300+32%2017 14pcts 2027 3715 2023-2027 CAGR 22.5%12 148.8187.8245274.7360.5421.3517.2664.9749.5882.21031.202004006008001000120032222216718050100150200250300350 0200400600800100012002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 10 24 10 10-20 20 5-20 15-30 50-150 13 10 10-20 20-40/5-20 15-30 50-150+2.2 2.2.1 2022 10-15 52%10 2021 10%2022 24%20 2020 33%2022 5%2023 3-6 13 19 13-19 20 14 15 010203040506010 元 10-15 元 15-20 元 20-25 元 25元2020 2021 2022 11 24 2.2.2 2022 5000 15%2020 3 10 16 17 10000 5000-10000 2000-5000 COCO LOCATION 2022 10 71%2020 1000 1000-5000 3 18 0102030405060702020 2021 2022010203040506070802020 2021 2022 12 24 2.2.3+1 30 do 2019 4 6 2 5-10 3-”2018 CR10 19 Momentum Works 13 24 2.3 2.3.1 2022 344 2027 1127 CAGR 27%2027 46%20 69%/CoCo 48%/49%/43%/42%/54%/24%/20%/12%40%/28%/12%0501001502002503002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E一线城市 新一线城 市 二线城市 三线及以 下城市 14 24 21 22 2.3.2 1“+”2,3 23+coco 7.025.625.324.874.44.420 2 4 6 8 0102030405060708090100 15 24 3 3.1 3.1.1 20&1997“”1999“”“”“”2005 1/2017 2018“”“”IP“”2023 9 30 11 36,000 24 3.1.2&“”2023Q3 36,153 2021 8000 75%16 24 25 26 2019-2022 CAGR 74%CAGR 45.6%2023Q1-3 2022 153.9 24.01 27 28 3.1.3-0%10%20%30%40%50%60%70%80%90%0500010000150002000025000300003500040000 050001000015000200002500030000350002021 2022 2023Q3 25.7046.80103.50135.80153.900%20%40%60%80%100%120%140%0.0020.0040.0060.0080.00100.00120.00140.00160.00180.002019 2020 2021 2022 2023Q1-3营业收入 同比增速4.456.3219.119.9724.010.00%50.00%100.00%150.00%200.00%250.00%0510152025302019 2020 2021 2022 2023Q1-3归母净利 润 同比增速 17 24 29-35-2023Q3 67 143.30-30 26 11 18 24 6.6 31 300 1700 3100 3.2 3.2.1 2008 2009 500 2019 2021 500 5000 2023 6 10 2023 8 15 2024 4 15 31 3.2.2 2023 SKU 68 SKU 40%2023 32%2023 9240 17.95 10.6%6870 11,090 10.10(6%)13.45 8%;4280,6.85 4%3960 5.94 3.5%19 24 2023 250 48 13 32 99%2023 95.0%2023 4.1%2023 0.9%33 91.00%92.00%93.00%94.00%95.00%96.00%97.00%98.00%99.00%100.00%101.00%2021 2022 2023销售货物及设备 特许权使用费加盟费收入 其他 20 24 3.2.3 31 2023 7801 7795 6 99%2023 10.6%26.9%20.9%19.4%22.2%2023 37.3%28.6%34.1%34 35,2023 44.3%30-49 42.8%50-100 2021 1.09 2023 1.41 36 01000200030004000500060007000800090002020 2021 2022 202310.58%10.85%10.60%30.94%29.05%26.89%21.57%21.18%20.87%18.30%19.20%19.43%18.61%19.73%22.20%0%10%20%30%40%50%60%70%80%90%100%2021 2022 2023一线城市 新一线城 市 二线城市0.000.200.400.600.801.001.201.401.6001000200030004000500060007000800090002021 2022 2023加盟商数量 加盟店数量 平均每个加盟商经营门店数 21 24 2021 1 2023 12 91.8%95.9%37 38 3.3 2014 logo+”logo”“”“”39 40,57%58%59%60%61%62%63%64%0204060801001202021 2022 2023外卖订单 零售额（亿元）占总零售 额比例0200400600800100012002021 2022 2023非外卖订 单 外卖订单 22 24+41 36 627 17 344 54%4 4.1 Z 23 24 4.2 1.2.3.24 24$en d$Table_InudstryRankInfo 6 10 6 10-10 6 10 Table_StockRankInfo 6 15 6 5 15 6-5 5 6 5 300 Table_RiskInfo Table_PromiseInfo Tale_ReliefInfo Table_AdressInfo 1528 28 2007 11
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