20230503_国泰君安证券_社服零售行业2022年报及2023年Q1业绩综述：从数据的4个冲突与自洽中 看消费的结构性机会_83页.pdf
S0880516030003 S0880519100001 S0880518020002 S0880522110001 S0880522090002 S0880122070054 S08801220500502 1+2 3 4 4 1 2 3 4 1/2 3 4+1 OTA 2/3 A 4/3/34 1-3-4.4%22 23-60-3003060901201501803 5 7 9 11 3 5 7 9 11 3 5 7 9 11 3 5 7 9 11 32019 2020 2021 2022 2023%-60-40-2002040602 4 6 8 1012 3 5 7 9 11 2 4 6 8 1012 3 5 7 9 11 22019 2020 2021 2022 2023%-100%-50%0%50%100%150%200%250%300%-20,000-10,000010,00020,00030,00040,00050,00060,00070,0001 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 32020 2021 2022 2023%)%1-15 1 2 3 1-1-50-201040701002 3 4 5 6 7 8 9 10 11 12 2 3 4 5 6 7 8 9 10 11 12 2 3 4 5 6 7 8 9 10 11 12 2 32020 2021 2022 2023%-30-20-100102030402 3 4 5 6 7 8 9 10 11 12 2 3 4 5 6 7 8 9 10 11 12 2 3 4 5 6 7 8 9 10 11 12 2 32020 2021 2022 2023%6 1-1 23 3 3 1-2 3 4 5 6 7 8 9 10 11 12 1-2 3 6.7-3.5-11.1-6.7 3.1 2.7 5.4 2.5-0.5-5.9-1.8 3.5 10.6 7.1 19.5%13.8%2.3%2.4%7.5%5.6%3.9%3.4%2.2%-1.1%-0.1%5.1%3.3%-1.8%9.1-1.4-14.0-6.5 8.1 6.8 9.3 6.1-0.5-5.8-1.3 2.1 10.1 8.0 7.9 12.5 10.0 12.3 9.0 6.2 8.1 8.5 8.3 3.9 10.5 9.0 4.4-4.6 11.4 12.6 6.0 7.7 1.9 3.0 5.8 4.9 4.1-6.2 5.5 5.2-5.1-10.3 13.6 7.2-7.0 3.8 5.1 7.7 8.0-8.8-0.7-2.0-7.3 6.1 9.0 2.9 4.8-12.7-22.8-16.2 1.2 0.8 5.1-0.5-7.5-15.6-12.5 5.4 17.7 12.3 10.7-0.8-10.2-6.7 4.3 0.7 3.6 5.6-2.2-9.1-9.2 3.9 7.7 3.8 7.0-6.3-22.3-11.0 8.1 0.7-6.4-3.1-3.7-4.6-19.3 3.8 9.6 5.8 19.5-17.9-26.7-15.5 8.1 22.1 7.2 1.9-2.7-7.0-18.4 5.9 37.4 31.5 11.1 9.8-4.8-3.3 8.9 11.5 6.2 8.7-2.1-1.7-0.3-1.1-1.9-0.8 12.7-4.3-8.1-10.6 3.2 7.1 3.4-6.1-14.1-17.3-13.1-1.9-1.4 0.5 6.2 0.4-11.7-7.8-4.9-7.8-9.1-8.1-8.7-10.0-8.9-0.9-4.7-3.8-6.0-8.8-14.0-12.2-6.6-6.3-8.1-7.3-6.6-4.0-5.8 5.2 3.5-1.7 4.8 3.1-21.8-7.7 6.6 4.9-4.6 5.8-8.9-17.6-4.5-8.2 1.8 10.0 3.9-7.5-31.6-16.0 13.9 9.7 15.9 14.2 3.9-4.2 4.6-9.4 11.5 20.9 25.6 10.5 4.7 8.3 14.7 14.2 17.1 10.2 0.9-1.6-2.9 10.9 9.2-1.7 7.5 11.9 7.9 10.8 11.9 7.8 9.1 9.3 8.9 8.3 39.8 19.3 11.7-7.6 12.3 8.8 5.2 5.6 5.6 5.7 5.8 6.1 7.2 6.4 6.2 5.3 7.3 2.0 22.0 23.2 23.8 24.9 25.9 25.6 25.6 25.7 26.2 27.1 27.2 22.7 24.2 1.5 2023%2022%7 1/2 3/A 1 3 2 3 2023 19 4 23Q1 19 1-20%50%100%150%200%250%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12020 2021 2022 2023 19%/-150%-100%-50%0%50%100%150%200%250%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12020 2021 2022 2023 19%/8 23Q1 23Q1 22Q4 19 1-22023Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 56%110%141%141%132%163%124%147%123%102%104%122%152%58%53%73%80%70%84%74%79%70%67%74%73%91%41%39%56%60%54%68%68%58%46%43%52%34%62%39%32%54%81%60%69%49%42%53%20%54%25%94%75%95%110%118%113%129%119%133%123%135%136%117%154%92%91%122%105%114%113%141%128%132%122%152%127%177%67%68%75%69%75%73%78%82%79%67%84%66%85%132%113%102%94%119%110%105%102%125%116%104%95%112%72%86%97%106%107%108%104%95%105%91%95%84%92%115%96%104%123%181%196%215%189%273%254%256%234%298%56%110%141%141%132%163%124%147%123%102%104%122%66%59%84%90%80%99%89%92%85%86%95%93%OTA 58%42%59%66%58%78%58%63%59%52%71%63%41%39%56%60%54%68%68%58%46%43%52%34%39%32%54%81%60%69%49%42%53%20%54%25%80%92%99%105%109%109%103%105%110%100%118%104%92%91%122%105%114%113%141%128%132%122%152%127%67%68%75%69%75%73%78%82%79%67%84%66%132%113%102%94%119%110%105%102%125%116%104%95%73%79%87%98%106%105%98%97%106%92%94%86%117%131%130%136%184%175%167%157%208%182%185%169%125%114%127%144%231%258%263%229%344%299%292%263%2020 2021 20229 2023Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-16%108%207%790%133%254%336%198%104%112%94%137%94%-96%-5%35%18%-65%86%29%10%-67%-7%35%-5%63%-53%5%41%-822%5%42%1%-65%-51%-18%11%-256%10%-353%-9%29%149%-109%39%2%-171%-232%-63%37%-231%260%90%62%135%157%66%46%146%159%64%2%173%49%124%77%96%127%164%148%126%126%154%124%125%122%112%187%36%100%124%85%88%74%92%103%100%29%57%115%115%145%128%91%30%9%-264%-225%-961%57%-134%-143%-902%76%35%63%72%64%66%85%60%20%61%57%46%-21%36%-16%108%207%790%133%254%336%198%104%112%94%137%-185%-47%32%-2%-112%73%21%-38%-131%-8%53%-43%OTA-146%-37%42%11%-57%42%1%-93%-22%-14%32%-34%-53%5%41%-822%5%42%1%-65%-51%-18%11%-256%-353%-9%29%149%-109%39%2%-171%-232%-63%37%-231%36%72%107%177%105%110%66%46%62%45%130%67%77%96%127%164%148%126%126%154%124%125%122%112%36%100%124%85%88%74%92%103%100%29%57%115%145%128%91%30%9%-264%-225%-961%57%-134%-143%-902%35%53%59%55%68%82%58%30%63%61%60%8%85%144%84%113%-102%114%50%85%200%138%190%133%2020 2021 2022 23Q1 23Q1 22Q4 1-210 STR Global 2019 4-5 23Q1 2022 3 Q1 Q1 19 ADR 20%40%60%80%100%120%140%160%180%1/2-1/81/23-1/292/13-2/193/6-3/123/27-4/24/17-4/235/8-5/145/29-6/46/19-6/257/10-7/167/31-8/68/21-8/279/11-9/1710/2-10/810/23-10/2911/13-11/1912/4-12/1012/25-12/311.15-1.212.5-2.112.26-3.43.19-3.254.9-4.15 19%OCC RevPAR ADR-45555105155%OCC RevPAR ADR0%20%40%60%80%100%120%140%160%1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 32020 2021 2022 2023 RevPAR 19 VS 1-211 0510152025303540452022-8-262022-9-22022-9-92022-9-162022-9-232022-9-302022-10-72022-10-142022-10-212022-10-282022-11-42022-11-112022-11-182022-11-252022-12-22022-12-92022-12-162022-12-232022-12-302023-1-62023-1-132023-1-202023-1-272023-2-32023-2-102023-2-172023-2-242023-3-32023-3-102023-3-172023-3-242023-3-312023-4-72023-4-142023-4-212023-4-28570102030405060 2023/4/24 4 3 4 2 2 1 1 1 2 2 22 2023/4/25 4 3 4 2 3 2 1 1 2 2 24 2023/4/26 6 3 4 2 2 2 1 1 2 2 25 2023/4/27 4 2 4 2 2 2 1 1 2 2 22 2023/4/28 5 3 4 2 2 1 1 1 2 2 23 2023/4/29 9 3 6 3 6 4 2 2 5 2 42 2023/4/30 16 4 6 3 7 4 3 2 8 4 5748 21 32 16 24 16 10 9 23 16 215 2.3 0.3 1.0 0.0 1.0 0.5 1.1 0.7 0.0 0.0 7.0 2.0 0.0 1.0 0.0 0.6 0.0 1.0 0.0 0.0 0.0 4.5 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.0 2.0 1.3 0.0 1.2 0.4 0.8 0.9 0.0 0.0 6.5 0.0 3.0 2.3 0.0 1.3 1.0 1.0 1.3 0.0 0.0 9.8 3.9 3.0 2.5 0.3 1.8 1.5 1.1 1.1 2.1 1.2 18.4 5.1 3.0 3.6 1.5 2.6 1.3 1.1 1.1 2.4 1.9 23.71.9 1.6 1.7 0.3 1.2 0.7 0.9 0.7 0.6 0.4 10.1 71 10 32 0 31 17 35 21 0 0 217 59 0 30 0 17 0 30 0 0 0 136 0 0 17 0 0 0 1 0 0 0 18 0 61 39 0 37 13 24 29 0 0 203 0 84 63 0 36 28 28 35 0 0 274 122 92 77 9 57 45 33 35 65 36 571 154 90 108 46 78 40 33 32 73 57 711406 337 366 55 256 143 184 152 138 93 2,1302023 20222023 2022 1-212 Wind 19 40-50%-200%0%200%400%600%800%1000%0500,0001,000,0001,500,0002,000,0002,500,0003,000,0002019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-01北京首都机场国际+港澳台旅客吞吐量（人次）同比-150%-100%-50%0%50%100%150%200%250%0501001502002503003504002019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-01上海机场：旅客吞吐量：国际+港澳台（万人次）上海机场国际+港澳台同比 1-213 Wind 18 168 247 354 379 370 438 488 495 463 509 626 601-13%9%29%35%121%77%38%31%25%16%28%21%-20%0%20%40%60%80%100%120%140%0100200300400500600700CNYyoy%14 22 32 33 29 35 40 39 34 36 46 42-17%7%30%33%111%59%25%17%16%3%14%9%-40%-20%0%20%40%60%80%100%120%05101520253035404550yoy%138.61 153.92 149.90 159.51 201.07 197.73 121.70 131.91 128.79 124.79 160.79 146.37 71.95 80.01 81.37 72.96 86.38 77.45 4.69 5.84 10.27 10.54 15.03 13.19 0501001502002503003504004505002Q21 3Q21 4Q21 2Q22A 3Q22A 4Q22ACNY(2)27 21(14)(39)(22)(55)(39)(36)21 35 8-1%11%6%-4%-11%-5%-11%-8%-8%4%6%1%-15%-10%-5%0%5%10%15%(60)(50)(40)(30)(20)(10)010203040Non-GAAP CNYNon-GAAP Non-GA AP N et margi n 1-214 19 2022/-22%/-11%/+6%/-34%/-20%/0%/-23%3 4 2023 3/2022 104%/115%/130%/131%2019 3 80%2019 3 76%19 0%50%100%150%海底捞 九毛九 太二 呷哺呷哺 湊湊 海伦司2022 年同店收入恢复到2019年百分比2022 年1 月 2022 年春节 2022 年2 月 2022 年3 月 2022 年4 月 2022 年五一 2022 年5 月2022 年端午 2022 年6 月 2022 年7 月 2022 年8 月 2022 年9 月 2022 年国庆 2022 年10 月0%50%100%150%海底捞 九毛九 太二 呷哺呷哺 湊湊 海伦司 奈雪餐饮公司同店相比2021 年恢复程度2022 年1 月 2022 年春节 2022 年2 月 2022 年3 月 2022 年4 月 2022 年五一2022 年5 月 2022 年端午 2022 年6 月 2022 年7 月 2022 年8 月 2022 年9 月2022 年国庆 2022 年10 月 2022 年11 月 2022 年12 月 2022 年元旦 2022 年春节2023 年1 月 2023 年2 月 2023 年3 月 1-215 wind 2021-100%-50%0%50%100%150%200%250%05001,0001,5002,0002,5003,0002019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-01美兰机场:旅客吞吐量（千人）美兰机场:旅客吞吐量:当月同比-200%-100%0%100%200%300%400%500%0501001502002502019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-01三亚:凤凰机场:旅客吞吐量:当月值（万人次）三亚凤凰机场旅客吞吐量同比 2019 2019 1-216 2023Q1 2022 1,420 2021 2.72%2020 22.74%2019 24.33%2023Q1 2022Q1 30.33%2022Q4 38.14pct 2023Q1 2022 14.01%2021 3.46pct 2023Q1 12.12%2022Q1 2.22pct 2021Q1 3.71pct 2020Q1 3.41pct 1-3/0.00%5.00%10.00%15.00%20.00%25.00%30.00%18Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1 Wind 23Q1 17 2022 2022/4.60/7.65/17.00 2021 26.42%/-3.66%/-9.38%2021%2020%2019%2021%2020%2019%pct%pct%pct ROE%ROE pct 002345.SZ 44.17-4.73 37.39 24.69 1.99-43.22 42.55 145.26 30.18-3.21 4.02-3.27 21.61-1.01 5.62-4.34 600612.SH 630.10 7.36 21.83 26.96 17.00-9.38 7.21 20.76 7.58-0.19 2.74 0.03 2.33-0.22 16.79-3.63 002867.SZ 111.18 21.44 118.68 104.40 10.91-10.94 7.63 10.00 20.78-6.53 9.22-3.81 7.56-1.02 18.05-3.11 600916.SH 471.24-7.16 39.47 23.12 7.65-3.66 53.02 69.52 3.90 0.81 1.47-0.02 1.38 0.04 11.06-1.05 605599.SH 109.90 5.61 55.49 30.84 4.60 26.42 27.19 14.42 11.22-0.12 3.69 0.29 4.36-0.05 13.50 2.16 301177.SZ 36.82-20.36 49.38 121.18 7.29-43.98 29.46 176.32 69.79-0.35 16.66-10.35 44.16 13.15 10.72-8.24 600655.SH 501.18-1.85 13.77 16.79 38.26-0.90 5.97 19.25 17.87-6.25 0.32-5.16 16.28 2.04 10.72-0.54 000026.SZ A 43.54-16.97 2.61 17.54 2.67-31.24-9.33 23.52 37.09-0.25 5.74-1.31 28.32 1.55 8.50-4.37 002574.SZ 34.74-3.03 38.41 1.29-1.63-218.66-36.79-381.27 11.26-0.32-4.99-4.24 9.10 0.55-5.54-9.98 603900.SH 9.12-31.09-25.65-30.82-0.40-203.34-138.09-127.19 55.43-1.01-5.14-6.44 58.77 10.11-1.81-3.51 002740.SZ 3.66-56.47-75.80-81.12-7.09-8.21-54.54 136.42-62.14-76.91-187.11-95.40 71.74 34.53 0.00 559.81 002731.SZ 42.06 14.29 99.38 84.98 0.48 40.25 65.94 27.72 5.57-1.48 0.80-0.18 4.09-1.30 3.58 0.94 Wind 1-3/18+23Q1 3 Q2+beta 2023Q1/7.16/2.35/1.24/3.65 22 76.10%/30.57%/30.11%/26.06%22Q1 21Q1 20Q1 19Q1 22Q1 21Q1 20Q1 19Q1%pct 2023Q1%pct%pct ROE%ROE pct 002345.SZ 15.24 21.59 36.03 148.39 59.29 1.24 30.11 17.86-645.09 40.92 28.03-3.23 8.01 0.52 19.15-1.36 3.44 0.77 600612.SH 245.58 33.17 42.80 69.50 63.66 7.16 76.10 10.41 92.62 91.54 8.02 0.15 2.99 0.46 2.20-0.26 6.83 2.50 002867.SZ 41.22 49.65 256.38 508.27 275.60 3.65 26.06 55.38 263.36 88.41 17.91-2.25 8.64-1.58 6.89-0.52 5.87 0.95 600916.SH 161.39 12.33 21.35 148.90-3.00 19.13 45.42-428.36-3.99-0.10 1.72 0.03 1.22-0.06 4.24 0.48 605599.SH 50.52 45.62 71.17-2.35 30.57 123.98-11.38-1.26 4.22-0.74 4.16-0.10 6.64 1.20 301177.SZ 7.05-42.27-34.99-1.01-73.15-68.64-69.87-1.25 7.16-20.88 51.42 20.11 1.47-3.86 600655.SH 152.44 24.56 40.39 47.-96 88.06 3.36 0.57-41.85 3.27-16.46 14.03-4.36 1.79-0.44 14.80 0.33 0.94-0.03 000026.SZ A 12.00 2.25-12.93 103.97 34.33 1.03 19.50-12.72-895.31 60.33 36.03-2.18 7.96 0.79 25.88-0.29 3.23 0.39 002574.SZ 12.30 4.64 16.43 60.57-0.18 0.46 28.17 71.51 467.09 8.39 10.83 0.49 3.53 0.70 9.14 1.06 1.55 0.40 603900.SH 2.50-22.40-43.02 12.93-45.56 0.16 9.16-74.53 32.90-82.16 55.55 0.74 5.30 1.25 59.78 7.17 0.72 0.08 002740.SZ 0.69-30.01-70.42-67.93-79.77-0.46 43.55-426.14-501.05-403.95-11.18-32.21-66.32-33.87 73.78 27.05 0.00 26.06 Wind 1-3/19 23Q1 2019-CNY 2019 2022 2023 2024 PE23Q1 19 10-19 PE 2019A 2022A 2023E 2024E PE FY1 20 PE PE23 24 19 300144.SZ 423 2,612 1,340 2,218 964 3,063 1,460 3,391 1,682 32 44 29 25 28.43%16.29%40 56 42-31%-40%90%600138.SH 111 14,054 568 6,417-334 10,726 408 13,544 621 20-33 27 18 65.20%-7.49%25 39 30-8%-39%57%87%603136.SH 58 503 124 658 179 769 222 914 278 47 33 26 21 135.34%127.62%30 91 34-23%-38%194%002033.SZ 65 723 203 317 4 748 200 839 236 32 1,767 33 28 140.14%156.30%32 59 54-40%-49%105.0%000430.SZ 36 425 11 132-260-324-14-118.02%362.28%-103 54-175%002707.SZ 97 12,677 69 465-222 7,203 84 11,196 171 141-44 116 57 5.61%-57.80%97 83 71 62%-21%19 60-80%100%002159.SZ 30 677 11 256-77 578 70 609 104 265-39 43 29 147.15%-73.65%38 107 94-54%-69%104.76%600706.SH 53 1,305 45 891-249 1,593.68 48.33 1,732.47 92.80 119-21 110 58 102.98%29.79%-76 91 21%-37%400 600054.SH 100 1,607 340 800-132 1,582 302 1,893 416 29-76 33 24 127.89%273.98%35 61 35-6%-32%23Q1 1 42.6%900942.SH B 41 1,607 340 800-132 1,582 302 1,893 416 12-31 14 10 127.89%273.98%14 33 20-32%-51%157.0%002627.SZ 41 2,213 115 1,907 4-36 952-87.91%99.30%0 47 36-000888.SZ A 48 1,108 226 781 57 949 224 990 252 21 85 22 19 93.11%361.89%0 48 33-35%-42%136.81%000524.SZ 84 7,972 259 1,035-178 4,294 143 7,253 280 32-47 59 30 26.23%7.80%53 87 98-40%-69%100%000978.SZ 42 606 55 129-282 337-56 469 29 76-15-74 144 73.81%642.45%0 111 168-144%-14%120%603099.SH 28 467 75 482 74 530 92 600 109 37 37 30 25 141.26%16.47%37 52 59-49%-57%111.3%000796.SZ ST 42 6,036 126 378-329 2,814-166 4,779 100 33-13-25 42 5.99%-140.56%-23 122 74-134%-44%70%2 7 19 60-80%100%002059.SZ 79 2,879 95 1,781-54 2,326 270 2,920 349 83-146 29 23 32.01%99.44%0 126 144-80%-84%8 9.9%300859.SZ 61 241 74 102.28-9.30-83-134.04%101.50%-128-8 9.3%603199.SH 32 537 117 601 148 668 169 741 188 27 21 19 17 143.48%159.61%25 75 52-64%-68%23Q1 249.29/+1 48%28.95/+160%600749.SH 34 188 21 121-29-161-165.11%113.84%-78.8%600593.SH 20 319 42 157.21-78.05-49-156.86%-21.58%-119 105-77.16%Wind PE PE 201 0-2019 1-3/20 19 0%20%40%60%80%100%120%140%160%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12020 2021 2022 2023 VS 19 0%100%200%300%400%500%600%700%800%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12020 2021 2022 2023 VS 19-SW-SW 1-3/21 23Q1 2022 9.60%2021 0.15pct 2020 0.63pct 2019 1.37pct/4.87%/3.32%/1.41%2023Q1/3.93%/1.99%/0.84%2022Q1-0.89/-0.71/-0.75pct 2021Q1-0.79/-0.77/-0.47pct 2020Q1-0.34/-0.90/-0.33pct 2019Q1-0.20/-0.56/-0.23pct 2023Q1 2019-2021 2023Q1 2022Q1 0.02%2021Q1 1.00%2020Q1 0.39%2019Q1 0.17%0.00%1.00%2.00%3.00%4.00%5.00%6.00%18Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1销售费用率 管理费用率 财务费用率-2.00%-1.00%0.00%1.00%2.00%3.00%4.00%5.00%6.00%(10.00)(5.00)0.005.0010.0015.0020.0018Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1扣非归母净利润（亿元）扣非归母净利率 Wind 1-3/221.931.971.931.861.91.861.80%5%10%15%20%25%30%35%0.00.51.01.52.02.5 2022 2.021.89 1.88 1.870%5%10%15%20%25%0.00.51.01.52.02.5 2022 2023Q1 2023Q1 2022-23-25%-20%-15%-10%-5%0%5%10%15%20%0.000.501.001.502.002.50 1-3/23 23Q1 2022 9.60%2021 0.15pct 2020 0.63pct 2019 1.37pct/4.87%/3.32%/1.41%2023Q1/3.93%/1.99%/0.84%2022Q1-0.89/-0.71/-0.75pct 2021Q1-0.79/-0.77/-0.47pct 2020Q1-0.34/-0.90/-0.33pct 2019Q1-0.20/-0.56/-0.23pct 2023Q1 2019-2021 2023Q1 2022Q1 0.02%2021Q1 1.00%2020Q1 0.39%2019Q1 0.17%0.00%1.00%2.00%3.00%4.00%5.00%6.00%18Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1销售费用率 管理费用率 财务费用率-2.00%-1.00%0.00%1.00%2.00%3.00%4.00%5.00%6.00%(10.00)(5.00)0.005.0010.0015.0020.0018Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1扣非归母净利润（亿元）扣非归母净利率 Wind 1-3/24 1-41 2 3 25/2526/2-1151 99 113 110 83 53 62 51 12 11 14 14 4 3 3 3 112 102 128 139 16 16 21 23 020406080100120140160
