深度报告-20230118-华安证券-众信旅游-002707.SZ-出境游龙头_疫后业绩弹性可期_23页_994kb.pdf

&:2021 2022E 2023E 2024E%-Table_StockNameRptType 002707/Table_Rank 2023-01-18 9.49 12/11.23/4.92 983 814%82.86 93 77 300-37%-4%28%61%94%1-22 4-22 7-22 10-22 300Table_CompanyRptType1 002707 敬请参阅末页重要声明及评级说明 2/23 证券研究报告%ROE%-P/E P/B EV/EBITDA-Table_CompanyRptType1 002707/1.5 2.8 3.14 3.1.14 3.2 B2B.17 3.3.18.20.20.21.21.22 Table_CompanyRptType1 002707/1.5 2 2022H1.6 3 20142022Q3.7 4 20142022Q3.7 5 20142019.7 6 20202022H1.7 7 2020-2022H1.8 8 2020-2022Q3.8 9.8 10.8 11.9 12.9 13.9 14.9 15 2019.10 16.11 17.11 18.11 19.11 20 2019.12 21 2019.12 22 2022.12.30.12 23.13 24.13 25.13 26.13 27.14 28.14 29.14 30.14 31.15 32.16 33+”.17 34 2022Q3.17 35.17 36.18 37.19 38.20 39.20 40.20 41 U2NFT+U2META.20 Table_CompanyRptType1 002707/1 1 20052014+2 20152019“+”3 20202022 1 Table_CompanyRptType1 002707/2 2022H1 2011.4,2018.5,2018.6,2021.6 Table_CompanyRptType1 002707/3 20142022Q3 4 20142022Q3 5 20142019 6 20202022H1-100%-50%0%50%100%150%020406080100120140 YOY%-2500%-2000%-1500%-1000%-500%0%500%-16-14-12-10-8-6-4-2024 YOY%0204060801001201402012 2013 2014 2015 2016 2017 2018 2019 0246810121416182020 2021 2022H1 Table_CompanyRptType1 002707/7 2020-2022H1 8 2020-2022Q3 2 1 2 9 10-40%-30%-20%-10%0%10%20%30%2020 2021 2022H1 0%5%10%15%20%25%30%35%40%45%50%2020 2021 2022Q3-60%-50%-40%-30%-20%-10%0%10%20%0102030405060702018 2019 2020 2021 2022Q3 YOY%-80%-60%-40%-20%0%20%40%012345672018 2019 2020 2021 2022Q3 YOY%Table_CompanyRptType1 002707/11 12 UNWTO UNWTO 1 13 14-100%-80%-60%-40%-20%0%20%40%0.00.20.40.60.81.01.21.41.61.8 YOY%-60%-40%-20%0%20%40%60%80%100%0.00.51.01.52.02.53.0 YOY%0%20%40%60%80%100%120%010,00020,00030,00040,00050,00060,00021 21 21 21 21 21 22 22 22 22 22 22 2019%0%10%20%30%40%50%60%70%80%90%05001,0001,5002,0002,5003,0003,5004,0004,50021 21 21 21 21 21 22 22 22 22 22 22 2019%Table_CompanyRptType1 002707/2 2022 2019 90%2019 90%98%73%2019 80%15 2019 TSA 0%20%40%60%80%100%120%140%160%180%1/11/81/151/221/292/52/122/192/263/53/123/193/264/24/94/164/234/305/75/145/215/286/46/116/186/257/27/97/167/237/308/68/138/208/279/39/109/179/2410/110/810/1510/2210/2911/511/1211/1911/2612/312/1012/1712/242022 2021 2020Table_CompanyRptType1 002707/16 17 USTA USTA 18 19 USTA USTA 0%20%40%60%80%100%120%00.511.522019 2020 2021 2022E 2019 2019 0%20%40%60%80%100%120%01002003004005006007008002019 2020 2021 2022E 2019 2019 0%20%40%60%80%100%120%00.511.522.52019 2020 2021 2022E 2019 0%20%40%60%80%100%120%0200400600800100012002019 2020 2021 2022E 2019 Table_CompanyRptType1 002707/20 2019 21 2019 ITA ITA 22 2022.12.30 UNWTO 0%20%40%60%80%100%120%Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2020 2021 2022-20%0%20%40%60%80%100%120%Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2020 2021 202275%100%93%51%63%85%0%10%20%30%40%50%60%70%80%90%100%Table_CompanyRptType1 002707/23 24 wind 25 26 wind-40%-30%-20%-10%0%10%20%30%02004006008001,0001,200 YOY(%-4%-2%0%2%4%6%8%10%12%14%16%05,00010,00015,00020,00025,00030,000 YOY%47%31%9%9%5%0%5%10%15%20%25%30%20002001200220032004200520062007200820092010201120122013201420152016201720182019 Table_CompanyRptType1 002707/27 28 wind wind 29 30 wind 3 3.1 0%10%20%30%40%50%60%70%0%2%4%6%8%10%12%14%16%05,00010,00015,00020,00025,00030,00035,00040,00045,00050,000 YOY(%0.00200.00400.00600.00800.001000.001200.00050100150200250300350400450 0%20%40%60%80%100%120%140%160%180%Table_CompanyRptType1 002707/31 1 2 3 4 Table_CompanyRptType1 002707/32 5 6 6 MCN 21-30 2020“+N”1+2+3+4+Table_CompanyRptType1 002707/33+”+ICAE 3.2 B2B 34 2022Q3 35 Table_CompanyRptType1 002707/36 3.3+Table_CompanyRptType1 002707/37 VLOG TVC&Table_CompanyRptType1 002707/38 39“U2NFT+U2META”“”40 41 U2NFT+U2META 0%10%20%30%40%50%60%70%0510152025302021 2022E 2023E 2024E 2025E 2026E%0501001502002503002023E 2024E 2025E 2026ETable_CompanyRptType1 002707/-Table_CompanyRptType1 002707/Table_Finace:2021 2022E 2023E 2024E 2021 2022E 2023E 2024E-EBITDA-EPS-2021 2022E 2023E 2024E-%:%-2021 2022E 2023E 2024E ROE%-ROIC%-%-P/E-P/B-EV/EBITDA-Table_CompanyRptType1 002707/Table_Reputation 6 A 300 500-