百胜中国(9987.HK):创新融入基因 品牌成长迭代

长江证券
18 Feb

行业分析:需求穿越牛熊,竞争格局十分分散餐饮5 万亿元赛道,格局高度分散;龙头体量领先,成长面临挑战,参考日本,寻找结构性机会。餐饮2015~2019 年维持约10%年化增速;2023 年以来,社会零售行业月度累计收入已恢复至2019 年同期。由于业态丰富、口味多元,中餐标准化连锁发展较海外尚有较大差距,连锁化率不足20%;2019 年CR5(百胜中国、麦当劳、海底捞、星巴克、顶新食品)份额加总约...

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