2017年中端酒店行业深度分析报告

行业概述：多层次品牌构筑中国酒店业格局 6行业周期：经济企稳酒店行业长期向好 9行业现状：酒店业供需改善，经济型仍占主导 14发展趋势：中端酒店正崛起，品牌连锁成趋势 19华住酒店(HTHT)：华丽转型剑指中端酒店龙头 23中国连锁酒店领军集团 23中端盈利能力较强，加盟模式表现亮眼 27坚定转型升级战略，重视会员体系建设 30 4首旅如家跻身国内三大酒店集团 34如家：顺势而为发展中端和加盟店 37首旅：背靠北京市国资委，酒店业务是核心 39首旅如家：提高中端占比，加盟扩张提速 41 资产并购造就中国酒店行业霸主 44经济型酒店企稳，中高端及海外布局提速 47酒店业务向中高端倾斜，食品业务未来保持稳定 51 6 7 7 7 8 8 8 9 9 9 20 20 20 21 22 23 23 24 24 25 25 25 26 26 26 26 27 31 32 32 32 32 33 34 35 35 35 35 36 36 36 36 37 37 38 38 38 38 39 39 39 39 40 40 40 40 41 41 41 41 42 42 44 44 46 46 47 47 47 47 49 49 21 21 24 27 28 28 29 31 34 42 43 44 45 46 46 48 48 49 酒店行业新格局带来新机遇经济型酒店：经过20年蓬勃发展进入转型期50左-右中端酒店：消费升级下酒店扩张方兴未艾6.5%541.32-左右23.6% 01234567890123456000000000011111110000000000000000022222222222222222酒店周期背后是经济环境的波动宏观经济是影响酒店业周期的根本原因802468024680246802467888889999900000111199999999999000000000111111111112222222220000000001111110000000001111110000000000000220000000000000-供给萎缩需求回升，酒店行业或迎转机0%253137020%0%123456789012345000000000111111000000000000000222222222222222右8%28.6130.205069万此 22078%450.00%402.62.5720%052022013201420152016%-110-3-55152535GDP2.52.52.00.50.07.27.06.86.66.46.26.0286824244062621000001000001011111111111111000000000000002222868242440626210000010000010111111111111110000000000000022222222222221111002240%0%0%0%0%-10%-20%-30%-40%028021101111111000002222220102464000111000222801020110222210140102601021100220.5个22022468220862846022202246822086284602410000101111000010000101111000000100111111111111111111111111111111111100000000000000000000000000000000000000022222222222222222222222222222222222222%60%55%50%45%40%35%30%2369236923692361000100010001001111111111111110000000000000002222222222222225.0%4.5%4.0%3.5%3.0%2.5%2.0%0%15915915915915915000000000000000001111111111111111100000000000000000222222222222222223692369236923692369236923600010001000100010001000100-1-1-1-111111111111111111111111111000000000000000000000000002222222222222222222222222200000100010001000100010111111111111111111111000000000000000000000222222222222222222222258125812581258125812中国市场酒店需求量回升，供给持续下降1261240335914102953326454512612403359141029533264545%4.1%4.1%4.6%4%%201120122013201420152016高星级酒店经营表现较好%62%60%6%4%40%78000001011107800000101110000000000000000000000000002222222222222222222222222%78000010011017800001001101000000000000000000000000002222222222222222222222222123412341234123412341234Q123412341234123412341234111122223333444455556666111111111111111111111111000000000000000000000000222222222222222222222222一线城市市场已经回暖371371371371371001001001001001111111111111111000000000000000222222222222222 30%123412341234123412341234Q12341234123412341234123411112222333344445555666611111111111111111111111100000000000000000000000022222222222222222222222271371010011111100000222223010270102111027133713010001011111110000000222222271301011100022270102102000,00000,0000000000002011201220132014201531.0831.08%68.92%0盈利能力略强，加盟是未来主流模式业绩对比：中端酒店盈利能力略胜经济型一筹0QQQQQ模式对比：加盟模式成为酒店竞争发力点 90%85%80%75%2016Q12016Q22016Q32016Q42017Q12017Q2332.3%23.6%21.5%76.4%78.5%67.7%本运作频频，巨头三足鼎立51.22%51.22%50.59%48.42%50.59%48.42%51.0%50.5%50.0%49.5%49.0%48.5%48.0%47.5%47.0%2015201620175000057999999911110023002500279000021102310251020%9.3%6.1%%%%9.3%6.1%%%%%35%0%10%20%30%40%50%60%70%80%90%100%%%8%6%4%2%0%未来整合方向：品质提升，整合加速%010000222002434000000225002600270028002900201021022102310241025102行业格局生变，中端酒店崛起数)数) 集中程度提高，并购步伐不停5项%%%100%集团优势巩固，连锁趋势明显11%%9%%9%5%%%%%%8%8%4%9%%4%9%%%%0%0%0%%20112012201320142015华住酒店(HTHT)：华丽转型剑指中端酒店龙头