List of prospectus of rural base (which owns the brand of rural base and Mr. rice): 1) rural base has obvious advantages in Sichuan and Chongqing, and Mr. rice has made efforts to expand outside the province. By 2021q3, the rural base (founded in 1996) now accounts for 93.9% of the stores in Sichuan and Chongqing, and the rest are located in Shaanxi, Guizhou and Yunnan; Mr. rice (founded in 2011) has 53.2% stores in Hubei and Hunan and 33.9% stores in Sichuan and Chongqing. In 2020, 70 stores have strategically entered Shanghai. 2) The extension and expansion of the two brands have a healthy rhythm. From 2022 to 2023, the rural base brand plans to open 90-110 / 140160 new stores, and Mr. rice plans to open 160180 / 200240 new stores respectively. The advantages of the company in southwest and central China are stable, but the distribution of stores is still relatively concentrated. The acceptance of the follow-up expansion of rural base and Mr. rice in other places still needs to be further verified. It is suggested to pay attention to the marginal change of the company.
Plate resumption: from April 11 to April 22, 2022, CITIC consumer service outperformed the CSI 300 index by 5.59pct. The stocks with the highest gains in Guoxin social service sector are Haidilao (8.6%), Guangzhou Restaurant Group Company Limited(603043) (8.5%), China Tourism Group Duty Free Corporation Limited(601888) (7.6%), Jinling Hotel Corporation Ltd(601007) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Beijing Career International Co.Ltd(300662) , jiumaojiu, Btg Hotels (Group) Co.Ltd(600258) , China Education Holdings and Naixue tea; The stocks with the largest decline were Dadonghai a (- 27.8%), Guangzhou Lingnan Group Holdings Company Limited(000524) (- 25.0%), Xi’An Qujiang Cultural Tourism Co.Ltd(600706) , hope education, China United Travel Co.Ltd(600358) , Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) , Caissa Tosun Development Co.Ltd(000796) , Utour Group Co.Ltd(002707) , Doushen(Beijing) Education&Technology Inc(300010) . Baima stocks rebounded during the period, and the correction of theme stocks was obvious.
Industry news: the central bank lowered the deposit reserve ratio of financial institutions; Shanghai SASAC informed that it would spare no effort to resume work, production and market; The management of green hotel considers privatization and delisting; Honey snow ice city reduced the franchise fee of 200 million and launched the policy of “reducing the price of more than 50% materials”; The new vocational education law will come into force on May 1.
Shanghai Shenzhen Hong Kong stock connect: China free / Jinjiang / Naixue / Xiabu / hailun company was increased. During the reporting period (04.11-04.22), China Tourism Group Duty Free Corporation Limited(601888) held 9.5% / + 0.02pct, Songcheng Performance Development Co.Ltd(300144) held 5.7% / – 0.1pct, Shanghai Jin Jiang International Hotels Co.Ltd(600754) held 4.4% / + 0.1pct, Btg Hotels (Group) Co.Ltd(600258) held 2.5% / – 0.6pct. The shareholding ratio of jiumaojiu is 37.8% / – 0.3pct, that of Naixue tea is 25.4% / + 0.2pct, that of Xiabu Xiabu is 21.4% / + 0.4pct, that of Haidilao is 17.5% / – 0.4pct, and that of Helens is 15.1% / + 1.7pct.
Risk tips: natural disasters, epidemic situations and other systematic risks; Policy risk; The acquisition is lower than expected, etc
Investment suggestion: the emotional low point of this round of epidemic has passed, and grasp the opportunity of leading oversold. Maintain over allocation rating. Since March, the epidemic situation in China has been sporadic and spreading again, and travel in China is expected to be disturbed in the first half of the year. At present, the central government has successively issued rescue policies for the service industry, and the prevention and control measures pay more attention to timeliness. The worst time point of the current round of epidemic sentiment has passed, paying attention to the pace of recovery and the certainty of performance. Based on a three-six-month dimension, a three-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, based on a three-six-month dimension, taking into account performance, valuation, valuation, subject matter and recovery logic, which is based on a three-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, a three-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, which is based on a three-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, and preferred preferred to the China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) 888888 ” , Guangzhou Restaurant Group Company Limited(603043) , Tongcheng travel, Huazhu group-s, yum China-s, Haidilao, etc. Based on the time dimension of 1-3 years, the time dimension of 1-3 years, the time dimension of 1-3 years, the boom of subdivision circuits and the logic change of midline, etc. based on the time dimension of 1-3 years, the boom of subdivision circuits, the boom of subdivision circuits and the logic change of midline logic, etc. and the business dimension of 1-3 years, the business dimension of 1-3 years, the business dimension of 1-3 years, the business dimension of 1-3 years, the boom of subdivision circuits, the boom of subdivision circuits and the logic change of midline logic, etc, such as the boom of subdivision circuits, the boom boom and the logic change of midline logic, etc, etc. the highlight recommendation is focused on the China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) 888 China Tourism Group Duty Free Corporation Limited(601888) 888888888 , Naixue’s tea, etc.
