酒店行業(yè)深度系列（一）行業(yè)預(yù)期修復(fù)迎反彈，oyo光速入局引深思

1、敬請(qǐng)參閱報(bào)告結(jié)尾處的免責(zé)聲明目錄1.行業(yè)迎邊際改善行業(yè)迎邊際改善，龍頭估值預(yù)期修復(fù)，配置性價(jià)比突出龍頭估值預(yù)期修復(fù)，配置性價(jià)比突出..................................................................................................................51.1龍頭受益酒店業(yè)邊際改善，估值性價(jià)比突出..................

2、............................................51.2業(yè)內(nèi)存量整合加速，龍頭延續(xù)中高端擴(kuò)張態(tài)勢(shì)............................................................71.2.1品牌加速翻牌單體酒店，連鎖化率提升空間大......................................................71.2.2行業(yè)集中度逐

3、步提升，新開(kāi)店以加盟和中高端為主..................................................81.3經(jīng)濟(jì)型酒店遇擴(kuò)張瓶頸，OYO入局燃下沉戰(zhàn)火..........................................................102.OYO入局，下沉市場(chǎng)局，下沉市場(chǎng)重燃戰(zhàn)火燃戰(zhàn)火............................................

4、................................................................................................................112.1OYO商業(yè)模式解析：資本加持下的輕加盟模式...........................................................112.1.1復(fù)制印度模式，OYO成中國(guó)酒店業(yè)

5、現(xiàn)象級(jí)品牌.....................................................112.1.2全球范圍內(nèi)持續(xù)擴(kuò)張，中國(guó)區(qū)房量占三分之二.....................................................132.1.3中印對(duì)比：瘋狂擴(kuò)張之后，選擇做平臺(tái)還是做酒店？...............................................132.2

6、OYO運(yùn)營(yíng)模式解析...................................................................................142.2.1酒店供給端：從規(guī)?；綌?shù)字化，技術(shù)創(chuàng)新提升效率...............................................152.2.2銷售端：強(qiáng)地推基因下，完成線下到線上的轉(zhuǎn)化.......................

7、............................162.3OYO盈利模式解析...................................................................................182.3.1以低價(jià)帶量升，提升綜合RevPar.......................................................................

8、.............................................182.3.2升級(jí)2.0模式，與加盟商共擔(dān)風(fēng)險(xiǎn)、共享收益.....................................................192.3.3OYO中國(guó)市場(chǎng)收入成本拆分.....................................................................192.4

9、爆款成功邏輯梳理——關(guān)于細(xì)分市場(chǎng)消費(fèi)升級(jí)與互聯(lián)網(wǎng)“燒錢”模式的討論....................................212.4.1引火線：核心創(chuàng)新點(diǎn)...........................................................................212.4.2助燃?xì)怏w：擴(kuò)張路徑............................................

10、...............................212.4.3投放區(qū)域：差異化定位人群.....................................................................212.4.4引爆物：需求挖掘，做下沉市場(chǎng)的消費(fèi)升級(jí).......................................................222.4.5正向威力：正外部性....

11、.......................................................................222.4.6爆款模式思考：“燒錢”模式——成功核心在于賣產(chǎn)品還是賣服務(wù)...........................................................................232.5華住多面出擊，對(duì)標(biāo)經(jīng)濟(jì)型酒店新興力量...............

12、................................................232.5.1一季度調(diào)高全年開(kāi)店指引，酒店結(jié)構(gòu)持續(xù)優(yōu)化.....................................................232.5.2集團(tuán)層面投資H酒店，掀單體酒店收編戰(zhàn).........................................................242.5.3軟品牌

13、建立，輕資產(chǎn)成連鎖化新模式.............................................................243.觀點(diǎn)聚焦觀點(diǎn)聚焦......................................................................................................................................

14、..........................................................253.1新玩法顛覆經(jīng)濟(jì)型酒店市場(chǎng)，引發(fā)傳統(tǒng)集團(tuán)防御性新思考.................................................253.2四問(wèn)，OYO未來(lái)發(fā)展之路仍具不確定性............................................................

15、....263.3宏觀經(jīng)濟(jì)下行通路，反成酒店整合黃金期...............................................................274.重點(diǎn)公司推薦重點(diǎn)公司推薦..................................................................................................................

16、......................................................................284.1首旅酒店...........................................................................................284.2錦江股份.........................................

17、..................................................294.3華住...............................................................................................294.4格林酒店...........................................................

18、................................30敬請(qǐng)參閱報(bào)告結(jié)尾處的免責(zé)聲明東興證券行業(yè)報(bào)告東興證券行業(yè)報(bào)告酒店行業(yè)深度系列（一）：行業(yè)預(yù)期修復(fù)迎反彈，OYO光速入局引深思DONGXINGSECURITIES圖35:國(guó)內(nèi)酒店集團(tuán)規(guī)模排行（截止內(nèi)酒店集團(tuán)規(guī)模排行（截止2018年末）年末）...................................................................

19、.............................................................25圖36::2018年初至今年初至今PMI走勢(shì)與錦江酒店走勢(shì)與錦江酒店凈開(kāi)店數(shù)量對(duì)比開(kāi)店數(shù)量對(duì)比..............................................................................................................

20、27圖37:中國(guó)地區(qū)速國(guó)地區(qū)速8酒店房量變化情況房量變化情況..................................................................................................................................................27表格目錄表格目錄表1:1:單體酒店與單體酒店與連鎖酒店多維度比較鎖酒店多維度比較..

21、....................................................................................................................................................7表2:2:20152015年以來(lái)國(guó)內(nèi)酒店集團(tuán)收購(gòu)事件以來(lái)國(guó)內(nèi)酒店集團(tuán)收購(gòu)事件.................................

22、...............................................................................................................8表3:3::2015:2015年以來(lái)年以來(lái)OYOOYO酒店融資歷程酒店融資歷程.....................................................................

23、...............................................................................12表4:20184:2018年以來(lái)OYOOYO集團(tuán)收購(gòu)歷程集團(tuán)收購(gòu)歷程.........................................................................................................

24、...............................................13表5:5:傳統(tǒng)連鎖酒傳統(tǒng)連鎖酒店加盟模式與輕加盟模式對(duì)比加盟模式與輕加盟模式對(duì)比...................................................................................................................................

25、.14表6:6:OYOOYO合伙人交互網(wǎng)絡(luò)方案人交互網(wǎng)絡(luò)方案................................................................................................................................................................15表7：OYOOYO與首與首旅、錦江、華住下沉品牌加盟政策

26、對(duì)比、錦江、華住下沉品牌加盟政策對(duì)比........................................................................................................................16表8:OYO8:OYO中國(guó)中國(guó)市場(chǎng)2018201920182019年收入成本拆分年收入成本拆分.................................

27、.....................................................................................................20表9:OYO9:OYO印度印度市場(chǎng)營(yíng)收情況（單位：千萬(wàn)盧比）場(chǎng)營(yíng)收情況（單位：千萬(wàn)盧比）.........................................................................

28、.........................................................20表10:10:互聯(lián)網(wǎng)爆互聯(lián)網(wǎng)爆款成功邏輯分析框架成功邏輯分析框架.................................................................................................................................

29、.....................21表11:11:輕加盟品輕加盟品牌項(xiàng)目及開(kāi)店目標(biāo)項(xiàng)目及開(kāi)店目標(biāo)..........................................................................................................................................................26表13:13:首旅酒店

30、首旅酒店財(cái)務(wù)指標(biāo)預(yù)測(cè)務(wù)指標(biāo)預(yù)測(cè)..................................................................................................................................................................28表12:12:錦江股份錦江股份財(cái)務(wù)指標(biāo)預(yù)測(cè)務(wù)指標(biāo)預(yù)測(cè)...............