社服行业周报：离岛免税承压，关注市内店落地新增量

Investment Rating - The industry investment rating is "Increase" (Maintain) [3] Core Viewpoints - The duty-free market in Hainan is under pressure, and attention should be paid to the new growth from city duty-free stores. In Q1-Q3 2024, China Duty Free Group achieved operating income of 43.021 billion yuan, a year-on-year decrease of 15.38%, and a net profit attributable to shareholders of 3.919 billion yuan, down 24.72% [3] - The sales of inbound duty-free stores have significantly increased due to the expansion of visa-free countries, optimization of transit visa policies, and the continuous increase in international passenger flights. For instance, the revenue from duty-free stores at Beijing airports increased by over 140% year-on-year, while Shanghai airports saw a nearly 60% increase [3] - The cross-border business travel market in China has experienced explosive growth, with outbound business travel orders increasing by 61% year-on-year from January to mid-October 2024, indicating a growing trend of internationalization among Chinese enterprises [4] Summary by Sections 1. Industry Data Tracking - In September 2024, the average occupancy rate of star-rated hotels in Shanghai was 61.60%, a year-on-year increase of 1.40%, recovering to 96.10% of the same period in 2019 [13] - The total sales of the Hainan duty-free market from January to July 2024 amounted to 20.133 billion yuan, a year-on-year decrease of 30.34% [3] - The number of dining establishments in Beijing in September 2024 was 140,860, a month-on-month decrease of 3.62% but a year-on-year increase of 9.50% [17] 2. Investment Suggestions - The report suggests focusing on specific companies: Huazhu Group-S in the hotel sector, Haidilao in the dining sector, China Youth Travel Service and Changbai Mountain in the tourism sector, China Duty Free Group in the duty-free sector, and Miao Conference and Core International in the professional services sector [5]