摩根士丹利-中国餐饮行业-中国餐厅：从运行周期中寻找阿尔法.pdf

M M February 17, 2022 09:00 PM GMT China Restaurants Finding Alpha From Operation Cycles Looking beyond Covid, we analyze competitive dynamics with the help of our AlphaWise survey to assess potential long-term expansion and growth. Our OW preferences offer two distinct opportunities: self-help Haidilao and expansion play Jiumaojiu. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. M M Contributors Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+ Morgan Stanley Asia Limited+ Sheng Zhong Elsie Sheng Lillian Lou Equity Analyst Equity Analyst Equity Analyst +852 39-7821 +852 3963-0475 +852 2848-650 Sheng.Zhong@ Elsie.Sheng@ Lillian.Lou@ 2 M M Finding Alpha From Operation Cycles Hotpot is Chi