2020-02-20 / / / / 24% 18% 12% 6% 0% 1 10% 3-6 % 1M 3M 12M 1 -2 -10.81% -8.47% -3.73% -7.56% 10.71% -7.04% 2020 2 / / 70% 3 3405 3117 32.82 3.70 1384 95 2020 Q1-Q4 -3.5 /4.5 /6.2 /4.0 2020 11.2 /-22% 2020 % 45.13 2020 2020 2019 : + + 2019-11-29 / : 1 2020 2021 Q3 / 2019-11-20 2019-09-09 2 : & & vs 3 A S0550517110003 lihui@nesc (021)20361142 18801903371 EPS 2019E 1.23 PE S0550519080008 xuqw@nesc 2018A 2020E 0.92 2018A 24.95 20.23 2019E 22.92 20.46 2020E 30.64 28.03 28.19 17.80 1.13 0.88 0.87 0.64 1. 2. 3-6 .......4 ...............5 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. Q1 RevPAR 50% Q2 .....5 ..............7 2%...........8 12% ............9 ..................10 .......11 & 3. 4. ............12 ...............13 2 / 15 1 2013 2020 ...................4 ...................4 ..................5 ..................5 .........