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2019-2020年锦江与华住加盟费收入构成对比
2019-2020年锦江与华住加盟费收入构成对比
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所属报告:
锦江酒店-把握时代机遇规模剑指全球第一-220208(41页).pdf
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综合来看,会员流量转化有望带来前端收益贡献提升和总部销售费率降低。一方面,随着锦江(付费)中央预订占比提升,其前端收益贡献有望提升。锦江2017-2019 年境内酒店订房渠道收入贡献 CAGR=34.5%,2019 年实现 1.45亿元,我们估算其占境内酒店加盟收入占比仅 2%-4%,对比华住订房渠道占酒店加盟收入的比重约 24-29%(含系统维护费),未来提升空间较大。另一方面,锦江直销占比提升,公司酒店分部销售费用率有望进一步优化。与华住相比,2017-2019 年华住总部销售费率在 3.5~3.8%之间,主要得益于其强大的直销占比贡献(直销占比在 85%左右),而锦江 2017-2019 年在 5.8~6.8%之间,相对较高。虽然 2020 年锦江与华住销售费率,与疫情影响及华住 2020年刚收购 DH 相关。2021H1,华住销售费率为 4.5%,锦江系 6.7%,我们预计未来伴随锦江直销占比提升,总部销售费率占比有望持续优化。
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锦江酒店-把握时代机遇规模剑指全球第一-220208(41页).pdf
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