百胜中国：引领创新和增效；看好确定性增长及回报

中金公司11-21 00:00

公司近况百胜国庆假期同店同比增长，但假期后公司观察到消费情绪仍相对谨慎。我们认为同店同比何时回正仍取决于宏观环境、或仍需些时间，但看好公司凭借强内功下产品、店型、商业模式创新实现高确定性增长和丰厚股东回报。评论同店收入同比受宏观环境影响、回正或仍需一些时间；公司通过丰富开源手段、Q4 同店客流同比有望保持正增长。我们观察到Q4 以来消费环境仍然尚待拐点：国家统计局数据显示10 月社零餐饮同比+...

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