盈利预测与投资评级：当前经济处于疫后修复期，消费表现相对疲弱，23Q2公司营收增长相对乏力，但市场费用投放缩减，公司净利率延续提升趋势。展望23H2，随着火锅消费旺季到来，需求有望环比改善。长期看，公司坚持发展第二曲线，以团餐特渠作为切入口，试水进入预制菜业务。我们预计公司23-25年EPS分别为0.39/0.50/0.61元，对应PE分别为32.91/25.90/21.29倍，维持“买入”评级。...♂(供)(gonggong)(应)(yingying)(方)(fangfang)(面)(mianmian)(，)(，，)(鉴)(jianjian)(于)(yuyu)(沙)(shasha)(特)(tete)(和)(hehe)(俄)(ee)(罗)(luoluo)(斯)(sisi)(牵)(qianqian)(头)(toutou)(的)(dede)(生)(shengsheng)(产)(chanchan)(和)(hehe)(出)(chuchu)(口)(koukou)(削)(xuexue)(减)(jianjian)(计)(jiji)(划)(huahua)(延)(yanyan)(长)(changchang)(，)(，，)(预)(yuyu)(计)(jiji)(未)(weiwei)(来)(lailai)(几)(jiji)(周)(zhouzhou)(石)(shishi)(油)(youyou)(供)(gonggong)(应)(yingying)(仍)(rengreng)(将)(jiangjiang)(紧)(jinjin)(张)(zhangzhang)(。)(。。)。(。。)。

　　(长长)(期期)(来来)(看看)(，，)(股股)(价价)(一一)(定定)(是是)(反反)(映映)(基基)(本本)(面面)(的的)(，，)(当当)(企企)(业业)(盈盈)(利利)(提提)(升升)(后后)(，，)(能能)(在在)(新新)(的的)(位位)(置置)(稳稳)(定定)(或或)(者者)(继继)(续续)(增增)(长长)(，，)(那那)(市市)(值值)(中中)(枢枢)(一一)(定定)(能能)(够够)(跟跟)(得得)(上上)(。。)。

　　Ux561E新华社出文“日本大豆正能量不良网站”...QiG45Kguj9♒　(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(为)(weiwei)(6)(66)(.)(..)(1)(11)(0)(00)(4)(44)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(率)(lvlv)(为)(weiwei)(8)(88)(%)(%%)(；)(；；)(而)(erer)(上)(shangshang)(年)(niannian)(同)(tongtong)(期)(qiqi)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(为)(weiwei)(1)(11)(.)(..)(2)(22)(5)(55)(8)(88)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(率)(lvlv)(为)(weiwei)(2)(22)(%)(%%)(。)(。。)(不)(bubu)(按)(anan)(美)(meimei)(国)(guoguo)(通)(tongtong)(用)(yongyong)(会)(huihui)(计)(jiji)(准)(zhunzhun)(则)(zeze)(（)(（（)(N)(NN)(o)(oo)(n)(nn)(-)(--)(G)(GG)(A)(AA)(A)(AA)(P)(PP)(）)(））)(，)(，，)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(为)(weiwei)(7)(77)(.)(..)(8)(88)(6)(66)(4)(44)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(率)(lvlv)(为)(weiwei)(1)(11)(0)(00)(%)(%%)(；)(；；)(而)(erer)(上)(shangshang)(年)(niannian)(同)(tongtong)(期)(qiqi)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(为)(weiwei)(3)(33)(.)(..)(4)(44)(3)(33)(8)(88)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(运)(yunyun)(营)(yingying)(利)(lili)(润)(runrun)(率)(lvlv)(为)(weiwei)(5)(55)(%)(%%)(。)(。。)(。。)。

　　hangkongjichangzhishudiezhijinyiniandiwei。♂buDxvnCf新华社出文“日本大豆正能量不良网站”...yrTHPnwM1t不过，弗曼并没有排除这样做的负面影响，比如“人们花时间和精力试图计算一年或10年后他们现在的美元值多少钱。”。。

　　4．zhengcezhichibumingque：jinguanfangdichanshichangjiangwen，dangedizhengfudezhichizhengceshangweimingquetuichu，zhekenengdaozhishichangdimijumianchixu。xuyaoyiduanshijiancainengquedinggedijiangruheyingduifangdichanshichangdewenti。。◇　　但是近年来也有部分上市公司买私募产品发生暴雷。比如2021年年初，。

　　与此同时，目前的基酒抵押贷款往往缺乏统一的执行标准，只有部分银行有内部管理制度。这也导致企业在抵押过程中的权益难以得到充分保障，以至于有的企业因解押款不够，无法解除质押而导致订单流失。。HhRdifi新华社出文“日本大豆正能量不良网站”...45iFxsvKsd©　(大)(dada)(中)(zhongzhong)(矿)(kuangkuang)(业)(yeye)(上)(shangshang)(市)(shishi)(以)(yiyi)(来)(lailai)(，)(，，)(已)(yiyi)(经)(jingjing)(累)(leilei)(计)(jiji)(募)(mumu)(资)(zizi)(3)(33)(3)(33)(亿)(yiyi)(，)(，，)(实)(shishi)(控)(kongkong)(人)(renren)(也)(yeye)(已)(yiyi)(套)(taotao)(现)(xianxian)(1)(11)(6)(66)(.)(..)(6)(66)(6)(66)(亿)(yiyi)(，)(，，)(实)(shishi)(在)(zaizai)(是)(shishi)(拿)(nana)(股)(gugu)(市)(shishi)(当)(dangdang)(提)(titi)(款)(kuankuan)(机)(jiji)(了)(lele)(。)(。。)(。。)。

　　注：以上个股均为券商ETF（512000）标的指数中证全指证券公司指数成份股，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。”FE6OR新华社出文“日本大豆正能量不良网站”...GM6AlmOdyK☪　(注)(zhuzhu)(：)(：：)(以)(yiyi)(上)(shangshang)(个)(gege)(股)(gugu)(均)(junjun)(为)(weiwei)(券)(quanquan)(商)(shangshang)(E)(EE)(T)(TT)(F)(FF)(（)(（（)(5)(55)(1)(11)(2)(22)(0)(00)(0)(00)(0)(00)(）)(））)(标)(biaobiao)(的)(dede)(指)(zhizhi)(数)(shushu)(中)(zhongzhong)(证)(zhengzheng)(全)(quanquan)(指)(zhizhi)(证)(zhengzheng)(券)(quanquan)(公)(gonggong)(司)(sisi)(指)(zhizhi)(数)(shushu)(成)(chengcheng)(份)(fenfen)(股)(gugu)(，)(，，)(个)(gege)(股)(gugu)(描)(miaomiao)(述)(shushu)(不)(bubu)(作)(zuozuo)(为)(weiwei)(任)(renren)(何)(hehe)(形)(xingxing)(式)(shishi)(的)(dede)(投)(toutou)(资)(zizi)(建)(jianjian)(议)(yiyi)(，)(，，)(也)(yeye)(不)(bubu)(代)(daidai)(表)(biaobiao)(管)(guanguan)(理)(lili)(人)(renren)(旗)(qiqi)(下)(xiaxia)(任)(renren)(何)(hehe)(基)(jiji)(金)(jinjin)(的)(dede)(持)(chichi)(仓)(cangcang)(信)(xinxin)(息)(xixi)(和)(hehe)(交)(jiaojiao)(易)(yiyi)(动)(dongdong)(向)(xiangxiang)(。)(。。)(。。)。

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