Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in Q4 2023 met expectations, with a significant revenue increase of 50.7% year-on-year, reaching 5.585 billion yuan. Domestic revenue grew by 59.0%, driven by both direct and managed hotel segments [1][7] - The company continues to enhance its operational quality, as evidenced by a return to profitability with a net profit of 743 million yuan in Q4 2023, compared to a loss of 124 million yuan in the same period last year [1][7] - The company has exceeded its annual store opening targets, with a net increase of 852 stores in 2023, showcasing its strong expansion capabilities [3][7] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 5.585 billion yuan, with domestic revenue contributing 4.384 billion yuan. The direct hotel segment accounted for 52.2% of total revenue, while managed and franchised hotels contributed 47.8% [1] - The company's Q4 2023 RevPAR (Revenue per Available Room) for domestic hotels was 229 yuan, reflecting a year-on-year increase of 43.8% compared to Q4 2022 and 19.9% compared to Q4 2019 [2] - The company provided revenue guidance for Q1 2024, expecting a year-on-year growth of 12%-16% [7] Expansion and Pipeline - The company opened 460 new hotels in Q4 2023, with a net increase of 235 hotels, surpassing its initial target of 1,400 openings for the year [3] - The pipeline for future openings stands at 3,061 hotels, indicating continued expansion plans and a strong market position [3] Financial Projections - The company forecasts net profits of 4.349 billion yuan for 2024, with a projected P/E ratio of 20.6x [8] - Expected revenue growth rates for the next few years are 4.8% in 2024, 7.8% in 2025, and 7.8% in 2026 [8]

海 外 研 证券研究报告 究 ＃industryId＃ 酒店出行 ＃investSuggestion＃ ＃ ＃01179 .HK ＃华dy住Com集pa团ny＃- S dyStockco investS d e＃ 买入 ( u 维gg 持esti ） R evPA R 恢复优于＃ 行tit 业le＃ ， 2023 年境外扭亏 onChan ge＃ ＃createTime1＃ 2024年 3月 27 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维ma 持ry “＃买 入”评级：公司的RevPAR保持优于行业的复苏速度，境外主动整合，盈利能力持 司 日期 2024.3.27 续恢复，境内坚持下沉和中高档市场战略，并积极清理老旧产品线，原相对薄弱区域如华 跟 收盘价（港元） 29.75 南能力也在逐步提升，同时公司数字化能力领先，中央预订系统培育了较好的客户粘性。 踪 总股本（亿股） 32.65 我们小幅上调盈利预测，预计公司2024E/2025E/2026E营业收入为241/259/279亿元人民 报 总市值（亿港元） 971.47 币，同比增长 10.0%/7.8%/7.6%；归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company reported Q4 2023 earnings with revenue of 5.59 billion CNY, a year-on-year increase of 50.7%, and an adjusted net profit of 660 million CNY, marking a turnaround from losses [1]. - The revenue growth in Q4 exceeded expectations, driven by a strong recovery in domestic RevPAR, with LH revenue at 4.38 billion CNY (+59.0%) and DH revenue at 1.20 billion CNY (+26.6%) [1]. - The company anticipates a revenue growth of 12% to 16% in Q1 2024 and a full-year growth guidance of 8% to 12% [1]. - The company plans to open 1,800 new hotels in 2024, with a net opening target of 1,150 hotels, reflecting a 35% increase from the previous year [1]. Summary by Sections Financial Performance - Q4 2023 adjusted EBITDA reached 1.27 billion CNY, a significant increase of 219% year-on-year, with an adjusted EBITDA margin of 22.7% [1]. - The company expects adjusted net profits of 4.56 billion CNY, 5.48 billion CNY, and 6.17 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20.5, 17.0, and 15.1 [4][7]. Revenue Growth - The company achieved a revenue of 21.88 billion CNY in 2022, with a growth rate of 57.9%, and forecasts revenue of 24.47 billion CNY in 2024, representing an 11.8% growth [4][7]. - The RevPAR recovery for LH and DH reached 120% and 111% of 2019 levels respectively, indicating strong demand recovery [1]. Expansion Strategy - The company has a robust pipeline with 3,098 hotels planned for opening, indicating a strong growth trajectory [1]. - The focus on enhancing service quality and customer experience aligns with current consumer trends towards experiential services [1].

H World Group Limited (NASDAQ:HTHT) Q4 2023 Results Conference Call March 20, 2024 9:00 PM ET Company Participants Jason Chen - Investor Relations Director Ji Qi - Chairman Hui Jin - Chief Executive Officer Jun Zou - Executive VP & CFO Conference Call Participants Dan Xu - Morgan Stanley Simon Cheung - Goldman Sachs Ronald Leung - Bank of America Sijie Lin - CICC Lydia Ling - Citi Operator Good day, and thank you for standing by. Welcome to H World Fourth Quarter and Full Year 2023 Earnings Conference Call. ...

证券研究报告 | 2024年03月22日 华住集团-S（01179.HK） 买入 国内净利润较 2019 年增长 149%，2024 年开店目标提速 核心观点 公司研究·财报点评 2023年国内净利润较2019年增长149%，海外EBITDA转正。2023年公司收 社会服务·酒店餐饮 入219亿元/+58%，其中国内收入174亿元/+64%(较19年增长56%)，海外 证券分析师：曾光 证券分析师：钟潇 DH收入44亿元/+37%。Q4公司收入57亿元/+51%,超指引(41-45%)，其中国 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 内收入44亿元/+59%，系增长主力。2023年公司归母净利润为41亿元，同 S0980511040003 S0980513100003 比扭亏;其中国内归母净利润44亿，较2019年增长149%；国内经调整EBITDA 证券分析师：张鲁 联系人：杨玉莹 率达39%，较2019年增长9pct，预计系收益管理、经营效率等综合带动。 010-88005377 0755-81 ...

[Table_Title] 证券研究报告 华住集团-S 23 年业绩点评：全年业绩创新 公司研究 高，24 年仍有成长弹性 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月21日 [华Ta住bl集e_团Sto-cSk(A1n1dR7a9n)k ] [T业ab绩le表_S现um：ma 2r 3y年] 41亿业绩创新高，23Q4体现公司穿越周期能力。公司23 投资评级 年全年实现收入219亿元（同比+58%），对应归母净利润41亿元（22年同 上次评级 期亏损18亿元）。分季度看， 23Q4实现收入56亿元（同比+51%）（Q1~Q3 分别为 45、55、63 亿元），其中境内分部实现收入 44 亿元（同比+59%）； [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 23Q4 对应归母净利润 7.4 亿元（22 年同期亏损 1.2 亿元）（Q1~Q3 分别为 执业编号：S1500522110002 10、10、13亿元），其中境内分部净利润8.3亿元（22年同期亏损0.8亿元）。 联系电话：15000310173 考虑23Q4行业需求转弱，公司依 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 华住集团-S（01179.HK） 2023 年报点评：Q4 营收超指引，净开店将提 2024年 03月 21日 速 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 13,862 21,882 24,189 26,014 27,484 执业证书：S0600522040001 同比 8.42% 57.86% 10.54% 7.55% 5.65% shiyx@dwzq.com.cn 归母净利润（百万元） -1,821 4,085 4,219 4,554 4,902 股价走势 同比 -291.61% 324.33% 3.29% 7.94% 7.64% EPS-最新摊薄（元/股） -0.56 1.25 1.29 1.39 1.50 华住集团-S 恒生指数 P/E（现价&最新摊薄） - 22.66 21.94 20.33 18.89 4% -40% % [ [TT aab ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[华I Tnaf 住bol]e 集_Ti团tle] - S（1179） [评Tab级le_：Inv est] 增持 当前价格（港元）： 31.25 优势明显份额提升，估值有望持续修复 2024.03.21 海 ——华住集团23Q4 业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 23.45-39.50 当前股本（百万股） 3,265 公 021-38677706 021-38022689 当前市值（百万港元） 102,045 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023Q4 业绩及对 2024 年指引均符合预期，华住自身竞争优势明显，将持续获取份 华住集团-S 恒生指数 额，估值修复进程将持续。 香 9% 摘要： 港 1% [T abl业e_S绩um ...

Full Year RevPAR in China Recovered to 122% of the 2019 LevelSINGAPORE and SHANGHAI, March 20, 2024 /PRNewswire/ -- H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results for the fourth quarter ("Q4 2023") and full year ended December 31, 2023.Strong Recovery Momentum in Legacy-Huazhu: RevPAR of 2023 Recovers to 122% of 2019 Levels The Interior of the Newly Launched Ji Hotel 5.0 Supported by the sustained recovery in both leisure and busi ...

H World Group (HTHT) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.45%. A quarter ago, it was expected that this hotel operator would post earnings of $0.49 per share when it actually produced earnings of $0.56, delivering a surprise of 14.29%.Over the last four quarters, the company ...