股票代码：600258 股票简称：首旅酒店 编号：临 2024-051 北京首旅酒店（集团）股份有限公司 关于使用闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●到期赎回委托理财产品的受托方：招商银行股份有限公司上海分行； ●到期赎回委托理财产品总金额：人民币 1.5 亿元； ●到期赎回委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款 0.5 亿元； 招商银行股份有限公司上海分行结构性存款 1 亿元； ●委托理财期限：自董事会审议通过的决策有效期内购买，单笔委托理财期限 最长不超过 1 年； 本次到期赎回的结构性存款期限分别为 92 天、91 天。 ●履行的审议程序： 2023 年 12 月 22 日，公司召开第八届董事会第二十二次会议及第八届监事 会第二十次会议，审议通过了《关于公司使用闲置募集资金进行现金管理的议案》。 在不影响募集资金投资项目建设进度和募集资金使用，并保证日常经营运作资金 需求、有效控制投资风险的前提下，使用闲置募集资金不超过人民币 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2024-050 北京首旅酒店（集团）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京首旅酒店（集团）股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日披露了 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度的经营状况、财务指标的具体情况，公司决定于 2024 年 12 月 4 日 16：00—17：00 通过上证所信息网络有限公司上证路演中心召开"首旅酒店 2024 年第三季度业绩说明会"，会上同时对公司前三季度经营事项与投资者进行 广泛深入沟通。 一、说明会类型 本次投资者说明会以网络方式召开，公司将针对 2024 年前三季度的经营状 况、财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 重要提示： ●会议召开时间：2024 年 12 月 4 日(星期三) 下午 16:00-17:00 ● 会 议 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company has shown a positive trend in RevPAR during the National Day holiday, indicating a recovery in performance [1] - The opening structure of the company continues to optimize, with a focus on enhancing the proportion of standard brands [1] - The company is expected to maintain stable performance in the upcoming quarters, driven by the recovery of business travel demand [1] Financial Summary - **Revenue**: The company reported revenue of 5,089 million in 2022, with a projected increase to 7,809 million in 2024 and 8,939 million in 2026 [1] - **Net Profit**: The net profit is expected to rise from -582 million in 2022 to 850 million in 2024 and 1,061 million in 2026 [1] - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.52 in 2022 to 0.76 in 2024 and 0.95 in 2026 [1] - **Return on Equity (ROE)**: ROE is expected to recover from -5% in 2022 to 7% in 2024 and 8% in 2026 [1] Operational Performance - The company achieved a revenue of 21.6 billion in Q3 2024, reflecting a year-on-year decrease of 6.4% [1] - The net profit for Q3 2024 was 3.7 billion, down 9.5% year-on-year [1] - The hotel management business saw a year-on-year growth of 8% in Q3, while the scenic area business declined by 9% [1] Store Opening and Structure - The company opened a total of 385 new stores in the first three quarters, with a net increase of 273 stores [1] - The proportion of standard brand hotels has increased, contributing positively to revenue [1] Cash Flow and Financial Ratios - **Operating Cash Flow**: The operating cash flow is projected to be 2,158 million in 2024, increasing to 2,444 million in 2026 [4] - **Debt Ratios**: The company maintains a debt-to-equity ratio of approximately 0.7, indicating a stable financial structure [6]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 16.7 yuan [1]. Core Views - The company achieved a revenue of 5.889 billion yuan in the first three quarters, a slight decline of 0.37% year-on-year, while the net profit attributable to the parent company increased by 5.63% to 723 million yuan [1]. - The report indicates that the hotel business is performing well, while the scenic area business is experiencing a decline in profitability [1]. - The average room rate (ADR) has decreased due to market conditions, with a 6% year-on-year decline in RevPAR for Q3 [1]. - The company has accelerated the opening of standard brand hotels, with 385 new hotels opened in Q3, significantly increasing the proportion of standard brand hotels among new openings [1]. Financial Summary - For the first three quarters, hotel revenue was 5.503 billion yuan, and scenic area revenue was 386 million yuan, with respective year-on-year growth rates of 0.5% and 0.9% [1]. - The company expects revenue for 2024 to be 7.74 billion yuan, with a projected net profit of 825 million yuan, reflecting a year-on-year growth of 3.8% [2]. - The report forecasts revenue growth for the years 2024 to 2026 to be 7.74 billion, 8.15 billion, and 8.59 billion yuan, respectively, with net profits of 825 million, 933 million, and 1.137 billion yuan [2][5].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - In the short term, the demand for business travel is expected to continue recovering due to the active implementation of national policies, with a RevPAR of 254 yuan during the National Day holiday period, reflecting a year-on-year increase of 4.5% [6][8]. - In the long term, there is significant room for expansion in the mid-to-high-end hotel market in lower-tier cities, supported by a solid base of existing stores and ongoing product upgrades like Home NEO, which are expected to enhance brand image [6][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.889 billion yuan, a year-on-year decrease of 0.37%, and a net profit attributable to the parent company of 723 million yuan, an increase of 5.63% [4]. - In Q3 2024, the company reported operating revenue of 2.156 billion yuan, down 6.38% year-on-year, and a net profit of 366 million yuan, down 9.54% year-on-year [4][5]. - The company opened 385 new stores in Q3 2024, with a net increase of 273 stores, focusing on quality alongside scale, as the proportion of mid-to-high-end stores increased to 29.1% [4][5]. Operational Insights - The average daily rate (ADR) and RevPAR faced pressure in Q3 2024, with the overall hotel RevPAR at 170 yuan, down 7.8% year-on-year, and ADR at 244 yuan, down 5.5% year-on-year [5]. - The company’s gross margin decreased to 43.09%, while the net margin was 16.91%, reflecting a slight decline due to increased new store openings [5]. Future Outlook - The company expects steady growth in the hotel industry as the economy recovers and franchisee investment intentions improve, with projected net profits for 2024-2026 of 856 million, 972 million, and 1.098 billion yuan, respectively [6][8].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company reported a revenue of 58.89 billion yuan for the first three quarters of 2024, a slight decrease of 0.37% year-on-year, while the net profit attributable to shareholders increased by 5.63% to 7.23 billion yuan [3] - In Q3 2024, the company achieved a revenue of 21.56 billion yuan, down 6.38% year-on-year, with a net profit of 3.66 billion yuan, a decrease of 9.54% [3] - The decline in hotel revenue is attributed to a drop in Average Daily Rate (ADR) and the closure of some hotels [4] - The company has been expanding its hotel network, opening 952 new hotels in the first three quarters of 2024, with a target of 1,200 to 1,400 new openings for the year [4] Summary by Sections Financial Performance - For the first three quarters of 2024, hotel business revenue was 55.03 billion yuan, with a profit of 8.03 billion yuan, showing a year-on-year change of -0.5% and +6.2% respectively [3] - In Q3 2024, hotel revenue was 20.66 billion yuan, down 6.3%, and profit was 4.75 billion yuan, down 9.4% [3] - The company's gross margin for the first three quarters of 2024 was 39.6%, with a slight decrease of 0.1 percentage points year-on-year [5] Market Trends - The company's RevPAR (Revenue per Available Room) in Q3 2024 was 170 yuan, down 7.8% year-on-year, primarily due to a high base in the same period last year [4] - During the National Day holiday in 2024, the company's RevPAR reached 254 yuan, an increase of 4.5% year-on-year, driven mainly by occupancy rates [6] Future Outlook - The report projects a gradual recovery in RevPAR, with expectations for stabilization in Q4 2024 and into 2025 [6] - The net profit forecasts for 2024, 2025, and 2026 are adjusted to 8.28 billion yuan, 9.35 billion yuan, and 10.18 billion yuan respectively, reflecting a downward revision of 9.2%, 11.5%, and 12.5% from previous estimates [7]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved revenue of 5.89 billion yuan in the first three quarters of 2024, a year-on-year decrease of 0.4%, while the net profit attributable to the parent company was 720 million yuan, an increase of 5.6% year-on-year [1]. - In Q3 2024, the company reported revenue of 2.16 billion yuan, down 6.4% year-on-year, and a net profit of 370 million yuan, down 9.5% year-on-year [1]. - The hotel and scenic area businesses faced pressure in Q3 due to external macroeconomic conditions and industry supply release, with hotel revenue down 6.3% year-on-year [1]. - The company opened 952 new hotels in the first three quarters, with a significant increase in the number of economy and mid-to-high-end hotels opened in Q3 [2]. - Despite the challenging external environment, the company is focusing on improving store structure and quality, which lays a foundation for growth after the industry recovery [2]. Financial Forecasts - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 840 million yuan, 1.01 billion yuan, and 1.23 billion yuan, respectively [2]. - The projected PE ratios for the years 2024, 2025, and 2026 are 19X, 15X, and 13X, respectively [2]. - Key financial indicators for 2023A and projections for 2024E, 2025E, and 2026E include: - Revenue: 7.79 billion yuan (2023A), 7.94 billion yuan (2024E), 8.48 billion yuan (2025E), 9.11 billion yuan (2026E) [2]. - Net profit: 795 million yuan (2023A), 841 million yuan (2024E), 1.01 billion yuan (2025E), 1.23 billion yuan (2026E) [2]. - Gross margin: 38.12% (2023A), 36.72% (2024E), 36.84% (2025E), 38.18% (2026E) [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a decrease in revenue and profit in Q3 2024, with revenue at RMB 2.156 billion, down 6.38% year-on-year, and net profit at RMB 366 million, down 9.54% year-on-year [3] - Despite the Q3 decline, the overall performance for the first three quarters of 2024 showed growth in profit, with a year-on-year increase in net profit of 5.63% [3] - The company is focusing on expanding its standard brand stores, with 60.3% of new openings in Q3 being standard brand stores, reflecting a strategic shift towards quality [3] Summary by Sections Financial Performance - Q3 revenue decreased to RMB 2.156 billion, a 6.38% decline year-on-year, while net profit was RMB 366 million, down 9.54% [3] - For the first three quarters, revenue and profit showed slight growth, with net profit increasing by 5.63% [3] - The company’s RevPAR (Revenue per Available Room) for Q3 decreased by 6.0% due to high base effects and market conditions [3] Store Expansion - The company opened 385 new stores in Q3, with 232 being standard brand stores, marking an 18.4 percentage point increase year-on-year [3] - The total number of new openings for the first three quarters reached 952, achieving 79.33% of the annual target of 1,200 stores [3] Valuation - The report adjusts the EPS forecast for 2024-2026 to RMB 0.74, 0.88, and 0.98 respectively, with corresponding P/E ratios of 18.7, 15.8, and 14.2 [3][5]

Investment Rating - The report maintains a "Hold" rating for Shoulv Hotel (600258.CH) and raises the target price to RMB 15.5, indicating a potential upside of 11.5% from the current price of RMB 13.9 [4][12]. Core Views - The report highlights that Shoulv Hotel's RevPAR (Revenue per Available Room) faced pressure in Q3 2024, declining by 7.8% year-on-year due to a high base from the previous year. This decline in RevPAR led to a 6.4% decrease in revenue and a 2.3 percentage point drop in gross margin [2][3]. - Despite the current performance challenges, the company is optimistic about its store expansion plans, aiming to open 7000 operating stores by the end of the year, with a target of reaching 10,000 stores by 2026 [2][3]. - The report notes that the company’s performance during the National Day holiday showed a positive trend, with RevPAR increasing by 4.5%, which may support a better performance in Q4 2024 [2][3]. Financial Summary - Revenue for 2024E is projected at RMB 7,821 million, with a slight year-on-year increase of 0.4%. The net profit is expected to be RMB 857 million, reflecting a 7.7% increase [3][6]. - The report provides a detailed financial forecast, indicating a gradual increase in revenue and net profit through 2026, with revenue reaching RMB 8,879 million and net profit reaching RMB 1,201 million by 2026 [3][6]. - The operating profit margin is expected to improve from 19.7% in 2024E to 22.2% in 2026E, indicating a positive trend in operational efficiency [3][6]. Operational Insights - The report indicates that the company opened 385 new stores in Q3 2024, an increase of 48 stores compared to the same period last year, contributing to an improved store structure with a higher proportion of economy and mid-to-high-end hotels [2][3]. - The average daily rate (ADR) for Q3 2024 decreased by 5.5% year-on-year, contributing to the overall decline in RevPAR [2][3]. - The management is confident that the ongoing optimization of the store structure will enhance the hotel’s profitability in the future [2][3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a decrease in revenue and profit in Q3 2024, with revenue of RMB 2.156 billion, down 6.38% year-on-year, and a net profit of RMB 366 million, down 9.54% year-on-year. However, the overall performance for the first three quarters remains positive, with revenue and profit growth [3]. - The decline in RevPAR (Revenue per Available Room) is attributed to high base effects and market conditions, with a 6.0% decrease for non-light management hotels [3]. - The company is focusing on the expansion of standard brand hotels, with 385 new openings in Q3, of which 232 were standard brand stores, representing 60.3% of new openings [3]. Summary by Sections Financial Performance - Q3 2024 revenue decreased to RMB 2.156 billion, a 6.38% decline year-on-year. Net profit was RMB 366 million, down 9.54% year-on-year. For the first three quarters, revenue and profit showed slight growth, with overall revenue growth of 0.37% and net profit growth of 5.63% [3][5]. - The company’s RevPAR for all hotels decreased by 7.8% in Q3, with ADR (Average Daily Rate) and OCC (Occupancy Rate) also declining [3]. Expansion Strategy - The company opened 385 new stores in Q3, with a focus on standard brand hotels, which accounted for 60.3% of new openings. The total number of new stores for the first three quarters reached 952, achieving 79.33% of the annual target of 1,200 [3][5]. Valuation - The report slightly adjusts the EPS forecast for 2024-2026 to RMB 0.74, RMB 0.88, and RMB 0.98, respectively, with corresponding P/E ratios of 18.7, 15.8, and 14.2 [3][5].