社会服务 | 证券研究报告 — 调整盈利预测 2024 年 4 月 3 日 600258.SH 增持 原评级：增持 市场价格:人民币 14.88 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (43%) (33%) (23%) (14%) (4%) 6% Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24 首旅酒店 上证综指 至今 个月 个月 个月 绝对 (3.6) (1.6) (4.5) (37.9) 相对上证综指 (7.2) (3.0) (7.9) (31.0) | --- | --- | |---------------------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 1,116.60 | | 流通股 ( 百万 ) | 1,116.60 | | 总市值 ( 人民币 百万 ) | 16,615.05 | | 3 个月日均交易额 ( 人民币 百万 ) 主要股东 | 206.29 | | 北京首都旅游集团有限责任 ...

证券研究报告 产品线继续升级与高端品牌整合 研究团队简介 周子莘，美容护理分析师。南京大学经济学硕士，华中科技大学经济学学士，曾任兴业 证券社会服务行业美护分析师，2022 年 11 月加入信达新消费团队。主要覆盖化妆品、 医美。 蔡昕妤，圣路易斯华盛顿大学金融硕士，曾任国金证券商贸零售研究员，2023 年 3 月加 入信达新消费团队，主要覆盖黄金珠宝、培育钻石板块。 张洪滨，复旦大学金融学硕士，复旦大学经济学学士，2023 年 7 月加入信达新消费团队， 主要覆盖酒店、景区。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分析 师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何组 成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义 务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当然客 ...

公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 -6% 0% 5% 10% 16% 21% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 2025E 8,160 5,214 54 587 979 1,258 0 0 -119 1,377 344 20 1,013 7,113 922 399 -1,276 4,711 1,528 6,665 944 1,653 -22 232 2,807 2,708 232 -507 2,433 1.6% 7.7% 12.3% 36.1% 15.4% 12.4% 8.4% 5.4% 14.2% 3 22 823 -2.8% 33.4% 16.43 1.38 4.18 2.04 3.0% | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|------------------------------------|------------------------------------ ...

2024 年 04 月 01 日 稳健展店，业绩符合预期，门店调整升级 | --- | --- | |-------------------------------|-----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 酒店餐饮 | | 前次评级 | 买入 | | 3 月 29 日收盘价 ( 元 ) | 14.26 | | 总市值 ( 百万元 ) | 15,922.76 | | 总股本 ( 百万股 ) | 1,116.60 | | 其中自由流通股 (%) | 100.00 | | 30 日日均成交量 ( 百万股 ) | 13.88 | | 股价走势 | | | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | 作者 | | | | | | | | | 分析师 杜玥莹 ...

证 券 研 究 报 告 ——酒店运营逐步复苏，业绩符合预期 一年内股价与大盘对比走势： 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230122100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com ⚫ 公司推出如家 4.0 和扉缦酒店，下沉市场和中高端市场拓店稳步推进，全年新开店 1203 家，其中 Q4 新开店 340 家。据公司公告，2023 年公司新开店数量为 1203 家，其中高 端新开店 283 家，轻管理酒店 744 家，轻管理酒店中云品牌新开 300 家，占新开店总数 比例 24.94%，华驿新开酒店 444 家，占新开店总数比例 36.91%。截至 23 年末，公司储 备门店 2035 家，其中轻管理/经济型/中高端门店数量分别为 1185/278/570 家。中高端 酒店核心品牌和颐/璞隐/逸扉酒店已经开业数量 151/34/35 家。 ⚫ 风险提示：全年开店计划未按期完成，同业竞争使得经营数据恢复不及预期。 ...

证券研究报告 酒店 首旅酒店（600258.SH） 增持-A(维持) 储备酒店数量丰厚，景区收入大幅提升 请务必阅读最后一页股票评级说明和免责声明 1 公司研究/公司快报 风险提示 财务数据与估值： 净利率(%) -11.4 10.2 12.0 12.4 13.2 资料来源：最闻，山西证券研究所 资料来源：最闻、山西证券研究所 公司研究/公司快报 评级体系： ——公司评级 买入： 预计涨幅领先相对基准指数 15%以上； 增持： 预计涨幅领先相对基准指数介于 5%-15%之间； 中性： 预计涨幅领先相对基准指数介于-5%-5%之间； 减持： 预计涨幅落后相对基准指数介于-5%- -15%之间； 卖出： 预计涨幅落后相对基准指数-15%以上。 | --- | --- | --- | |----------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------- ...

Financial Performance - In 2023, the company achieved operating revenue of CNY 7,792,924,439, representing a 53.10% increase compared to CNY 5,090,223,628 in 2022[21]. - The net profit attributable to shareholders was CNY 795,072,731, a significant turnaround from a net loss of CNY 576,786,957 in 2022[23]. - The basic earnings per share for 2023 was CNY 0.7120, compared to a loss of CNY 0.5167 in the previous year[23]. - The company's cash flow from operating activities reached CNY 4,013,777,901, marking a 170.62% increase from CNY 1,483,175,170 in 2022[23]. - The total revenue for the main subsidiary, Rujia Hotel Group, in 2023 was RMB 6,535.67 million, an increase of 47.01% year-on-year, with a net profit of RMB 471.90 million, compared to a net loss of RMB 552.67 million in the previous year[98]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q4 2023, representing a 20% year-over-year growth[135]. Dividend and Shareholder Returns - The company plans to distribute a dividend of 0.22 CNY per share based on a total share capital of 1,116,603,126 shares as of December 31, 2023[5]. - The proposed cash dividend is 0.22 yuan per share, with a total cash dividend amounting to 24,565.27 million yuan, representing 30.90% of the net profit attributable to shareholders[161]. - The cumulative cash distribution over the last three years is 306.96% of the average distributable profit[161]. - The company has maintained a consistent dividend distribution plan, reflecting its commitment to returning value to shareholders[128]. Operational Expansion - The company opened 1,203 new hotels during the reporting period, a year-on-year increase of 36.86%[32]. - The number of mid-to-high-end hotels opened reached 283, up 41.50% year-on-year, with a net increase of 204 hotels, representing a 53.38% increase[32]. - The company has a reserve of 2,035 hotels as of December 31, 2023, indicating strong future growth potential[83]. - In Q4 2023, the company opened 340 new hotels, including 4 direct-operated and 336 franchised, contributing to a total of 1,203 new openings for the year[83]. - The company plans to open 1,200 to 1,400 new hotels in 2024, focusing on expanding its standard brand and increasing penetration in lower-tier markets[109]. Market and Industry Insights - The domestic tourism total reached 4.91 trillion yuan in 2023, a year-on-year increase of 140.3%, indicating a strong recovery in the tourism sector[48]. - The overall chain rate of the hotel industry in China reached approximately 39% by the end of 2022, up from 35% in 2021 and 26% in 2019[105]. - Mid-range and high-end chain hotel room numbers grew by 26.31% and 9.20% year-on-year respectively by the end of 2022, reflecting a consumption upgrade trend[107]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[135]. Digital Transformation and Innovation - The company has implemented a digital strategy utilizing 5G, cloud computing, and AI, enhancing management efficiency and guest experience through various digital products[44]. - The company emphasizes digital transformation and the use of technologies like big data and AI to improve operational efficiency and guest satisfaction[113]. - The company has introduced smart hotel features, including self-service front desks and AI customer service, to enhance guest experience[60]. - Investment in technology development has increased by 30%, focusing on AI and data analytics capabilities[135]. Governance and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[4]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has strengthened its governance structure in 2023, enhancing the decision-making communication mechanism among the Party Committee, Board of Directors, and management team[117]. - The company has established a comprehensive ESG work system, including planning, information collection, analysis, and reporting[118]. Environmental and Social Responsibility - The company invested CNY 13.5 million in upgrading the landscaping of the Nanshan Cultural Tourism Area and CNY 36 million in constructing eco-friendly guest rooms using prefabricated decoration technology[179]. - The company implemented carbon reduction measures, achieving a reduction of 6,682 tons of CO2 equivalent emissions through various initiatives, including the use of prefabricated decoration technology[180]. - The company donated CNY 500,000 to the Beijing Sports Foundation to support national sports development, benefiting 18 individuals[183]. - The company invested CNY 840,000 in poverty alleviation and rural revitalization projects, directly benefiting 161 individuals through employment[184]. Financial Management and Investments - The company has approved a proposal for financial assistance from its controlling shareholder, indicating ongoing support for operational needs[128]. - The company plans to apply for a borrowing limit for 2023, indicating a focus on financial flexibility and potential investment opportunities[128]. - The company has engaged in share repurchase activities, specifically canceling restricted stock options, which may reflect a strategy to enhance shareholder value[131]. - The company has committed to addressing the performance of injected assets over the next three years, with specific performance commitments outlined[124]. Employee Engagement and Development - The company reported a total of 12,817 employees, with 10,148 in production roles and 1,536 in administrative positions[155]. - The company has implemented a performance incentive mechanism to align employee compensation with responsibilities and market competitiveness[156]. - In 2023, the company launched over 10 training projects covering various levels, with 23 live broadcasts attracting 87,000 viewers[158]. - The company plans to conduct over 35 training programs in 2024, focusing on core talent development[158].

事件 2024 年 3 月 28 日公司公告 2023 年度业绩，收入 77.93 亿元 /+53.1%，归母净利 7.95 亿元/扭亏,扣非归母净利 7.19 亿元/扭 亏。单 Q4 收入 18.82/+50.4%，归母净利 1.10 亿元/+144%；扣非 归母净利 9445 万元/+134%。 点评 Q4 淡季 OCC 环比恢复有所加快，全年新开计划完成 8 成。4Q23 首 旅如家全部酒店 RevPAR 恢复至 19 年同期 91.2%，拆分量价 OCC 恢复至 19 年的 92.1%、ADR112.8%，其中 OCC 恢复度环比 Q3 +5.6pct；不含轻管理酒店口径RevPAR恢复度为19年同期100.3%； 分层级经济型/中高档/轻管理 RevPAR 分别恢复至 19 年的 93.8%/85.5%/80.8%。开店方面，全年新开/净开 1203/280 家、完 成年初新开目标约 80.2%（按下限 1500 家计算），按模式分直营/ 特许加盟分别为 16/1187 家，按档次分经济/中高档/轻管理/其他 分别新开 174/283/744/2 家，主要由轻管理酒店贡献新开。 收入恢复+费用管控， ...

社会服务/酒店餐饮 19.55 证券研究报告 2024 年 03 月 29 日 | --- | |--------------| | | | | | | | 买入（维持） | | | | 元 | | 元 | | --- | --- | |----------------------------|-------------------| | 基本数据 | | | 总股本/流通股本(百万股 ) | 1,116.60/1,116.60 | | 流通 A 股市值(百万元 ) | 16,637.39 | | 每股净资产(元 ) | 9.97 | | 资产负债率 (%) | 55.34 | | 一年内最高 /最低( 元 ) | 25.88/13.21 | 作者 分析师：邓文慧 执业证书编号：S0590522060001 邮箱：dengwh@glsc.com.cn 分析师：曹晶 执业证书编号：S0590523080001 邮箱：caojing@glsc.com.cn 酒店经营逐步恢复，景区业务强劲复苏 事件： 股价相对走势 -50% -30% -10% 10% 2023/3 2023/7 2023/11 2024/3 首旅 ...

一、以赞成 11 票，占全体董事表决票数的 100%；回避 0 票；反对 0 票；弃 权 0 票的表决结果通过了《公司 2023 年度总经理工作报告》。 二、以赞成 11 票，占全体董事表决票数的 100%；回避 0 票；反对 0 票；弃 权 0 票的表决结果通过了《公司 2023 年度董事会工作报告》。 第八届董事会第二十五次会议决议公告 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个别及连带责任。 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第八届董事会第二十五次会议于 2024 年 3 月 27 日（星期三）上午 9：00 以现场 结合通讯方式在北京民族饭店十一层会议室召开。本次会议的通知已于 3 月 17 日以电子邮件方式送达公司各位董事、监事和公司高管人员。本次会议应到董事 11 名，实到 11 名董事。公司董事长李云女士主持了本次会议，公司 3 名监事、 6 高管人员列席了会议，符合《公司法》和《公司章程》的有关规定。会议提出 并经过表决通过以下议案： 股票代码：600258 股票简称：首旅酒店 编 ...