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].

股票代码：600258 股票简称：首旅酒店 编号：临 2024-049 ●到期赎回委托理财产品的受托方：中国建设银行股份有限公司上海徐汇支 行；招商银行股份有限公司上海分行； 继续现金管理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 4.5 亿元； 继续现金管理委托理财产品总金额：人民币 4 亿元； ●到期赎回委托理财产品名称、金额： 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 并继续进行现金管理进展的公告 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： 中国建设银行上海市分行单位结构性存款 4 亿元； 招商银行股份有限公司上海分行结构性存款 0.5 亿元； ●继续现金管理委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款 4 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 366 天、61 天；继续现金管理的结构 性存款期限为 97 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Views - The company reported its Q3 2024 results, which met expectations, with a total revenue of 5.889 billion yuan for the first three quarters, a slight decrease of 0.37% year-on-year, and a net profit attributable to shareholders of 723 million yuan, an increase of 5.63% year-on-year [7]. - The hotel industry is experiencing a price decline due to market conditions, but the company is actively developing its membership program and improving direct connections with enterprises [5][6]. - The company has optimized its hotel structure, leading to significant improvements in hotel management, with a notable increase in the proportion of standard brand hotels [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 21.56 billion yuan, down 6.38% year-on-year, and a net profit of 3.66 billion yuan, down 9.54% year-on-year [7]. - The gross margin for the first three quarters was 39.59%, a slight decrease of 0.15 percentage points year-on-year [7]. - The company opened 385 new hotels in 2024, with a net increase of 273 hotels, and the proportion of standard brand hotels increased to 60.3% [6]. Market Position - The company has 6,748 hotels as of Q3 2024, with 1,967 being mid-to-high-end hotels, accounting for 29.1% of the total [6]. - The average room rate for the company's hotels was 264 yuan, a decrease of 4.7% year-on-year, with an occupancy rate of 73.9%, down 1 percentage point year-on-year [5]. Future Projections - The report forecasts net profits for the company to be 841 million yuan in 2024, 941 million yuan in 2025, and 1.108 billion yuan in 2026, with corresponding PE ratios of 19, 17, and 14 [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 5.889 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 723 million yuan [2][4]. - The third quarter of 2024 saw a 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, attributed to a high base from the previous year [2][4]. - The company continues to expand rapidly, opening 385 new stores in the third quarter, with standard brand stores accounting for over 60% of new openings [3][4]. - The report highlights a significant decline in RevPAR and ADR in the third quarter, with RevPAR at 170 yuan, down 7.8% year-on-year, and ADR at 244 yuan, down 5.5% year-on-year [4]. Financial Forecasts - The company is projected to achieve net profits of 887 million yuan, 970 million yuan, and 1.025 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17x, 16x, and 15x [5][7]. - Revenue is expected to grow from 7.793 billion yuan in 2023 to 8.765 billion yuan in 2026, reflecting a growth rate of 53.1% in 2024 and gradually decreasing growth rates thereafter [5][7].

Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 17.00 CNY, up from the previous forecast of 14.45 CNY [4] Core Insights - The company's performance is in line with expectations, with accelerated store openings and improved quality, benefiting from cyclical recovery expectations [2] - The report indicates a gradual narrowing of the decline in operational data due to a low base effect [2] Financial Summary - For Q3 2024, the company reported a revenue of 2.156 billion CNY, a decrease of 6.38%, and a net profit attributable to shareholders of 366 million CNY, down 9.54% [8] - For the first three quarters, the revenue was 5.889 billion CNY, a slight decrease of 0.37%, while the net profit attributable to shareholders increased by 5.63% to 723 million CNY [8] - The report forecasts a 2024 EPS of 0.73 CNY, a slight decrease from the previous estimate, but maintains a 2025 EPS of 0.85 CNY and raises the 2026 EPS to 0.99 CNY [8][9] Operational Performance - The company opened 385 new stores in Q3 2024, with 232 of these being core brand openings, marking the highest net increase since 2017 [8] - The report highlights that the RevPAR (Revenue per Available Room) decreased by 7.8% and the occupancy rate (OCC) fell by 1.8 percentage points [8] - The hotel business revenue decreased by 0.5%, while the profit totaled 803 million CNY, an increase of 6.2% [8] Market Position - The company has a total market capitalization of 15.912 billion CNY and a total share capital of 1.117 billion shares [5] - The stock price has fluctuated between 11.11 CNY and 17.34 CNY over the past 52 weeks [5]

在产品方面不断的优化我们的产品一直是我们的专利方向所以到三季度末我们的鲁家3.0级以上产品也就是说我们的在商旅经济型舒适型的产品不断的优化和改造已经从占比已经从去年年底的58.5 到今年九月底已经达到了67.5%那也是持续的在我们的产品优化上因为毕竟我们有很多的老产品所以在老产品的不断的优化也是达到了接近70%的这样的一个这个比例占比所以也进一步的加强了我们整体的产品力的这样的一个竞争能力同时呢我们也坚持 产品的迭代和更新包括对我们主力的终端产品商旅2.0也进行了进一步的迭代那么同时大家也知道今年我们推出了商旅的4.0精选的4.0这些我们的商旅终端产品都不断的在市场上赢得了投资者包括我们的消费者的整个的欢迎那么在中高端品牌上我们继续 这个聚焦我们的核心产品我们的中端产品鲁家商旅鲁家精选包括我们的中高端产品易飞容易和以飞慢那么整个的到2020年的三季度末我们的开业接触倍电已经达到将近2000家2000家 所以这也是我们在整个产品结构上不断去优化不断去发展的一个重要的工作那么在会员方面我们继续去创新增及会员的权益持续增强会员的活跃度那么从我们独家LULIFE俱乐部的层面上举办年度以及 更多的主题活动并围绕着本地本 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decline of 0.4%, while the net profit attributable to shareholders was 720 million yuan, an increase of 5.6% year-on-year [6][2] - In Q3 2024, the company achieved a revenue of 2.16 billion yuan, down 6.4% year-on-year, with a net profit of 370 million yuan, a decrease of 9.5% year-on-year [6][2] - The company is focusing on developing standard brands, with a significant increase in the number of new hotel openings, totaling 952 in the first three quarters of 2024 [6][2] - The company experienced pressure in both hotel and scenic area operations, leading to a decline in profits in Q3 2024 [6][2] - Positive trends were observed during the National Day holiday, indicating a potential recovery in business travel demand [6][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 5.89 billion yuan, a decline of 0.4% year-on-year, and a net profit of 720 million yuan, an increase of 5.6% year-on-year [6][2] - In Q3 2024, the revenue was 2.16 billion yuan, down 6.4% year-on-year, with a net profit of 370 million yuan, a decrease of 9.5% year-on-year [6][2] - The company’s gross profit margin and various expense ratios showed mixed results, with a gross margin decrease of 2.3 percentage points [6][2] Business Strategy - The company opened 952 new hotels in the first three quarters of 2024, with a focus on standard brands, which accounted for 60.3% of new openings [6][2] - The company is enhancing the quality of its new hotel openings, particularly in the economy and mid-to-high-end segments [6][2] Market Outlook - The company’s RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, down 6.0% year-on-year, but showed a 4.5% increase during the National Day holiday [6][2] - The company expects a gradual recovery in business travel demand, supported by favorable policies [6][2] Financial Projections - Revenue projections for 2024-2026 are 7.76 billion, 8.50 billion, and 8.76 billion yuan, with expected net profits of 820 million, 996 million, and 1.12 billion yuan respectively [6][2] - The company’s EPS (Earnings Per Share) is projected to be 0.73, 0.89, and 1.00 yuan per share for 2024, 2025, and 2026 respectively [6][2]