Investment Rating - The report maintains a "Hold" rating for the company, with a target price adjusted to RMB 12.8, reflecting a potential upside of 9.4% from the current price of RMB 11.7 [3][10]. Core Insights - The company's revenue in Q2 2024 decreased by 3.3% year-on-year due to high base effects, while the net profit margin improved by 2.1 percentage points to 12.6% driven by store structure optimization and cost reduction measures [1][2]. - The report highlights that the RevPAR (Revenue per Available Room) declined by 6% year-on-year in Q2 2024, primarily due to last year's surge in travel demand and an imbalance in hotel supply and demand [1][2]. - The management expects the ADR (Average Daily Rate) to remain under pressure in Q3 2024 but stabilize sequentially, with expectations for steady performance in 2025 [1][2]. Financial Performance Summary - Revenue projections for 2024E are set at RMB 7,883 million, reflecting a slight increase of 1.2% year-on-year, while net profit is expected to reach RMB 894 million, a 12.4% increase [2][5]. - The gross profit margin for the first half of 2024 improved by 1.5 percentage points year-on-year, attributed to an increase in the proportion of franchise stores and mid-to-high-end hotels [1][5]. - The report indicates a decrease in selling and administrative expense ratios by 0.9 percentage points and 1 percentage point respectively in Q2 2024, contributing to profit margin enhancement [1][5]. Store Structure Optimization - As of mid-2024, the number of franchise stores reached 5,847, accounting for 90.3% of total stores, which is a 1 percentage point increase year-on-year [1][5]. - The proportion of mid-to-high-end hotels increased to 28.6%, up by 2.7 percentage points year-on-year, enhancing pricing power [1][5]. - The report notes that 47.8% of the newly opened stores in the first half of 2024 were standard stores, indicating a strategic shift towards improving store quality and structure [1][5]. Financial Forecast Adjustments - The earnings forecasts for 2024-2026 have been adjusted downward due to the high base effect impacting operational data [1][9]. - The target price is based on a valuation of 6x the 2025E EV/EBITDA, reflecting a cautious outlook amid the current market conditions [1][9].

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Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company achieved a revenue of RMB 3.733 billion in H1 2024, representing a year-on-year growth of 3.46%, while the net profit attributable to shareholders was RMB 358 million, up 27.49% year-on-year [2][3] - The overall hotel RevPAR decreased by 6.0% in Q2 2024 due to high base effects from the previous year [2][3] - The company continues to expand its store count, with a focus on upgrading to mid-to-high-end hotels, which now account for 28.6% of total hotels [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of RMB 3.733 billion, a 3.46% increase year-on-year, and a net profit of RMB 358 million, a 27.49% increase year-on-year [2][3] - The Q2 2024 revenue was RMB 1.888 billion, a decrease of 3.33% year-on-year, while the net profit was RMB 237 million, an increase of 18.51% year-on-year [2][3] Revenue Breakdown - Revenue from hotel operations accounted for 64.94%, hotel management for 27.12%, and scenic area operations for 7.94% [2][3] Market Position and Expansion - The company opened 567 new stores in H1 2024, a 7.8% increase year-on-year, with 171 of these being mid-to-high-end hotels, a 78.1% increase year-on-year [2][3] - The mid-to-high-end hotel segment's room count now represents 40.8% of total rooms [2][3] Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 0.81, RMB 0.92, and RMB 1.06 respectively, with corresponding P/E ratios of 14.5, 12.8, and 11.1 [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved revenue of 3.73 billion yuan in 1H24, a year-on-year increase of 3%, and a net profit attributable to shareholders of 360 million yuan, up 28% year-on-year [1]. - The RevPAR (Revenue per Available Room) showed pressure year-on-year, but profit improvement was driven by structural optimization [1]. - The company opened 567 new hotels in 1H24, an increase of 41 compared to the previous year, with a focus on economy and mid-range hotels [1]. - Profit margins improved in Q2 2024 due to better cost control, with a gross margin of 38.5%, a year-on-year decrease of 2.2 percentage points [1]. - The company expects net profits attributable to shareholders for 2024-2026 to be 840 million, 1.01 billion, and 1.23 billion yuan, respectively, with corresponding PE ratios of 16X, 13X, and 11X [1]. Financial Performance Summary - 1H24 revenue was 3.73 billion yuan, with a net profit of 360 million yuan, and a non-recurring net profit of 320 million yuan [1]. - Q2 2024 revenue was 1.89 billion yuan, a year-on-year decrease of 3%, with a net profit of 240 million yuan, up 19% year-on-year [1]. - The company’s gross margin for Q2 2024 was 38.5%, with a non-recurring net profit margin of 12.0%, an increase of 2.5 percentage points year-on-year [1][2].

2024 年 9 月 3 日 市场数据 收益表现 % 1M 3M 1Y 相对 -2.35 -8.22 -19.39 绝对 -5.88 -17.24 -34.56 资料来源：Wind 公司研究 上半年盈利能力提升，加速优化酒店产品结构 ——首旅酒店（600258.SH）2024 年中报点评 增持（维持） 当前价：11.68 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 总股本(亿股) 11.17 总市值(亿元)： 130.42 一年最低/最高(元)： 11.04/18.27 近 3 月换手率： 55.02% 股价相对走势 -35% -23% -12% -1% 10% 08/23 12/23 03/24 06/24 首旅酒店 沪深300 相关研报 酒店利润复苏显著，加速布局中高端酒店— ...

首旅酒店（600258.SH）2024 年中报点评 [盈利预测与财务指标 Table_Forcast] 经营数据同比承压，布局长期发展 2024 年 09 月 02 日 公司发布 2024 半年报：2024H1 公司实现营收 37.3 亿元，同比+3.5%； 归母净利润 3.6 亿元，同比+27.5%；扣非归母净利润 3.2 亿元，同比+38.5%； 24Q2 单季度营收为 18.9 亿元，同比-3.3%，归母净利润为 2.4 亿元，同比 +18.5%，扣非归母净利润 2.3 亿元，同比+21.9%。 受去年高基数影响，RevPAR 同比承压。2024H1 公司不含轻管理酒店的全 部酒店 RevPAR 为 160 元，同比下降 2.1%；其中，2024Q1 RevPAR 为 147 元，同比增长 2.0%；2024Q2 RevPAR 为 172 元，同比下降 5.1%。具体来看， 2024Q2 季度，首旅如家全部酒店 RevPAR 152 元，同比-6.0%；平均房价 231 元，同比-3.8%；出租率 65.9%，同比-1.6pct。不含轻管理酒店的全部酒店 RevPAR 为 172 元，同比-5.1%；平 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a steady profit growth due to enhanced management efficiency, despite a slight decline in revenue in Q2 2024 [6] - The company opened 567 new hotels in H1 2024, with a focus on mid-to-high-end and light management hotels, increasing the proportion of mid-to-high-end hotels to 28.6% [6] - The long-term competitiveness of the company is gradually improving, leading to the maintenance of the "Buy" rating [6] Financial Performance Summary - In H1 2024, the company achieved revenue of 3.73 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 360 million yuan, up 27.5% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.89 billion yuan, a year-on-year decrease of 3.3%, but the net profit increased by 18.5% to 240 million yuan [2][6] - The company's total profit maintained a growth rate of 15.1% in Q2 2024, despite revenue pressures [6] Operational Insights - The company has improved its management efficiency, leading to a reduction in sales, management, and financial expense ratios in Q2 2024 [6] - The average daily rate (ADR) and occupancy rate (OCC) faced pressure, with RevPAR declining by 5.1% in Q2 2024 [6] - The company continues to upgrade its store network, with a significant increase in the number of mid-to-high-end hotels [6] Future Projections - Revenue projections for 2024-2026 are estimated at 7.92 billion, 8.68 billion, and 8.93 billion yuan, with corresponding growth rates of 1.6%, 9.7%, and 2.9% [6] - The net profit attributable to shareholders is projected to be 810 million, 1 billion, and 1.12 billion yuan for the same period, with growth rates of 2.3%, 22.3%, and 12.7% respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][7]. Core Insights - The company reported a 3.5% increase in revenue for 1H24, totaling 3.73 billion RMB, and a 27.5% increase in net profit attributable to shareholders, amounting to 360 million RMB [1]. - The report highlights a decline in RevPAR (Revenue per Available Room) by 6.0% in Q2 2024, attributed mainly to price decreases, despite an increase in the proportion of mid-to-high-end new openings [1]. - The company is expected to face continued pressure on RevPAR in Q3, with a potential improvement in Q4 due to lower comparative bases from the previous year [1]. Summary by Sections Financial Performance - For 1H24, the company achieved a revenue of 3.73 billion RMB, with a net profit of 360 million RMB, reflecting a growth of 27.5% [1]. - In Q2 2024, the company opened 362 new hotels, with a net increase of 182, achieving approximately 47% of its annual target [1]. - The hotel business's profit margin improved significantly, with a profit margin of 15.4% in Q2 2024, up by 3.2 percentage points [1]. Revenue and Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 910 million RMB, 1.05 billion RMB, and 1.13 billion RMB, respectively, with corresponding P/E ratios of 14.5, 12.6, and 11.6 [1][3]. - The report anticipates a continued optimization of the store portfolio and upgrades, enhancing profit margin support [1]. Market Trends - The report notes that the industry is experiencing increased pressure on RevPAR, with expectations of a widening decline in Q3 but potential recovery in Q4 due to slower supply growth [1]. - The company’s strategy includes focusing on mid-to-high-end hotel openings, which accounted for 29% of new openings in Q2 2024, an increase of 12.5 percentage points [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 3.73 billion yuan for H1 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 360 million yuan, up 27% year-on-year [2] - In Q2, the hotel business showed a significant improvement in profit margins, with a gross margin of 48.4%, despite a 3% decline in revenue [2] - The average RevPAR for Q2 was 152 yuan, down 6% year-on-year, with an occupancy rate of 65.9% [2] - The company opened 361 new hotels in Q2, bringing the total to 6,475 hotels, a 5% increase year-on-year [2] Summary by Sections Financial Performance - Total revenue for 2022 was 5.09 billion yuan, with a forecast of 7.82 billion yuan for 2024, reflecting a slight increase of 0.36% year-on-year [1][3] - The net profit attributable to shareholders for 2022 was a loss of 576.79 million yuan, with a forecasted profit of 846.87 million yuan for 2024, indicating a growth of 6.51% year-on-year [1][3] - The latest diluted EPS for 2024 is projected to be 0.76 yuan per share [1][3] Operational Insights - The company achieved a total profit of 480 million yuan in H1, with the hotel business contributing 330 million yuan, a 41% increase year-on-year [2] - The company aims to open 1,200 to 1,400 new hotels throughout the year, with a focus on increasing the proportion of standard hotels [2] Valuation Metrics - The forecasted P/E ratios for 2024, 2025, and 2026 are 16, 14, and 14 times, respectively [3] - The company is positioned as the third-largest hotel chain in China, benefiting from resource integration with its parent group [3]

GS-01-02-10 总经理工作细则 北京首旅酒店（集团）股份有限公司 总经理工作细则 第一章 总则 第一条 为规范北京首旅酒店（集团）股份有限公司（下称"公司"）总经 理办公会议议事程序，明确总经理工作职权、提高工作效率，根据《中华人民共 和国公司法》等法律、法规、规章及《北京首旅酒店（集团）股份有限公司章程》 （下称"《公司章程》"）的有关规定，制定本工作细则。 第二章 总经理的任免程序 第七条 总经理、副总经理、财务总监可以在任期届满之前提出辞职，辞职 程序和办法按《公司章程》执行。 第三章 总经理的任职资格 第八条 有下列情况之一的，不得担任公司总经理： （一）无民事行为能力或者限制民事行为能力； 第二条 公司设总经理一名，副总经理若干名，财务总监一名，具体职责及 其分工如下： （一）总经理：负责公司全面经营管理工作； （二）副总经理：协助总经理，并分管公司职能部门工作； （三）财务总监：负责财务及成本管理工作。 第三条 董事可受聘兼任总经理、副总经理或者其他高级管理人员，但兼任 总经理、副总经理或者其他高级管理人员职务的董事不得超过公司董事总数的二 分之一。 第四条 公司总经理由董事会聘任；副总经 ...