事件：首旅酒店发布2024年年度报告。 预计公司2025/2026年的每股收益分别为0.84/0.90元，当前股价对应PE分别为15.82/14.72倍，给予公 司"买入"的评级。 风险提示：行业竞争加剧、自然灾害影响客流、储备店增长放缓、业绩增速低于预期等。 点评： 2024年酒店行业经营承压。2023年为国内旅游酒店复苏之年，疫情期间积攒的出游需求集中释放推动酒 店经营指标大幅上涨形成同比高基数。 旅游需求释放完毕叠加商旅需求恢复缓慢，2024年酒店市场明显承压，2024年国内酒店的整体RevPAR 为118元，同比下降9.7%；Occ为58.8%，同比下降2.5个百分点；ADR为200元，同比下降5.8%。 公司加快结构调整，经营利润逆势上涨。2024年公司不含轻管理酒店的全部酒店RevPAR为167元，同比 下降3.2%；Occ为68.2%，同比下降0.6个百分点；ADR为245元，同比下降2.3%，经营指标同样下滑， 但相较行业整体表现出强劲韧性。而业绩方面，公司2024年实现营业总收入77.51亿元，同比下降0.54； 实现归母净利润8.06亿元，同比增长1.41%。行业整体承压的背景下，公司保持 ...

Core Viewpoint - The company reported a slight decline in revenue and a modest increase in net profit for 2024, indicating ongoing challenges in recovering to pre-pandemic levels [1] Financial Performance - In 2024, the company achieved operating revenue of 7.751 billion yuan, a year-on-year decrease of 0.54%, and a net profit of 806 million yuan, a year-on-year increase of 1.41% [1] - The hotel business generated operating revenue of 7.235 billion yuan, down 0.58% year-on-year, with hotel operation revenue declining by 5.01% [1] - The fourth quarter of 2024 saw a year-on-year decline in operating revenue and net profit of 1.05% and 24.71%, respectively [1] Business Expansion - The company pursued a strategy of hotel scale expansion, opening 1,353 new hotels during the reporting period, a year-on-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [2] - Despite the expansion, the company's revenue growth has not improved significantly [2] Market Position - According to a report, the company has the lowest average compound annual growth rate in hotel scale among major domestic hotel chains, at only 9% [2] - The company’s average room revenue ranks last among its peers [2] Operational Metrics - Key operational metrics such as RevPAR, average room rate, and occupancy rate all declined in 2024 [3] - The overall RevPAR was 147 yuan, down 4.7% year-on-year, with an average room rate of 229 yuan, down 2.6% [3] - Mature hotels experienced even greater declines in these metrics [3] Stock Performance - The company has seen a significant increase in the number of shareholders, with a 9.74% rise to 46,801 shareholders by the end of February [4] - The stock has performed poorly in the A-share market, with a cumulative decline of 9.27% this year, and a further drop of 2.06% following the annual report release [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's hotel operations in Q4 generated revenue of 1.165 billion, down 5.0%, while hotel management revenue increased by 8.4% to 567 million. Scenic area revenue was 130 million, down 2.2%. The total hotel profit for Q4 was 90 million, a decrease of 15.8%, while scenic area profit increased by 2.8% to 41.58 million. The same-store RevPAR for Q4 decreased by 2%, which is more stable compared to competitors [1][2][3]. - The company plans to accelerate its store openings in 2024, with a target of 1,500 new stores, and the proportion of standard stores in new openings is increasing. By the end of the year, the total number of hotels reached 7,002 [1][10]. Summary by Sections Financial Performance - For the full year 2024, the company reported total revenue of 77.51 billion, a decrease of 0.54%, and a net profit attributable to shareholders of 8.06 billion, an increase of 1.41%. In Q4, revenue was 18.62 billion, down 1.05%, and net profit was 830 million, down 24.71% [2][13]. - The company plans to distribute a cash dividend of 0.36 per share, totaling 4.02 billion, which accounts for 49.85% of the net profit [2]. Business Segments - In Q4, hotel revenue was 17.32 billion, down 1.0%, with hotel operations at 11.65 billion (-5.0%) and hotel management at 5.67 billion (+8.4%). The hotel profit for Q4 was 90 million, down 15.8%. The sales expense ratio for the hotel segment in H2 2024 was 7.9%, up 1.6 percentage points year-on-year, mainly due to OTA commissions increasing by 22% [3][10]. Operational Metrics - In Q4, the overall occupancy, ADR, and RevPAR decreased by 1.5 percentage points, 0.7%, and 3.0%, respectively. Excluding light management hotels, the declines were 0.3 percentage points, 0.7%, and 1.2%. The economic and mid-range RevPARs were down 1.0% and 4.2%, respectively [4][9]. - The company opened 401 new hotels in Q4 and closed 147, resulting in a net increase of 254 hotels. The total number of hotels reached 7,002 by year-end, with plans to open 1,500 new hotels in 2025 [10]. Profitability Forecast - The company is expected to achieve net profits of 9.18 billion, 10.81 billion, and 12.24 billion for the years 2025 to 2027, with corresponding P/E ratios of 16.5X, 14.0X, and 12.4X [11][13].

Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8]. Core Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].

关于北京首旅酒店 (集团) 股份有限公司 LLP 毕马威华振会计师事务所 Oriental Plaza Beijing 100738 Telephone +86 (10) 8508 5000 中国北京 东方广场毕马威大楼 8 层 China 邮政编码:100738 电话 +86 (10) 8508 5000 5111 传真 +86 (10) 8518 5111 网址 kpmg.com/cn KPMG Huazhen 我们接受委托，按照中国注册会计师审计准则审计了北京首旅酒店 (集团) 股份有限公 司 (以下简称"首旅酒店") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注，并于 2025 年 3 月 26 日签发了无保留意见的审 计报告。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委 员会和中国银行保险监督管理委员会发布的《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》(证监会公告 2022 26 号) ...

关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 毕马威华振专字第 2501364 号 北京首旅酒店 (集团) 股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了北京首旅酒店 (集团) 股份有限公 司 (以下简称"首旅酒店") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注，并于 2025 年 3 月 26 日签发了无保留意见的审 计报告。 在对上述财务报表实施审计的基础上，我们对后附的首旅酒店 2024 年度非经营性资金 占用及其他关联资金往来情况汇总表 (以下简称"汇总表") 执行了有限保证的鉴证业务。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委 员会和中国银行保险监督管理委员会发布的《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的 ...

Core Viewpoint - The company reported a slight decline in total revenue for 2024, but managed to achieve a modest increase in net profit, indicating resilience in its operations despite challenging market conditions [1] Revenue Performance - Total revenue for 2024 reached 7.751 billion yuan, a year-on-year decrease of 0.54% [1] - The company achieved a net profit attributable to shareholders of 806 million yuan, reflecting a year-on-year increase of 1.41% [1] - In Q4, the company generated revenue of 1.862 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decline of 24.71% [1] Revenue Composition - Hotel operations generated revenue of 5.067 billion yuan, down 5.01%, accounting for 65.37% of total revenue [2] - Hotel management revenue increased by 11.6% to 2.168 billion yuan, representing 27.97% of total revenue [2] - Scenic area revenue remained stable at 516 million yuan, a slight increase of 0.07%, making up 6.66% of total revenue [2] Expansion and Development - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by year-end, including 2 overseas [2] - The number of mid-to-high-end hotels reached 2,032, accounting for 29.0% of total hotels, with 215,400 rooms, or 41.5% of total room count [2] - The company signed contracts for 1,743 hotels that are either not yet opened or in the process of signing [2] Operational Metrics - Q4 RevPAR (Revenue per Available Room) was 134 yuan, down 3.0% year-on-year, with an average room rate of 219 yuan, a decrease of 0.6% [3] - The overall RevPAR for the year was 147 yuan, down 4.7%, with an average room rate of 229 yuan, a decline of 2.6% [3] - The company improved its gross margin to 38.36%, up 0.24 percentage points year-on-year, and net margin to 10.58%, up 0.17 percentage points [3] Service and Quality Enhancement - The company is upgrading existing hotels, with the proportion of upgraded products increasing from 58.5% to 71.8% [4] - Membership numbers reached 197 million, a year-on-year increase of 30.8%, with a focus on enhancing member services [4] - The company aims to strengthen customer loyalty through innovative membership services [4] Future Outlook - The company expects net profit attributable to shareholders to reach 933 million yuan, 1.088 billion yuan, and 1.249 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 15.69%, 16.65%, and 14.82% [4]

◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 ◼ 股票数据 | 总股本/流通(亿股) | 11.17/11.17 | | --- | --- | | 总市值/流通(亿元) | 151.75/151.75 | | 12 个月内最高/最低价 | 16.43/10.9 | | (元) | | 相关研究报告 <<首旅酒店深度报告：结构升级加速 拓店，稳坐前列待疫后花开>>-- 2022-11-03 <<首旅酒店三季报点评：Q3 实现扭亏 拓店速度恢复>>--2022-11-02 <<首旅酒店三季报点评：主业稳健增 长 投 资 收 益 放 大 业 绩 增 速 >>-- 2018-10-30 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 2025 年 03 月 31 日 公司点评 买入/维持 首旅酒店(600258) 目标价: 昨收盘:13.59 首旅酒店 24 年报点评：业绩保持平稳 资产质量提升 事件：首旅酒店发布 202 ...

首旅酒店集团秉承高质量发展战略，快速响应市场，稳健推进战略布局，持续性的结构优化和产品精耕 在经营和发展数据中已卓见成效。 3月28日，首旅酒店集团（600258.SH）发布了2024年年度报告。报告期内，首旅酒店集团2024年实现 营业收入77.5亿元，同比基本持平；实现归母净利润8.06亿元，同比增长1.41%。 根据Wind数据显示，2024年三季度A股申万酒店行业机构资金净流入额为58.3亿元。随着文旅消费政策 的持续出台，酒店行业或迎来新一波投资机会。 文旅消费作为国民经济的重要组成部分，在商务出行需求回暖、休闲旅游需求释放和入境游市场强劲复 苏的利好背景下，住宿业也将迎来新一轮的发展机遇。 酒店规模稳定增长，产品结构优化，盈利水平回暖 2024年，国内宏观经济发展稳中有进，同时酒店行业供给增加，供需秩序逐渐回归可持续经营态势。首 旅酒店集团展现出较强的经营韧性，2024年实现营业收入77.5亿元，同比基本持平；实现归母净利润 8.06亿元，同比增长1.41%。报告期内，首旅酒店集团不含轻管理酒店的全部酒店的RevPAR、ADR及 Occ三项指标同比均仅有小幅波动，表现远超行业整体水平。 首旅酒店集 ...

证券研究报告 | 2025年03月30日 首旅酒店（600258.SH） 优于大市 2024 年业绩平稳分红加大，扩张速度与开店质量边际提升 2024年收入与利润表现相对平稳，分红率提升至50%。2024年公司收入77.51 亿元/-0.54%，归母净利润 8.06 亿元/+1.41%，扣非归母净利润 7.33 亿元 /+1.92%。2024Q4 公司收入 18.62 亿元/-1.05%，归母净利润 0.83 亿元 /-24.71%，扣非净利润 0.72 亿元/-23.52%，其中四季度计提直营店 6077 万 元资产减值损失带来扰动。公司拟每股派发现金分红 0.36 元（含税），分 红率同比提升至 49.85%（2023 年为 30.90%），当前股价对应股息率 2.6%。 开店质量有所提升，2025 年开店目标提速。2024 年公司新开 1353 家 /+12.5%，净增 739 家/+163.9%；其中标准店新开 710 家/+55.4%，净开 360 家 /+291.3%；如家经济型净开 14 家，2017 年以来首次净增转正；如家商旅、 如家精选合计净增 178 家。年末公司在营酒店 7002 家， ...