| --- | --- | --- | |--------------------------------|-------|-------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~12 个月内相对同期基准指数涨幅在 -10%~+5% 之间 | | | 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10% 以上 | | | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10% 以上 | | 行业评级 | 中性 | 预期未来 6~12 个月内对同期基准指数涨幅在 -10%~+10% 之间 | | | 减持 | 预期未来 6~12 个月内对同期基准指数跌幅在 10% 以上 | | 备注：评级标准为报告发布日后的 | | 6~12 个月内公司股价（或行业指数）相对同期 ...

证券研究报告 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 旅行复苏提振业绩，酒店盈利能力回升 ➢ ADR 驱动 RevPAR 继续增长，拓店聚焦标准品牌结构优化 ➢ 盈利预测、估值与评级 | --- | --- | |----------------------------|-------------------| | 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 ) | 17,452.51 | | 每股净资产(元 ) | 10.08 | | 资产负债率 (%) | 55.56 | | 一年内最高/最低 (元) | 21.58/13.21 | 请务必阅读报告末页的重要声明 公司报告│公司季报点评 分析师声明 | --- | --- | --- | --- | |------------------------------------------------------- ...

社会服务 | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 10.08 | | 资产负债率 % | 55.56 | | 总股本 / 流通 A 股（百万） | 1117/1117 | | 流通 B 股 /H 股（百万） | -/- | 相关研究 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 ——中高端酒店占比提升，一季度利润显著提高 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|------------------------------------------------------------------|----------------------------|------------------------|--------------|--------------------------------------------------------------------|----------|----------------------------|-------------------------------------------------|------------|--------------------| | ； \n[Table_MainInfo] | [Table_Title] 首旅酒店 (600258) | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][3]. Core Views - The company achieved a revenue of 1.845 billion yuan in Q1 2024, representing a year-on-year increase of 11.47%, driven by the recovery of the travel market and scale growth [3]. - The hotel business showed strong profit recovery, with a total revenue of 1.639 billion yuan, up 11.54% year-on-year, and a profit margin significantly improved [3]. - The company is focusing on optimizing its hotel product structure and expanding its mid-to-high-end hotel offerings, with a 50% year-on-year increase in new mid-to-high-end hotel openings in Q1 2024 [3]. - The company is expected to continue benefiting from the recovery of the hotel market, with projected net profits of 1.017 billion yuan, 1.138 billion yuan, and 1.249 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance Summary - Total revenue for 2023 was 7.793 billion yuan, with projected revenues of 8.602 billion yuan, 9.148 billion yuan, and 9.542 billion yuan for 2024, 2025, and 2026 respectively, indicating a growth rate of 53.1% for 2023 [2][10]. - The net profit attributable to shareholders for 2023 was 795 million yuan, with projections of 1.017 billion yuan, 1.138 billion yuan, and 1.249 billion yuan for the following years, reflecting a growth rate of 237.8% for 2023 [2][10]. - The company's earnings per share (EPS) for 2023 was 0.71 yuan, with forecasts of 0.91 yuan, 1.02 yuan, and 1.12 yuan for the next three years [2][10]. - The price-to-earnings (PE) ratio is projected to decrease from 22 in 2023 to 14 by 2026, indicating an improving valuation [2][10].

证券研究报告 酒店 首旅酒店（600258.SH） 增持-A(维持) 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 财务数据与估值： | --- | --- | --- | --- | --- | --- | |-------------------|---------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 5,089 | 7,793 | 8,056 | 8,287 | 8,502 | | YoY(%) | -17.3 | 53.1 | 3.4 | 2.9 | 2.6 | | 净利润 (百万元) | -582 | 795 | 927 | 989 | 1,060 | | YoY(%) | -1145.6 | 236.6 | 16.5 | 6.8 | 7.1 | | 毛利率 (%) | 15.7 | 38.1 | 38.9 | 39.3 | 39.4 | | EPS(摊薄/元) | -0.52 | 0.71 | 0.83 | 0.89 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.50 CNY per share, while the current price is 15.08 CNY [5]. Core Insights - The company reported a Q1 2024 revenue of 1.85 billion CNY, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of 120 million CNY, up 49.8% year-on-year [4]. - The hotel segment shows significant profit recovery, with revenue of 1.64 billion CNY, a year-on-year increase of 11.5%, and a profit of 50 million CNY, up 649.8% [4]. - The company continues to expand its store network, opening 205 new hotels in Q1 2024, with a net increase of 32 hotels, bringing the total to 6,295 [4]. Financial Performance - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 920 million CNY, 1.03 billion CNY, and 1.13 billion CNY respectively, with year-on-year growth rates of 15.2%, 12.6%, and 10.0% [4]. - The report highlights that the company's RevPAR (Revenue per Available Room) for all hotels was 131 CNY, which is stable compared to the previous year [4]. - The company has a total of 1,940 hotels in its pipeline as of Q1 2024, down from 2,035 at the end of 2023 [4]. Strategic Developments - The company is acquiring a 9% stake and debt from its controlling shareholder for 530 million CNY to participate in the construction of a high-end hotel project at the Zhangjiakou Comprehensive Project [4]. - The proportion of mid-to-high-end hotels in the company's portfolio has increased to 28.2% as of Q1 2024, up 0.7 percentage points from the end of 2023 [4].

13.00 15.00 17.00 19.00 21.00 23.00 230428230728231028240128 人民币(元) 成交金额(百万元) 成交金额 首旅酒店 沪深300 敬请参阅最后一页特别声明 1 扫码获取更多服务 投资评级的说明： 1.00 =买入； 1.01~2.0=增持 ； 2.01~3.0=中性 3.01~4.0=减持 0 100 13.00 15.00 17.00 19.00 21.00 23.00 25.00 27.00 220428220728221028230128230428230728231028240128 人民币(元) 历史推荐与股价 成交量 200 300 400 500 敬请参阅最后一页特别声明 4 邮编：100005 邮编：518000 地址：上海浦东新区芳甸路 1088 号 紫竹国际大厦 5 楼 地址：北京市东城区建内大街 26 号 新闻大厦 8 层南侧 地址：深圳市福田区金田路 2028 号皇岗商务中心 18 楼 1806 扫码获取更多服务 公司点评 特别声明： 国金证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 若国金证券以外 ...

■ 归母净利润（亿元） ■ 扣非归母净利润（亿元） -2 00 Pa 2107 2031 t and 9 a 6 Pa 9 10 图4: 公司一季度景区和酒店业务利润总额独臂 资料来源：公司公告、Wind、国信证券经济研究所整理 表1：可比公司估值表 证券研究报告 5 国信证券投资评级 本报告由国信证券股份有限公司（已具备中国证监会许可的证券投资咨询业务资格）制作；报告版权归 国信证券股份有限公司（以下简称"我公司"）所有。本报告仅供我公司客户使用，本公司不会因接收人 收到本报告而视其为客户。未经书面许可，任何机构和个人不得以任何形式使用、复制或传播。任何有 关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以我公司向客户发布的本报告完整版本 为准。 本报告基于已公开的资料或信息撰写，但我公司不保证该资料及信息的完整性、准确性。本报告所载的 信息、资料、建议及推测仅反映我公司于本报告公开发布当日的判断，在不同时期，我公司可能撰写并 发布与本报告所载资料、建议及推测不一致的报告。我公司不保证本报告所含信息及资料处于最新状态； 我公司可能随时补充、更新和修订有关信息及资料，投资者应当自行关注相关更新和修订内 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][12]. Core Views - The company reported Q1 2024 earnings that exceeded expectations, with total revenue of 1.845 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 121 million yuan, up 49.8% year-on-year [1][12]. - The company's gross margin improved to 36.6%, an increase of 5.9 percentage points year-on-year, driven by optimized operational management and effective sales strategies during holiday periods [12]. - The company opened 205 new hotels in Q1 2024, with a total of 6,295 hotels and 484,000 rooms, of which 40.2% are mid-to-high-end rooms, reflecting a 4.2 percentage point increase year-on-year [13]. Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected as follows: 5,090 (2022A), 7,793 (2023A), 8,124 (2024E), 8,258 (2025E), and 8,475 (2026E) [1]. - Net profit attributable to shareholders (in million yuan) is forecasted to be: (576.79) (2022A), 795.07 (2023A), 910.42 (2024E), 983.86 (2025E), and 1,062.71 (2026E) [1]. - The company’s P/E ratios for 2024E to 2026E are projected to be 18.50, 17.11, and 15.84 respectively [1]. Revenue Per Available Room (RevPAR) Analysis - The RevPAR for all hotels in Q1 2024 was 131 yuan, showing a year-on-year increase of 0.1%, and a decrease of 4.4% compared to the same period in 2019 [2]. - Excluding light management hotels, the RevPAR was 147 yuan, up 2.0% year-on-year, and up 1.5% compared to 2019 [2].