北京首旅酒店（集团）股份有限公司 2023 年独立董事姚志斌（1-4 月任职）述职报告 北京首旅酒店(集团)股份有限公司全体股东： 我作为北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒 店"）的独立董事，在 2023 年 1-4 月任职，因已满 6 年，故在 2023 年 5 月不再 担任首旅酒店独立董事，现做履职期内的述职报告。 公司与控股股东首旅集团和第二大股东携程上海、因公司董事担任关键管理 人员而认定为关联方的企业发生日常关联交易均为公司与关联方存在相互提供 服务的需求，属于日常经营活动中相互提供服务的上下游企业。关联交易整体规 模与公司经营规模相比占比较小，对公司经营无实质影响。独立董事审查了公司 以往年度的日常关联交易事项,对日常关联交易的发展历史听取了公司所作的详 尽介绍。公司日常关联交易有着行业特点和日常经营的必要性，关联交易的定价 符合公平、公正的市场交易原则，关联交易的定价、审核程序、持续披露等事项 符合有关上市规则与法律法规的规定。独立董事认为上述关联交易符合公司日常 经营业务需要，偶发性关联交易的变动具有不可控性，但符合客观实际。关联交 易事项符合本公司和非关联股东的利益 ...

Investment Rating - The investment rating for the company is "Buy" [4][30][20] Core Views - In 2023, the company achieved revenue of 7.792 billion yuan, a year-on-year increase of 53.1%, recovering approximately 94% compared to 2019. The net profit attributable to the parent company was 795 million yuan, marking a turnaround from losses, and recovering 90% compared to the same period in 2019 [3][22][21] - The company plans to distribute a cash dividend of 2.2 yuan for every 10 shares, resulting in a dividend payout ratio of approximately 31% [22] - The hotel business's profit in 2023 recovered nearly 80% compared to 2019, while the scenic area performance significantly exceeded 2019 levels, with revenue and profit recovering 115% and 140% respectively [23][22] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.882 billion yuan, with net profit attributable to the parent company and net profit excluding non-recurring items at 110 million yuan and 94 million yuan respectively, recovering about 90% and 67% compared to the same period in 2019 [22][3] - The overall RevPAR (Revenue Per Available Room) for the company in 2023 was 138 yuan, recovering to 91% of the 2019 level, with a slight decline in recovery in Q4 [25][23] - The company opened 1,203 new stores in 2023 and plans to open 1,200-1,400 new stores in 2024, indicating a potential acceleration in expansion [10][3] Business Segmentation - The hotel business revenue and profit in 2023 recovered to 93% and 78% of the 2019 levels, respectively, with the decline in revenue attributed to a 25% reduction in the number of direct-operated rooms [23][22] - The company’s core stores' mixed RevPAR for the year recovered to 106.5% of the pre-pandemic level, driven mainly by price increases [25][23] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 882 million, 1.003 billion, and 1.095 billion yuan respectively, with corresponding EPS of 0.79, 0.89, and 0.98 yuan, and PE ratios of 18, 16, and 15 times [30][19] - The company is expected to benefit from the recovery in travel demand post-Spring Festival, although short-term travel expectations remain cautious [30][3]

Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 14.88 yuan [2]. Core Views - The company achieved a revenue of 7.793 billion yuan in 2023, representing a year-on-year increase of 53%, and a recovery rate of 94% compared to 2019. The net profit attributable to the parent company was 795 million yuan, recovering to 90% of the 2019 level [2]. - The company opened 1,203 new stores in 2023, achieving a target completion rate of approximately 78%, with plans to open 1,200-1,400 new stores in 2024 [3]. - The company is expected to see net profits of 910 million yuan, 1.04 billion yuan, and 1.19 billion yuan for the years 2024 to 2026, with corresponding price-to-earnings ratios of 18x, 15x, and 13x [4]. Revenue and Profitability - In 2023, the company's hotel and scenic area revenues were 5.334 billion yuan and 1.942 billion yuan, respectively, with year-on-year growth of 47% and 51% [12]. - The total profit for 2023 was 1.107 billion yuan, with a tax-preferred profit from hotel operations of 863 million yuan [12]. - The RevPAR (Revenue per Available Room) for Q4 2023 was 138 yuan, recovering to 91% of the 2019 level, with an average daily rate (ADR) of 220 yuan, recovering to 113% of the 2019 level [13]. Store Expansion - The company opened 340 new stores in Q4 2023, with a net increase of 21 stores, while the total number of operating stores reached 6,263, with a 1.0 percentage point increase in the proportion of mid-to-high-end hotels [3]. - The company plans to continue focusing on the mid-to-high-end hotel segment, which accounted for 27.5% of the total number of hotels by the end of Q4 2023 [3]. Financial Forecast - The company is projected to have a net profit of 795 million yuan in 2023, with expectations of continued growth in the following years [4][19]. - The operating cash flow for 2023 was 4.014 billion yuan, reflecting a year-on-year increase of 171% [2].

Investment Rating - The report maintains a "Recommended" rating for the company [19] Core Insights - The company achieved a total revenue of 7.793 billion RMB in 2023, representing a year-on-year increase of 53.12%, and a profit of 1.107 billion RMB, with a net profit attributable to shareholders of 795 million RMB, marking a turnaround from losses [1] - The hotel market is experiencing a sustained recovery, with significant improvements in operating performance, as evidenced by a RevPAR increase of 58.4% year-on-year for all hotels [1] - The company is focusing on expanding its mid-to-high-end offerings and optimizing its structure through a light management model, opening 1,203 new hotels in 2023, a 36.86% increase from the previous year [1] - The company is enhancing its membership, service, and technology systems, with a total membership of 151 million by the end of 2023, a 9.42% increase year-on-year [1] - The company is expected to continue benefiting from the hotel market recovery, with projected net profits of 900 million RMB, 1 billion RMB, and 1.1 billion RMB for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 18x, 17x, and 15x [1] Financial Performance Summary - In 2023, the company reported total revenue of 7,793 million RMB, with a growth rate of 53.1% [12] - The net profit attributable to shareholders for 2023 was 795 million RMB, reflecting a growth rate of 237.8% [12] - The company’s earnings per share for 2023 was 0.71 RMB, with projected increases to 0.81 RMB in 2024 and 0.90 RMB in 2025 [12] - The company’s total assets were 25.24 billion RMB in 2023, with a projected increase to 26.16 billion RMB in 2024 [20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.22 CNY [4][7]. Core Insights - The company reported a significant recovery in profitability for 2023, achieving a revenue of 7.793 billion CNY, a year-on-year increase of 53.1%, and a net profit of 795 million CNY, marking a substantial turnaround from losses in the previous year [2][3]. - The recovery in performance is expected to continue, with a focus on the improvement of business travel demand in the upcoming quarters [2][6]. Financial Performance Summary - **Revenue**: 2023 revenue reached 7,793 million CNY, up from 5,090 million CNY in 2022, reflecting a growth of 53.1% [3]. - **Net Profit**: The net profit for 2023 was 795 million CNY, compared to a loss of 577 million CNY in 2022, indicating a year-on-year growth of 237.8% [3]. - **Earnings Per Share (EPS)**: EPS for 2023 was 0.71 CNY, recovering from a loss of 0.52 CNY in 2022 [3]. - **Gross Margin**: The gross margin improved to 38.1% in 2023 from 15.7% in 2022 [3]. - **Net Margin**: The net margin turned positive at 10.2% in 2023, compared to -11.3% in 2022 [3]. - **Return on Equity (ROE)**: ROE improved to 7.3% in 2023 from -5.3% in 2022 [3]. Future Earnings Forecast - The company is projected to achieve EPS of 0.82 CNY in 2024, 0.92 CNY in 2025, and 1.05 CNY in 2026, reflecting a positive growth trajectory [7][32]. - The target price of 17.22 CNY is based on a 21x PE ratio for comparable companies in 2024 [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in revenue and profitability for 2023, achieving an operating income of 7.793 billion yuan, a year-on-year growth of 53.1%, and a net profit of 795 million yuan, marking a turnaround from losses [3][13] - The recovery in the hotel and scenic area business is strong, with hotel revenue reaching 7.277 billion yuan and scenic area revenue at 516 million yuan, reflecting year-on-year increases of 48.41% and 177.36% respectively [7] - The company is focusing on improving the quality of its hotel openings, with a net increase of 280 stores in 2023, while the proportion of mid-to-high-end hotels continues to rise [3] Financial Performance Summary - For 2023, the company achieved a RevPAR (Revenue per Available Room) of 154 yuan, an increase of 58.4% year-on-year, with an ADR (Average Daily Rate) of 235 yuan, up 28.2% [3] - The company expects to continue its growth trajectory with projected revenues of 8.334 billion yuan in 2024, 8.836 billion yuan in 2025, and 9.573 billion yuan in 2026 [13][27] - The net profit forecast for 2024 is 934 million yuan, with a projected net profit margin of 11.2% [27] Market Position and Strategy - The company is enhancing its product offerings, with a focus on upgrading existing economy hotels and expanding its mid-to-high-end brands [8] - The company has successfully opened 35 hotels under the Yifei brand, covering 16 cities, and has plans for further expansion [8] - The company aims to improve operational efficiency and maintain a lean growth strategy, particularly in its light management hotel segment [3]

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 ...

Investment Rating - The investment rating for the company is "Buy" based on the expected performance exceeding the benchmark by more than 15% [20]. Core Views - The company achieved a revenue of 7.793 billion with a year-on-year increase of 53%, and a net profit of 0.795 billion, recovering from a loss of 0.577 billion in the previous year [20]. - The operating cash flow for the year was 0.401 billion, reflecting a significant increase of 170% [20]. - The company's hotel RevPAR (Revenue per Available Room) increased by 58.4% to 154, with an average room price of 235, and an occupancy rate of 65.7% [20]. - The company opened 1,203 new hotels in the year, with a total of 6,263 hotels by the end of the year, indicating strong growth in the hotel segment [20]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 7.793 billion, a 53% increase year-on-year, and a net profit of 0.795 billion, recovering from a loss of 0.577 billion in 2022 [20]. - The quarterly breakdown shows Q4 revenue at 1.882 billion, with previous quarters at 1.656 billion, 1.953 billion, and 2.303 billion respectively [20]. Operational Metrics - The RevPAR for all hotels was 154, with a recovery rate of 97.3% compared to 2019 levels, and an average room price increase of 28.2% [20]. - The occupancy rate improved by 12.5 percentage points to 65.7% [20]. Brand and Market Position - The company has over 40% of its hotels under light management, with significant growth in mid-to-high-end hotels over the past four years [20]. - By the end of 2023, the company had a total of 6,263 hotels and 481,503 rooms, with a strong pipeline of 2,035 hotels under development [20]. Investment Outlook - The company is expected to benefit from its light management model, enhancing penetration in lower-tier markets, and the successful development of its high-end hotel offerings [20]. - Forecasted net profits for 2024, 2025, and 2026 are 0.98 billion, 1.142 billion, and 1.160 billion respectively, with corresponding PE ratios of 17, 15, and 14 times based on the closing price on April 3 [20].

Investment Rating - The report assigns a rating of "Accumulate" for the company [4][14]. Core Views - The company's performance in 2023 met expectations, with significant improvements in store expansion contributing to incremental growth. Future profitability from investments is expected to be more certain [4][14]. - The target price has been adjusted to 20.25, down from a previous forecast of 23.25, reflecting a market average PE of 25x [4][14]. - The company achieved a revenue of 77.93 billion in 2023, representing a 53.1% increase compared to the previous year, with a net profit of 795 million [4][14]. Financial Summary - Revenue for 2022 was 5,090 million, increasing to 7,793 million in 2023, with an estimated 8,034 million for 2024 [4][14]. - The company reported an EBIT of 1,490 million in 2023, a significant recovery from a loss of 233 million in 2022 [4][14]. - The net profit attributable to shareholders was 795 million in 2023, compared to a loss of 577 million in 2022 [4][14]. Performance Metrics - The company’s operating profit margin is projected to be 19.1% in 2023, improving from -4.6% in 2022 [4][14]. - The return on equity (ROE) is expected to rise to 7.1% in 2023, compared to -5.5% in 2022 [4][14]. - The return on invested capital (ROIC) is forecasted to be 10.4% in 2023, up from -2.0% in 2022 [4][14]. Market Position - The company operates a leading hotel group in China, focusing on mid-range and high-end hotel investments and operations, with a notable increase in the number of core brand hotels [4][14]. - The RevPAR (Revenue per Available Room) has recovered to 97.3% in 2023, indicating a strong rebound in the hospitality sector [4][14].

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 ...