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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] 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 [2][5] - The company is focusing on developing standard brands, with positive data during the National Day holiday indicating a potential recovery in business travel demand [5] Financial Performance Summary - For Q3 2024, the company achieved a 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 [5] - The company opened 952 new hotels in the first three quarters of 2024, with a significant increase in the number of economy and mid-to-high-end hotels [5] - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, a decrease of 6.0% year-on-year, but showed a growth of 4.5% during the National Day holiday [5] Future Projections - Revenue projections for 2024-2026 are 7.76 billion yuan, 8.50 billion yuan, and 8.76 billion yuan, with year-on-year growth rates of -0.4%, 9.5%, and 3.0% respectively [5] - Net profit projections for the same period are 820 million yuan, 1.00 billion yuan, and 1.12 billion yuan, with year-on-year growth rates of 3.1%, 21.5%, and 12.4% respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.4%, with a net profit attributable to shareholders of 720 million yuan, an increase of 6% year-on-year [2] - Q3 performance met expectations, with revenue of 2.16 billion yuan, down 6% year-on-year, and a net profit of 370 million yuan, down 10% year-on-year. The average RevPAR decreased by 7.8%, impacting direct business revenue [2][3] - The company opened 385 new stores in Q3, with a net increase of 273 stores, representing a year-on-year increase of 237%. The total number of hotels reached 6,748, an 8% increase year-on-year [3] Summary by Sections Financial Performance - For Q3, the gross profit margin was 43.1%, down 2.3 percentage points year-on-year. The net profit margin was 17.0%, down 0.6 percentage points year-on-year [2] - The average RevPAR for Q3 was 170 yuan, down 7.8% year-on-year, with an occupancy rate of 69.7%, down 1.8 percentage points year-on-year [3] Store Expansion - The company achieved a net increase of 273 stores in Q3, with the proportion of standard stores rising to 60%, a significant increase from 42% in the same period last year [3] - The company aims to open 1,200 to 1,400 stores by the end of the year, with 952 stores opened in the first three quarters [3] Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to 810 million, 910 million, and 970 million yuan respectively, with corresponding P/E ratios of 20, 17, and 16 times [4] - The company is positioned as the third-largest hotel chain in China, benefiting from resource integration with its parent group [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) growth and a favorable price-to-earnings (PE) ratio forecasted for the coming years [1][7]. Core Insights - The company reported a revenue of 5.89 billion RMB for the first three quarters of 2024, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 720 million RMB [1]. - The report highlights a significant increase in the proportion of new openings under standard brands, with 60.3% of new openings in Q3 2024 attributed to standard brands, reflecting a strategic shift towards higher-end offerings [1]. - The report anticipates a narrowing decline in RevPAR (Revenue per Available Room) in the industry, with expectations for improved management efficiency and profitability in the medium to long term [1]. Summary by Sections Financial Performance - For Q3 2024, the hotel business generated revenue of 2.07 billion RMB, down 2.1%, with a profit margin of 23.0%, reflecting a 0.8 percentage point decrease due to RevPAR decline [1]. - The company achieved a RevPAR of 170 RMB in Q3 2024, down 8.1% year-on-year, with occupancy rates at 69.7% and average daily rates (ADR) at 244 RMB [1]. Business Segments - The hotel segment's revenue and profit were impacted by a decrease in RevPAR, while the scenic area business saw a revenue drop of 9.1% to 90 million RMB, with a profit margin of 35.7% [1]. - The report notes that the economic and mid-to-high-end hotel segments showed resilience, with the company maintaining net growth in the number of economy franchise hotels for two consecutive quarters [1]. Future Outlook - The report projects net profits for 2024 to 2026 at 850 million, 940 million, and 1.08 billion RMB respectively, with corresponding PE ratios of 18.6, 16.9, and 14.7 [1]. - The company is expected to benefit from a lower comparative base in Q4, with a RevPAR increase of 4.5% during the National Day holiday period [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][15] Core Views - In Q3 2024, the company reported a revenue of 2.156 billion yuan, a decrease of 6.38% year-on-year, and a net profit attributable to shareholders of 366 million yuan, down 9.54% year-on-year [2][5] - The company has opened 385 new stores in Q3 2024, with 232 being standard stores, representing 60.3% of new openings, an increase of 18.4 percentage points compared to the previous year [2][6] - The overall RevPAR (Revenue per Available Room) decreased by 7.8% in Q3 2024, with a notable decline in mature hotels [9][10] - The company aims to exceed 7,000 operating stores by the end of this year and achieve a target of 10,000 stores by the end of 2026 [6][10] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 5.889 billion yuan, a slight decrease of 0.37% year-on-year, with a net profit of 723 million yuan, reflecting a growth of 5.63% [2][5] - The company’s hotel segment revenue was 5.5 billion yuan, down 0.4%, while the profit from this segment was 800 million yuan, up 6.2% [10][12] - The forecast for net profit attributable to shareholders for 2024-2026 is 831 million yuan, 942 million yuan, and 1.07 billion yuan, respectively, with corresponding PE ratios of 19, 17, and 15 [12][13]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,155,730,561.76, a decrease of 6.38% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 365,651,880.63, down 9.54% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 337,711,167.40, reflecting a decline of 13.75% compared to the previous year[3]. - The basic earnings per share for the quarter was CNY 0.3275, a decrease of 9.53% year-on-year[3]. - For the first nine months of 2024, the company reported total operating revenue of 5,888.75 million RMB, a slight decrease of 0.4% compared to the same period last year[11]. - The company reported a total profit of 988.76 million RMB for the first nine months of 2024, an increase of 2.9% year-on-year[11]. - The net profit for the first three quarters of 2024 reached CNY 731,110,691.96, an increase of 3.1% from CNY 709,120,099.87 in 2023[36]. - Earnings per share for the first three quarters of 2024 were CNY 0.6477, compared to CNY 0.6132 in the same period of 2023, reflecting a growth of 5.9%[36]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 25,478,227,181.31, an increase of 0.94% from the end of the previous year[3]. - The total assets decreased to CNY 16.28 billion in Q3 2024 from CNY 16.86 billion in Q3 2023, a decline of 3.4%[41]. - The total liabilities increased to approximately 4.59 billion, compared to 4.49 billion at the end of 2023[33]. - The total liabilities decreased to CNY 4.63 billion in Q3 2024 from CNY 5.18 billion in Q3 2023, a reduction of 10.6%[41]. - The company's total liabilities decreased to CNY 13,744,213,329.14 from CNY 13,967,224,014.58, a reduction of approximately 1.6%[34]. - The total equity attributable to shareholders increased to CNY 11,613,978,825.28, up from CNY 11,135,819,130.84, representing a growth of 4.3%[34]. Cash Flow - The company reported a net cash flow from operating activities of CNY 2,699,808,693.36, down 20.08% year-to-date[3]. - Total cash inflow from operating activities for the first three quarters of 2024 was CNY 8,024,776,356.34, an increase of 15.7% compared to CNY 6,938,600,474.43 in the same period of 2023[37]. - Cash outflow from operating activities increased to CNY 5,324,967,662.98, up from CNY 3,560,535,902.26 in the previous year, resulting in a net cash flow from operating activities of CNY 2,699,808,693.36, down 20% from CNY 3,378,064,572.17[37]. - The company's cash and cash equivalents at the end of September 2024 were CNY 1,376,701,095.67, down from CNY 1,561,378,601.08 at the end of 2023[38]. - The total current assets as of September 30, 2024, were CNY 2,457,235,161.64, a decrease from CNY 3,014,708,984.73 at the end of 2023[39]. Hotel Operations - In Q3 2024, the company's RevPAR (Revenue per Available Room) was 195 RMB, a year-on-year decrease of 6.0%[10]. - The hotel business generated operating revenue of 5,502.61 million RMB in the first nine months of 2024, down 0.5% year-on-year, while the scenic area operation revenue increased by 0.9% to 386.14 million RMB[10]. - The company opened 385 new hotels in the reporting period, with 232 of them being standard brand hotels, accounting for 60.3% of all new openings, an increase of 18.4 percentage points year-on-year[12]. - The number of mid-to-high-end hotels increased by 142, representing a year-on-year growth of 51.1%, with their room share rising to 41.4%[13]. - The company has 6,748 hotels as of September 30, 2024, including 2 overseas, with a total of 508,899 rooms, of which mid-to-high-end hotels account for 29.1%[16]. - The company reported a total of 1,598 economy hotels and 1,967 mid-range hotels as of September 30, 2024[20]. - The occupancy rate for mid-to-high-end hotels was 74.0%, down 1.3 percentage points year-over-year[27]. Investment and Development - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[36]. - The company completed the sample room creation and release of the business travel 2.5 iteration product during the reporting period, enhancing its product offerings[14]. - The company is focusing on enhancing member benefits through the "如 LIFE Club" membership system to increase customer loyalty and engagement[15]. Financial Management - The company reported a financial expense of CNY 270,817,459.65, a decrease from CNY 312,200,420.65 in the previous year, indicating improved cost management[35]. - The company's financial expenses decreased significantly to CNY 9.44 million in the first three quarters of 2024 from CNY 18.46 million in the same period of 2023, a reduction of 48.9%[42]. - The investment income for the first three quarters of 2024 was CNY 185.71 million, a substantial increase from CNY 15.01 million in the same period of 2023[42].