Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][11]. Core Insights - The company reported a revenue of 3.73 billion yuan for H1 2024, representing a year-over-year increase of 3.5%, and a net profit attributable to shareholders of 360 million yuan, up 27.5% year-over-year [1]. - In Q2 2024, the company achieved a revenue of 1.89 billion yuan, a decrease of 3.3% year-over-year, while the net profit attributable to shareholders was 240 million yuan, reflecting an 18.5% increase year-over-year [1]. - The company opened 567 new stores in H1 2024, achieving 41%-47% of its annual target of 1200-1400 new stores, with a significant increase in standard store openings [1][2]. Revenue and Profitability - The hotel business generated a revenue of 3.44 billion yuan in H1 2024, with a profit margin increase of 41% year-over-year [1]. - The RevPAR (Revenue per Available Room) for all hotels in Q2 2024 was 152 yuan, down 6.0% year-over-year, while the occupancy rate was 65.9%, a decrease of 1.6 percentage points [2]. - The company expects net profits for 2024, 2025, and 2026 to be 894.49 million yuan, 1.03 billion yuan, and 1.17 billion yuan respectively, with corresponding P/E ratios of 14.68x, 12.78x, and 11.19x [2][5]. Store Expansion and Structure - The company opened 362 new stores in Q2 2024, with a net increase of 180 stores after closures [1]. - The new store openings included 271 standard management hotels, a 60.4% increase year-over-year, and 296 light management hotels, accounting for 52.2% of new openings [1]. - As of Q2 2024, the total number of hotels operated by the company reached 6,475, with 28.6% being mid-to-high-end hotels [1]. Financial Forecasts - The company’s revenue is projected to grow from 8.19 billion yuan in 2024 to 8.99 billion yuan in 2026, with growth rates of 5.1%, 4.99%, and 4.5% respectively [5][7]. - The EBITDA is expected to be 1.91 billion yuan in 2024, with a slight decrease in subsequent years [5][6]. - The net profit margin is anticipated to improve gradually, reaching 13.06% by 2026 [7].

Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 14.45 CNY, down from the previous forecast of 19.90 CNY [4] Core Insights - The company's performance is in line with expectations, with continuous improvement in operational efficiency and accelerated store expansion, which is expected to steadily release profits through increased store numbers and refined operations [2] - The company reported a revenue of 3.733 billion CNY for the first half of 2024, representing a 3.46% increase year-on-year, and a net profit attributable to shareholders of 357 million CNY, up 27.49% [9] - The company has reduced its earnings per share (EPS) estimates for 2024, 2025, and 2026 to 0.76, 0.85, and 0.94 CNY respectively, reflecting a downward adjustment due to macroeconomic fluctuations affecting business travel demand [9] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 3.733 billion CNY, with a net profit of 357 million CNY, and a net profit excluding non-recurring items of 323 million CNY [9] - In Q2 2024, revenue was 1.888 billion CNY, down 3.33% quarter-on-quarter, with a net profit of 237 million CNY, an increase of 18.51% [9] - The company’s RevPAR (Revenue per Available Room) decreased by 6% in Q2 2024, with an Average Daily Rate (ADR) decline of 3.8% and an occupancy rate (OCC) decrease of 1.6 percentage points [9] Operational Efficiency - The company has seen a significant improvement in operational efficiency, with a reduction in sales expense ratio by 0.9 percentage points and management efficiency improvements [9] - The core brand accelerated its store openings, with 169 new stores opened in the latest quarter, the highest since 2021, indicating a strong expansion strategy [9] Market Position - The company is positioned as an industry leader, and despite market valuation adjustments due to cyclical downturns, it is expected to maintain a valuation above the industry average with a projected 17x PE for 2025 [9] - The overall market sentiment towards the company has been cautious, but operational improvements and store expansion are expected to positively impact short-term performance and valuation [9]

年 5 月 30 日。 本期超短期融资券由招商银行股份有限公司主承销，通过簿记建档、集中配 售的方式在银行间债券市场公开发行。 证券代码：600258 证券简称：首旅酒店 编号：临 2024-040 北京首旅酒店（集团）股份有限公司 关于超短期融资券发行结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 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"）于 2022 年 11 月 18 日召开的 2022 年第四次临时股东大会审议通过了 《公司关于注册发行银行间债券市场债务融资工具的议案》，同意公司申请注 册发行超短期融资券、短期融资券、中期票据（以下合称"债务融资工具"）， 发行总金额不超过人民币 40 亿元。公司将根据实际经营情况，在中国银行间市 场交易商协会注册有效期内，在注册额度范围内择机一次或分期发行。具体内 容详见 2022 年 11 月 19 日公司在《中国证券报》、《上海证券报》和 上海证 券交易所网站（www.sse.com.cn）上刊登的《北京首旅酒店（集团） 股份有限 公司 20 ...

社会服务 证 券 研 究 报 告 2024 年 09 月 02 日 首旅酒店 (600258) ——二季度盈利能力提升，持续发力中高端市场 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 11.77 | | 一年内最高/最低（元） | 18.45/11.04 | | 市净率 | 1.2 | | 息率（分红 / 股价） | 1.87 | | 流通 A 股市值（百万元） | 13,142 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 10.07 | | 资产负债率 % | 54.76 | | 总股本/流通 A 股（百万） | 1,117/ ...

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— ...