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].

股票代码：600258 股票简称：首旅酒店 编号：临 2024-027 北京首旅酒店（集团）股份有限公司关于收购控股股东 首旅集团持有的北京环汇置业有限公司 9%股权及债权的 关联交易的补充公告 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 重要提示： ●对本次关联交易涉及收购标的股权的必要性和对公司的影响进行补充说 明 ●对环汇置业开发的项目建设进度、面积、投资进度、经营模式、项目公 司法人治理结构等情况进行补充说明 ●对公司提供的借款资金的安全性及保障措施进行补充说明 1 据上海证券交易所《股票上市规则》等有关规定，及上交所下发的监管工作函相 关要求，就相关事项进行补充披露如下： 一、通州文旅区商业配套综合体项目具体情况及本次收购的必要性和对公 司影响的补充说明 （一）项目建设进度、面积、投资进度、经营模式、项目公司法人治理结 构等情况 1.项目情况 通州文旅区商业配套综合体项目（标的公司项目）位于北京城市副中心的文 化旅游区。项目用地面积为 20.4 万平米，总建筑面积约 47.6 万平米。项目预计 总投资 119.36 ...

Financial Performance - The company achieved operating revenue of CNY 1,845,458,817.94, representing a year-on-year increase of 11.47%[3] - Net profit attributable to shareholders reached CNY 120,562,905.79, up 49.83% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 102.19% to CNY 97,386,085.14[3] - Basic earnings per share rose to CNY 0.1080, reflecting a growth of 49.79%[3] - Total operating revenue for Q1 2024 reached ¥1,845,458,817.94, an increase of 11.5% compared to ¥1,655,538,473.32 in Q1 2023[19] - Operating profit for Q1 2024 was ¥169,185,536.56, representing a 42.6% increase from ¥118,642,892.70 in Q1 2023[19] - Net profit for Q1 2024 was ¥3,612,580.95, up 52.8% from ¥2,362,853.45 in Q1 2023[26] - The company’s total comprehensive income for Q1 2024 was CNY 133.79 million, compared to CNY 97.10 million in Q1 2023[44] - The total profit for the company reached 173.55 million RMB, an increase of 51.42 million RMB, or 42.10% year-over-year[62] - The hotel business contributed a total profit of 51.81 million RMB, up 44.90 million RMB, or 649.82% compared to the same period last year[62] Hotel Operations - The company opened 205 new hotels in Q1 2024, including 2 direct-operated and 203 franchised hotels[12] - The number of new hotels opened in Q1 2024 totaled 205, with a total of 1,940 hotels in operation as of March 31, 2024[36] - As of March 31, 2024, the company operated 6,295 hotels (including 2 overseas), with a total of 483,639 rooms[77] - The company launched the Home Inn 4.0 product, enhancing its brand image with stylish design and upgraded room quality to attract younger consumers[76] - The company continues to upgrade and innovate its hotel offerings to enhance customer experience and brand strength[76] - The company opened 205 new hotels during the reporting period, with 102 being economy and mid-to-high-end hotels, accounting for 49.8% of all new openings, a year-on-year increase of 15.0 percentage points[99] - The number of newly opened mid-to-high-end hotels reached 66, representing a 50.0% year-on-year growth and accounting for 32.2% of all new openings, an increase of 11.2 percentage points year-on-year[99] Revenue Metrics - The RevPAR for all hotels was CNY 131, a slight increase of 0.1% year-on-year[13] - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was CNY 147, representing a 2.0% increase year-over-year, driven by an ADR (Average Daily Rate) of CNY 233, which grew by 2.2%[32] - The RevPAR for economy hotels in Q1 2024 was 119, reflecting a year-on-year increase of 1.3%[80] - The average daily rate (ADR) for economy hotels in Q1 2024 was 182, with a year-on-year increase of 2.7%[80] - The average room rate increased by 1.4% to CNY 217, while the occupancy rate decreased by 0.8 percentage points to 60.1%[13] Cash Flow and Assets - Cash flow from operating activities decreased by 33.82% to CNY 596,236,020.36 due to increased year-end bonuses and tax payments[3] - Cash flow from operating activities for Q1 2024 was ¥6,177,453.25, down from ¥14,214,179.61 in Q1 2023[27] - Cash and cash equivalents at the end of Q1 2024 totaled ¥1,595,665,698.78, compared to ¥1,450,788,389.95 at the end of Q1 2023[22] - The cash inflow from investment activities in Q1 2024 was CNY 491.80 million, a decrease from CNY 1,514.65 million in Q1 2023[46] - The company's cash and cash equivalents at the end of the period were ¥312,935,587.75, up from ¥149,488,879.82 at the end of 2023[52] - The total assets as of March 31, 2024, amounted to CNY 25,678,312,476.67, an increase from CNY 25,240,145,119.98[18] - The total current assets reached ¥3,128,947,558.46, up from ¥3,014,708,984.73 at the end of 2023[52] Market Outlook and Strategy - The company plans to focus on scale expansion and deepening market penetration in 2024[10] - The company anticipates that domestic tourism and travel demand will continue to grow, with major indicators expected to maintain over 20% growth in 2024[98] - The company aims to enhance its performance further in 2024 by optimizing operational management and capturing market opportunities during key holiday sales periods[98] - The company plans to continue leveraging AI revenue management tools and diverse marketing channels to enhance hotel operating performance[32] Shareholder Information - The top ten shareholders hold a total of 50,888 shareholders, with the largest shareholder being Beijing Capital Tourism Group Co., Ltd., holding 34.54%[60] - The company reported a net cash outflow from financing activities of ¥213,672,544.53 in Q1 2024, compared to a net outflow of ¥500,333,531.35 in Q1 2023[22] - The company acquired 100% equity of Nuo Jin Company in May 2023, classified as a business combination under common control[71]

一、事前审核 公司独立董事专门会议于 2024 年 4 月 12 日（星期五）上午 9：00 召开第二 次专门会议，经过全体独立董事事前审核涉及环汇置业项目相关审计、评估、拟 签署协议等文件，对本次交易目的、项目预期收益、可能的市场风险预见及控制 措施、公司高端品牌旗舰店管理运营、后期环汇置业优化融资结构等事项进行了 全面了解，对项目的评估、审计结果亦无其他异议。同意本项关联交易提交公司 董事会、股东大会审议。 二、关联交易履行审批程序的独立意见 北京首旅酒店（集团）股份有限公司独立董事 《关于收购控股股东首旅集团持有的北京环汇置业有限公 司 9%股权及债权的关联交易的议案》的审核意见 根据《公司法》、《证券法》以及《公司章程》的有关规定，作为北京首旅酒 店（集团）股份有限公司(以下简称"公司")独立董事，基于独立判断立场，现 对《关于收购控股股东首旅集团持有的北京环汇置业有限公司 9%股权及债权的 关联交易的议案》发表独立审核意见如下： 独立董事一致认为公司本次关联交易事项符合《公司关联交易管理办 法》、《上海证券交易所股票上市规则》等相关法律法规的规定。关联交易行 为遵循了公平、公正、公开、自愿、诚信的原 ...

股票代码：600258 股票简称：首旅酒店 编号：临 2024-024 北京首旅酒店（集团）股份有限公司 独 立 董 事 对 本 次 关 联 交 易 发 表 的 独 立 意 见 详 见 上 交 所 网 站 http://www.sse.com.cn。 本项议案将提交公司 2024 年第二次临时股东大会审议通过，关联股东首旅 集团及其关联方需回避表决。 二、赞成 11 票，占全体董事表决票数的 100%；回避 0 票；反对 0 票的表决 结果通过了《公司关于召开 2024 年第二次临时股东大会的议案》。 第八届董事会第二十六次会议决议公告 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个别及连带责任。 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"） 第八届董事会第二十六次会议于 2024 年 4 月 18 日（星期四）上午 9：30 以通讯 方式召开，本次会议的通知已于 4 月 15 日以邮件方式送达公司各位董事、监事 和公司高管人员。公司董事 11 名，全部出席会议。本次会议的召集、召开及表 决程序符合《公司法》、《 ...