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 ...

证 券 研 究 报 告 ——酒店运营逐步复苏，业绩符合预期 一年内股价与大盘对比走势： 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 ⚫ 公司推出如家 4.0 和扉缦酒店，下沉市场和中高端市场拓店稳步推进，全年新开店 1203 家，其中 Q4 新开店 340 家。据公司公告，2023 年公司新开店数量为 1203 家，其中高 端新开店 283 家，轻管理酒店 744 家，轻管理酒店中云品牌新开 300 家，占新开店总数 比例 24.94%，华驿新开酒店 444 家，占新开店总数比例 36.91%。截至 23 年末，公司储 备门店 2035 家，其中轻管理/经济型/中高端门店数量分别为 1185/278/570 家。中高端 酒店核心品牌和颐/璞隐/逸扉酒店已经开业数量 151/34/35 家。 ⚫ 风险提示：全年开店计划未按期完成，同业竞争使得经营数据恢复不及预期。 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company has a substantial reserve of hotels and has seen a significant increase in scenic area revenue [1] - The hotel operation and management capabilities of the company continue to improve, with hotel operating income reaching 5.334 billion yuan, a year-on-year increase of 47.52% [7] - The company is focusing on the development of mid-to-high-end hotels, with a net increase of 204 mid-to-high-end hotels, raising their proportion to 27.48% [7][8] Financial Performance - In 2023, the company achieved revenue of 7.793 billion yuan, a year-on-year increase of 53.1%, and a net profit of 795 million yuan, turning from loss to profit [7][8] - The gross profit margin for the year was 38.12%, an increase of 22.42 percentage points, while the net profit margin was 10.41%, an increase of 23.56 percentage points [8] - The company expects EPS for 2024-2026 to be 0.86, 0.91, and 1.01 yuan, respectively, with corresponding P/E ratios of 16.5, 15.6, and 14.2 times [8] Market Data - As of March 29, 2024, the closing price was 14.26 yuan, with a market capitalization of 15.923 billion yuan [7] - The company opened 1,203 new hotels in the year, a year-on-year increase of 36.86% [7] - Scenic area revenue reached 516 million yuan, a year-on-year increase of 177.35%, surpassing the same period in 2019 by 14.79% [7]

Financial Performance - In 2023, the company achieved operating revenue of CNY 7,792,924,439, representing a 53.10% increase compared to CNY 5,090,223,628 in 2022[21]. - The net profit attributable to shareholders was CNY 795,072,731, a significant turnaround from a net loss of CNY 576,786,957 in 2022[23]. - The basic earnings per share for 2023 was CNY 0.7120, compared to a loss of CNY 0.5167 in the previous year[23]. - The company's cash flow from operating activities reached CNY 4,013,777,901, marking a 170.62% increase from CNY 1,483,175,170 in 2022[23]. - The total revenue for the main subsidiary, Rujia Hotel Group, in 2023 was RMB 6,535.67 million, an increase of 47.01% year-on-year, with a net profit of RMB 471.90 million, compared to a net loss of RMB 552.67 million in the previous year[98]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q4 2023, representing a 20% year-over-year growth[135]. Dividend and Shareholder Returns - The company plans to distribute a dividend of 0.22 CNY per share based on a total share capital of 1,116,603,126 shares as of December 31, 2023[5]. - The proposed cash dividend is 0.22 yuan per share, with a total cash dividend amounting to 24,565.27 million yuan, representing 30.90% of the net profit attributable to shareholders[161]. - The cumulative cash distribution over the last three years is 306.96% of the average distributable profit[161]. - The company has maintained a consistent dividend distribution plan, reflecting its commitment to returning value to shareholders[128]. Operational Expansion - The company opened 1,203 new hotels during the reporting period, a year-on-year increase of 36.86%[32]. - The number of mid-to-high-end hotels opened reached 283, up 41.50% year-on-year, with a net increase of 204 hotels, representing a 53.38% increase[32]. - The company has a reserve of 2,035 hotels as of December 31, 2023, indicating strong future growth potential[83]. - In Q4 2023, the company opened 340 new hotels, including 4 direct-operated and 336 franchised, contributing to a total of 1,203 new openings for the year[83]. - The company plans to open 1,200 to 1,400 new hotels in 2024, focusing on expanding its standard brand and increasing penetration in lower-tier markets[109]. Market and Industry Insights - The domestic tourism total reached 4.91 trillion yuan in 2023, a year-on-year increase of 140.3%, indicating a strong recovery in the tourism sector[48]. - The overall chain rate of the hotel industry in China reached approximately 39% by the end of 2022, up from 35% in 2021 and 26% in 2019[105]. - Mid-range and high-end chain hotel room numbers grew by 26.31% and 9.20% year-on-year respectively by the end of 2022, reflecting a consumption upgrade trend[107]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[135]. Digital Transformation and Innovation - The company has implemented a digital strategy utilizing 5G, cloud computing, and AI, enhancing management efficiency and guest experience through various digital products[44]. - The company emphasizes digital transformation and the use of technologies like big data and AI to improve operational efficiency and guest satisfaction[113]. - The company has introduced smart hotel features, including self-service front desks and AI customer service, to enhance guest experience[60]. - Investment in technology development has increased by 30%, focusing on AI and data analytics capabilities[135]. Governance and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[4]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has strengthened its governance structure in 2023, enhancing the decision-making communication mechanism among the Party Committee, Board of Directors, and management team[117]. - The company has established a comprehensive ESG work system, including planning, information collection, analysis, and reporting[118]. Environmental and Social Responsibility - The company invested CNY 13.5 million in upgrading the landscaping of the Nanshan Cultural Tourism Area and CNY 36 million in constructing eco-friendly guest rooms using prefabricated decoration technology[179]. - The company implemented carbon reduction measures, achieving a reduction of 6,682 tons of CO2 equivalent emissions through various initiatives, including the use of prefabricated decoration technology[180]. - The company donated CNY 500,000 to the Beijing Sports Foundation to support national sports development, benefiting 18 individuals[183]. - The company invested CNY 840,000 in poverty alleviation and rural revitalization projects, directly benefiting 161 individuals through employment[184]. Financial Management and Investments - The company has approved a proposal for financial assistance from its controlling shareholder, indicating ongoing support for operational needs[128]. - The company plans to apply for a borrowing limit for 2023, indicating a focus on financial flexibility and potential investment opportunities[128]. - The company has engaged in share repurchase activities, specifically canceling restricted stock options, which may reflect a strategy to enhance shareholder value[131]. - The company has committed to addressing the performance of injected assets over the next three years, with specific performance commitments outlined[124]. Employee Engagement and Development - The company reported a total of 12,817 employees, with 10,148 in production roles and 1,536 in administrative positions[155]. - The company has implemented a performance incentive mechanism to align employee compensation with responsibilities and market competitiveness[156]. - In 2023, the company launched over 10 training projects covering various levels, with 23 live broadcasts attracting 87,000 viewers[158]. - The company plans to conduct over 35 training programs in 2024, focusing on core talent development[158].

事件 2024 年 3 月 28 日公司公告 2023 年度业绩，收入 77.93 亿元 /+53.1%，归母净利 7.95 亿元/扭亏,扣非归母净利 7.19 亿元/扭 亏。单 Q4 收入 18.82/+50.4%，归母净利 1.10 亿元/+144%；扣非 归母净利 9445 万元/+134%。 点评 Q4 淡季 OCC 环比恢复有所加快，全年新开计划完成 8 成。4Q23 首 旅如家全部酒店 RevPAR 恢复至 19 年同期 91.2%，拆分量价 OCC 恢复至 19 年的 92.1%、ADR112.8%，其中 OCC 恢复度环比 Q3 +5.6pct；不含轻管理酒店口径RevPAR恢复度为19年同期100.3%； 分层级经济型/中高档/轻管理 RevPAR 分别恢复至 19 年的 93.8%/85.5%/80.8%。开店方面，全年新开/净开 1203/280 家、完 成年初新开目标约 80.2%（按下限 1500 家计算），按模式分直营/ 特许加盟分别为 16/1187 家，按档次分经济/中高档/轻管理/其他 分别新开 174/283/744/2 家，主要由轻管理酒店贡献新开。 收入恢复+费用管控， ...