社会服务业 [Table_Industry] /社会服务 锦江酒店 2025 年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： 直营业务明显改善，加盟业务货币化率提升，但开店节奏放缓，且海外业务亏损扩 大。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 14,063 | 13,811 | 13,676 | 14,177 | 14,703 | | (+/-)% | -4.0% | -1.8% | -1.0% | 3.7% | 3.7% | | 净利 ...

Group 1 - The report emphasizes that the adjustment in the market presents an opportunity to invest in Chinese assets, highlighting the emergence of significant bottom points in the Chinese stock market after recent adjustments [11][12][14] - The report identifies that China's energy consumption has a low oil and gas proportion of less than 30%, which is below the global average, enhancing resilience against risks [11][12] - The report notes that China's relatively stable security situation, complete supply chain system, and proactive industrial development are unique advantages that can counteract the prevailing narrative of stagflation [11][12] Group 2 - The report suggests that the focus on domestic demand and expansionary fiscal policies in 2026 will support consumption and stabilize investment, which is expected to counterbalance the decline in global demand [12][13] - The report highlights the acceleration of capital expenditure in new economic sectors and the growth of global energy transition demands as key drivers for China's growth logic in 2026 [13][14] - The report recommends sectors such as finance, technology manufacturing, and stable domestic demand as primary investment targets, emphasizing the value of high dividend yield in financial and stable sectors [14] Group 3 - The report discusses the performance of Tencent Holdings, which is expected to see solid growth driven by AI investments, with projected revenues of 830.2 billion CNY in 2026 [21] - The report highlights the launch of Claude Cowork, which is anticipated to accelerate CPU demand due to its role in AI applications, suggesting a significant growth opportunity in the electronic sector [24][29] - The report mentions that the communication sector, particularly optical interconnection, is expected to experience high growth due to increasing demand in AI infrastructure [36][39]

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 13.81 billion yuan in 2025, a year-on-year decline of 1.8%, while the net profit attributable to shareholders was 0.93 billion yuan, an increase of 1.6% year-on-year [8] - The fourth quarter of 2025 saw a revenue of 3.57 billion yuan, with a year-on-year growth of 9.1%, and a net profit of 0.18 billion yuan, marking a return to profitability [8] - The company’s net profit growth was driven by internal integration and optimization of capital structure, despite a weak overall market demand [8] - The domestic hotel business showed resilience, with a net profit of 0.75 billion yuan for the year, a significant increase of 93.8% [8] - The overseas performance remains under pressure, with a net loss of 51.68 million euros for the Louvre Group, widening from a loss of 10.79 million euros in the previous year [8] Financial Forecasts - Revenue projections for 2026, 2027, and 2028 are 14.05 billion yuan, 14.69 billion yuan, and 15.39 billion yuan, respectively, with growth rates of 1.8%, 4.6%, and 4.8% [2] - The net profit attributable to shareholders is expected to reach 1.13 billion yuan, 1.33 billion yuan, and 1.52 billion yuan for the same years, corresponding to growth rates of 22.1%, 17.9%, and 14.1% [2] - Earnings per share (EPS) are projected to be 1.06 yuan, 1.25 yuan, and 1.43 yuan for 2026, 2027, and 2028, respectively [2] Operational Metrics - The company opened 1,314 new hotels in 2025, with a net increase of 716 hotels, indicating a strong expansion strategy [8] - The domestic RevPAR (Revenue per Available Room) showed a slight increase of 0.14% year-on-year in Q4 2025, with economic and direct-operated hotels performing particularly well [8] - The overseas RevPAR experienced a decline of 4.5% year-on-year due to reduced market demand and high base effects from the 2024 Olympics [8]

证券代码:600754/900934 证券简称:锦江酒店/锦江B股 公告编号:2026-022 上海锦江国际酒店股份有限公司 关于使用部分闲置募集资金进行现金管理到期 赎回并继续进行现金管理的进展公告 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。 重要内容提示： 现金管理受托方：上海浦东发展银行股份有限公司闸北支行（以下简称 "浦发银行闸北支行"） 现金管理履行的审议程序：上海锦江国际酒店股份有限公司（以下简称 "锦江酒店"、"公司"或"本公司"）于 2025 年 6 月 30 日召开公司第十一届 董事会第二次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议 案》，同意公司自董事会审议通过之日起 12 个月内使用不超过 190,000.00 万元 暂时闲置募集资金进行现金管理，在前述额度和期限内，资金可循环滚动使用， 单个产品的持有期限不超过 12 个月。具体内容详见公司于 2025 年 7 月 1 日在上 海证券交易所网站(www.sse.com.cn)披露的《上海锦江国际酒店股份有限公司关 于使用部分闲置募集资 ...

Overall Research - In March, both A-shares and Hong Kong stocks experienced a general pullback, with significant differentiation across sectors. The A-share market saw the ChiNext index decline by 0.4%, while the Sci-Tech 50 index fell by 12.6%. In Hong Kong, the Hang Seng China Enterprises Index dropped by 4.6%, and the Hang Seng Index fell by 6.3% [1][2]. A-share Insights - Chinese assets are expected to show internal stability and potential for mid-term upward movement. Despite facing short-term risks from oil price fluctuations and declining risk appetite, the domestic market's high energy self-sufficiency provides some resistance to rising external energy prices. Historically, domestic exports tend to benefit from increased external uncertainties, indicating a stable supply chain [1]. Sector Recommendations - Focus on sectors that have previously experienced significant declines, those benefiting from rising commodity prices, and industries with potential for exceeding performance expectations. The report highlights resource products, essential consumption, hard technology, and government investment-related sectors as key areas of interest [2]. Hong Kong Market Insights - The Hong Kong market is positioned for resilience, with the OpenClaw framework redefining the AI industry narrative. The performance of leading AI companies in the US, such as Nvidia and Google, supports a robust fundamental backdrop for a rebound in Hong Kong stocks. The market is experiencing a convergence of three favorable factors: clear industry prosperity, improving sentiment as geopolitical concerns ease, and strong capital support, with net inflows of 63.2 billion HKD as of March 27 [3]. Investment Focus - The report recommends prioritizing investments in the technology sector, particularly through Hong Kong technology ETFs, to capitalize on the overall rebound. Specific focus should be on companies that are rapidly commercializing AI and have stable cash flows and low valuations [3]. A-share Stock Recommendations - The recommended A-share stocks for April 2026 include: - Zhongji Xuchuang (中际旭创) - Communication - Teruid (特锐德) - Power Equipment - Jereh (杰瑞股份) - Machinery - Nanjing Bank (南京银行) - Banking - Zijin Mining (紫金矿业) - Non-ferrous Metals - China Petroleum (中国石油) - Oil and Petrochemicals - China National Offshore Oil Corporation (中国海油) - Oil and Petrochemicals - Jinjiang Hotels (锦江酒店) - Social Services - Huaneng International (华能国际) - Utilities - Haier Smart Home (海尔智家) - Home Appliances [4][6]. Hong Kong Stock Recommendations - The recommended Hong Kong stocks for April 2026 include: - Hon Teng Precision (鸿腾精密) - Communication - Huiju Technology (汇聚科技) - Power Equipment - Alibaba (阿里巴巴-W) - Retail [4][7].

Key Recommendations - Yaxing Integration (603929.SH) is positioned as a leader in cleanroom engineering, which is critical for AI infrastructure development, with a significant increase in demand for cleanroom projects driven by the AI computing power boom [9][10] - The company has a strong relationship with its Taiwanese parent company, which has extensive experience in building advanced wafer fabs, allowing for resource sharing and collaboration in overseas markets [9] - The cleanroom engineering sector is experiencing a rapid increase in orders and revenue, leading to a substantial improvement in profit margins for Yaxing Integration [9][11] Financial Performance - Yaxing Integration's net profit forecasts for 2026-2028 have been raised to 1.945 billion, 3.135 billion, and 4.138 billion yuan respectively, reflecting a significant increase from previous estimates [11] - The expected earnings per share for the same period are projected to be 9.12, 14.69, and 19.39 yuan, indicating a year-on-year growth of 118%, 61%, and 32% respectively [11] - The company's reasonable valuation range is estimated to be between 222.90 and 251.97 yuan, suggesting a potential upside of 20%-35% from the current stock price [11] Industry Insights - The cleanroom sector is identified as a bottleneck in global AI infrastructure, with cleanrooms accounting for 10%-20% of total investment in AI computing power [9] - The demand for cleanroom construction is expected to continue growing due to the ongoing expansion of the semiconductor industry and the increasing complexity of AI applications [10] - The report highlights that the capital expenditure cycle driven by AI is considered a "super cycle," with sustained investment expected through 2028 [10] Market Trends - The report indicates that the overall market sentiment is cautious, with a net outflow of 355 billion yuan in the last week of March, reflecting a decline in investor confidence [16] - The consumer services sector, particularly tourism, is experiencing a resurgence as spring holidays approach, with significant increases in bookings and travel activity [21][20] - The media and internet sectors are also adapting to new trends, with the launch of Seedance 2.0 and a focus on AI-driven content creation [24][26]

[Table_Page] 年报点评|酒店餐饮 证券研究报告 [Table_Title] 锦江酒店（600754.SH） Q4RevPAR 转正，业绩表现靓丽 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 14,063 | 13,811 | 14,093 | 14,474 | 15,031 | | 增长率（ ） % | -4.0% | -1.8% | 2.0% | 2.7% | 3.8% | | EBITDA | 4,039 | 4,101 | 4,655 | 5,149 | 5,621 | | 归母净利润 | 911 | 925 | 1,232 | 1,542 | 1,845 | | 增长率（ % ） | -9.1% | 1.6% | 33.1% | 25.1% | 19.7% | | EPS（元/股） | 0.85 | 0.87 | 1.16 | 1.45 | 1 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2026-021 上海锦江国际酒店股份有限公司 关于重新向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 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。 上海锦江国际酒店股份有限公司（以下简称"公司"）正在进行申请境外发行 股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市 （以下简称"本次发行上市"）的相关工作。公司已于 2025 年 6 月 29 日向香港联 交所递交了本次发行的申请，并在香港联交所网站刊登了本次发行上市的申请资 料。 根据公司本次发行的时间安排及香港联交所的相关规定，公司已于 2026 年 3 月 27 日向香港联交所重新递交了本次发行的申请，并于同日在香港联交所网站刊 登了相关更新文件。该申请资料为公司按照香港证券及期货事务监察委员会（以 下简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资 料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 鉴于本次 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1]. Core Insights - In March, hotel RevPAR (Revenue Per Available Room) showed a year-on-year increase of 3-5%, with a decrease in supply growth compared to previous months. The average operational data for luxury, high-end, mid-range, and economy hotels in mainland China from March 1 to March 22, 2026, indicates occupancy rates (OCC) of 45.09% (-0.1 percentage points), 51.7% (+3.7 percentage points), 54.5% (-1.8 percentage points), and 58.8% (-0.4 percentage points) respectively. The average daily rates (ADR) were 590 (+3.0%), 334 (+2.9%), 219 (+2.5%), and 136 (+1.7) yuan respectively. The RevPAR figures were 311 (+2.9%), 173 (+6.8%), 124 (+0.7%), and 83 (+1.3) yuan respectively [4][11][12]. Summary by Sections Industry Trends - The overall weekly average RevPAR for the industry in March showed year-on-year increases of 3.7%, 5.3%, and 3.0%, although the high-end segment outperformed the industry average. The supply situation as of March 22 indicated year-on-year growth in hotel room numbers of 5.2%, 7.2%, 5.7%, and 7.3% for luxury, high-end, mid-range, and economy hotels respectively, with supply growth remaining below 7% [4][11]. Company Performance - **Jinjiang Hotels**: Reported a positive RevPAR year-on-year, with Q4 revenue of 3.57 billion yuan (+9.1% year-on-year) and a net profit of 179 million yuan, marking a turnaround from losses. The company expects a revenue growth of 1-2% for 2026, with a target of opening 1,200 new hotels [11][12]. - **Huazhu Group**: Achieved Q4 revenue of 6.525 billion yuan (+8.3% year-on-year), exceeding previous guidance. The net profit reached 1.173 billion yuan (+229.8% year-on-year). The company anticipates a revenue growth of 2-6% for 2026, with plans to open 2,200-2,300 new hotels [12][13]. Investment Recommendations - The report suggests that the hotel industry will see a slowdown in supply growth in 2026, with normalized high leisure demand and a potential recovery in business travel demand. The report emphasizes the positive outlook for leading hotel companies, recommending Jinjiang Hotels, Huazhu Group, ShouLai Hotels, Atour, and Junting Hotels as beneficiaries of improved industry conditions [13].