锦江酒店（600754.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 酒店维持快扩趋势，有限服务型酒店出租率逆势上行 2024 年 11 月 03 日 ➢ 锦江酒店发布 2024 年三季报。2024 年前三季度，公司营业收入 107.90 元 /同比-1.57%，归母净利润 11.06 亿元/同比+13.40%，扣非归母净利润 6.39 亿 元/同比-20.39%；销售费用率 7.50%/同比+0.68pcts，管理费用率 18.16%/同 比-0.75pcts，研发费用率 0.19%/同比-0.04pcts，财务费用率 5.60%/同比 +0.86pcts；毛利率 41.48%/同比-1.14pcts，净利率 10.25%/同比+1.35pcts。 2024 年第三季度，公司营业收入 38.98 亿元/同比-6.20%，归母净利润 2.58 亿 元/同比-42.89%，扣非归母净利润 2.50 亿元/同比-41.65%；销售费用率 8.25%/ 同比+2.63pcts，管理费用率 17.97%/同比+0.34pcts，研发费用率 0.20%/同比 -0.04pcts，财务 ...

公司点评报告 · 社会服务行业 Revpar 承压，期待改革效能释放 核心观点 ● ● 事件:2024年前三季度公司实现收入 107.9 亿元/同比-2.5%,归母净利 11.1 亿元/同比+12.1%,扣非净利 6.4 亿元/同比-20.4%。其中,Q3公司实现收入 39.0 亿元/同比-7.1%,归母净利2.6亿元/同比-43.1%,扣非净利2.5 亿元/同 比-41.7%。 Q3 国内酒店业务承压,海外边际改善。受国内宏观环境偏弱及行业供给增 长影响,3Q24 锦江中国区有限服务型酒店 RevPAR 同比-8.4%,其中中端/经 济型 RevPAR同比各-10.8%/-4.7%。从量价拆分看,ADR 仍是主要下降压力 来源,其中中端/经济型各-12.6%/-6.3%,Occ 则有所改善,中端/经济型同比 各 1.5pct/+1.1pct。海外酒店 Q3 经营有所改善,公司境外有限服务型酒店实 现营收 1.6 亿欧元/同比+2.3%,但经营指标同比仍有所下降,其中 RevPAR/ADR/Occ 各-6.1%/-1.3%/-3.2pct。 ● 开店目标有望超额完成:前三季度公司累计新开/净开 1149/73 ...

证券研究报告 非金融公司|公司点评|锦江酒店（600754） 三季度业绩承压，期待改革成效释放 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司发布 2024 年第三季度报告。2024 年前三季度公司实现收入 107.9 亿元，同比-2.5%，归 母净利润为 11.1 亿元，同比+12.1%，扣非归母净利润为 6.4 亿元，同比-20.4%。单三季度， 公司实现收入 39.0 亿元，同比-7.1%，归母净利润为 2.6 亿元，同比-43.1%，扣非归母净利 润为 2.5 亿元，同比-41.7%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 锦江酒店(600754) 三季度业绩承压，期待改革成效释放 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 社会服务/酒店 ...

2024.1.28 资料来源：公司年报（2022-2023），德邦研究所 备注：净利润为归属母公司所有者的净利润 买入(维持) 所属行业:社会服务/酒店餐饮 当前价格(元): 26.95 证券分析师 易丁依 资格编号：S0120523070004 邮箱: yidy@tebon.com.cn 市场表现 铝江酒店 沪深300 23% 11% 0% -11% -23% -34% -46% 2024-10 2024-02 2024-06 2023-10 | --- | --- | --- | --- | |--------------------------------|--------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.37 | 12.19 | 21.39 | | 相对涨幅(%) | -10.43 | -4.96 | 5.91 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《商社周报 0310: 38 大促国货持续 崛起，多品牌积极推新》，2024.3.10 2.《商社周报 0303:北美零售库存低 位, ...

请务必阅读正文之后的免责声明及其项下所有内容 锦江酒店 (600754. SH) 三季度经营承压，继续跟踪行业供需趋势 核心观点 三季度公司业绩逊于前瞻,经营趋势下行量加一次性因素扰动。公司 202403 收入 38. 98 亿元/-7. 1%，归母净利润 2. 58 亿元/-43. 08%， 扣非净利润 2. 50 亿元/-41.65%,逊于我们前瞻(4.5 亿),主要系国内 RevPAR 下滑叠加部分 成本费用刚性影响,此外估算所得税季度性错位与政府征用款减值等一次性 因素拖累约 6000 万。前三季度收入 107. 9 亿元 /-2. 55%，归母净利润 11. 06 亿元/+12.13%(含出售时尚之旅 4.2亿元),扣非净利润 6.39亿元/-20.39%。 三季度经营承压主要源于国内 RevPAR 下滑,估算海外同比减亏。国内来看, 2024Q3 公司有限服务酒店 RevPAR-8.38%(ADR-10%,0CC+1.7pct),中端/经 济型酒店 REVPAR-10. 78%/-4. 67%; 全服务酒店整体 REVPAR-18. 17%。其中, 中端和高端全服务酒店在价格高基数下承压更显著，且 ...

证券研究报告·公司点评报告·酒店餐饮 锦江酒店（600754） 2024 年三季报点评：业绩低于预期，大陆有 限酒店 RevPAR 同降 8% 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11310 | 14649 | 14195 | 14808 | 15535 | | 同比（ % ） | (0.79) | 29.53 | (3.10) | 4.32 | 4.91 | | 归母净利润（百万元） | 126.62 | 1,001.75 | 1,242.02 | 1,418.37 | 1,531.03 | | 同比（ % ） | 32.41 | 691.14 | 23.99 | 14.20 | 7.94 | | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 锦江酒店 2024Q3 业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | |---------------------|-------| | | | | 于清泰 ( 分析师 ) | | | 021-38022689 | | | yuqingtai@gtjas.com | | | S0880519100001 | | 本报告导读： 业绩低于预期，需求波动以及部分一次性费用确认拖累业绩。后续组织及人事调整 后的改善将需要更多时间体现。 投资要点： 公 司 更 新 报 告 [Table_Summary] 业绩低于预期。考虑 2024 年宏观经济波动对经营数据和酒店主业 影响，下调 2024/25/26 年 EPS 至 1.09/1.15/1.32（-0.29/-0.25/-0.26） 元，其中，归母扣非净利润分别 ...

来源：公司年报、国金证券研究所 锦江酒店 (600754.SH) 买入(维持评级) 公司点评 证券研究报告 事件 10 月 30 日公司公告三季报，Q1-3 营收 107.90 亿元/-2.55%（增 速按调整后口径，后同），归母净利 11.06 亿元/+12.13%，扣非归 母净利 6.39 亿元/-20.39%；单 Q3 营收 38.98 亿元/-7.10%，归母 净利 2.58 亿元/-43.08%，扣非归母净利 2.50 亿元/-41.65%。 点评 境内：Q3 高基数下 RevPAR 同比降幅有所扩大。3Q24 境内全服务 酒店业务收入 5749 万元/+42.9%，RevPAR 272.3 元/-18.2%，增长 主要源于门店数增加。Q3 境内有限服务酒店收入 25.3 亿元/- 11.6%，其中前期服务费收入 1.0 亿元/-43.59%，持续加盟及劳务 派遣服务收入 11.0 亿元/+4.4%；RevPAR 174.4 元/-8.4%、环比 Q2 的-7.2%降幅扩大,拆分量价 OCC 73.4%/+1.7pct，ADR 237.7 元/- 10.5%,分档次中端/经济型 RevPAR 分别- ...

Revenue and Profit Performance - Revenue for Q3 2024 decreased by 7.10% YoY to RMB 3,898,309,786.12[2] - Net profit attributable to shareholders dropped by 43.08% YoY to RMB 258,094,492.34 in Q3 2024[2] - Cumulative revenue for the first nine months of 2024 decreased by 2.55% YoY to RMB 10,790,338,252.67[2] - Net profit attributable to shareholders for the first nine months of 2024 increased by 12.13% YoY to RMB 1,105,665,079.29[2] - Total revenue for Q3 2024 was RMB 389.831 million, a decrease of 7.10% year-over-year[13] - Net profit attributable to shareholders for Q3 2024 was RMB 25.809 million, a decrease of 43.08% year-over-year[13] - Total revenue for the first three quarters of 2024 was RMB 10.79 billion, a slight decrease from RMB 11.07 billion in the same period of 2023[28] - Operating profit for the first three quarters of 2024 increased to RMB 1.81 billion, up from RMB 1.60 billion in 2023[28] - Net profit attributable to parent company owners was RMB 3.07 billion in Q3 2024, down from RMB 3.51 billion at the end of 2023[27] - Net profit attributable to parent company shareholders increased to RMB 1,105,665,079.29, up 12.1% YoY[29] - Total comprehensive income reached RMB 1,318,943,707.11, a 7.1% increase compared to the same period last year[29] - Basic earnings per share rose to RMB 1.0341, up 12.2% from RMB 0.9215 in the previous year[29] Non-Recurring Items and Investment Income - Non-recurring gains of RMB 466,891,988.29 were recorded, mainly from the disposal of subsidiaries and government subsidies[5] - Investment income for the first three quarters of 2024 surged to RMB 631.95 million, compared to RMB 188.19 million in 2023[28] - Disposal of subsidiaries and other business units generated RMB 1,709,795,462.48 in cash inflow[31] Asset and Liability Changes - Total assets decreased by 5.35% compared to the end of 2023, reaching RMB 47,879,278,303.03[2] - Total assets as of September 30, 2024, were RMB 4,787.928 million, a decrease of 5.35% compared to the end of the previous year[12] - Total liabilities as of September 30, 2024, were RMB 3,029.068 million, a decrease of 8.84% compared to the end of the previous year[12] - Total assets as of Q3 2024 stood at RMB 50.59 billion, up from RMB 47.88 billion at the end of 2023[26] - Long-term equity investments increased to RMB 512.33 million in Q3 2024, up from RMB 509.09 million at the end of 2023[26] - Fixed assets grew to RMB 4.96 billion in Q3 2024, compared to RMB 3.48 billion at the end of 2023[26] - Total liabilities increased to RMB 33.23 billion in Q3 2024, up from RMB 30.29 billion at the end of 2023[27] - Long-term borrowings decreased to RMB 9.89 billion in Q3 2024, down from RMB 7.09 billion at the end of 2023[27] - As of September 30, 2024, the company's monetary funds amounted to 9.83 billion yuan, a decrease from 10.29 billion yuan at the end of 2023[25] Hotel Business Performance - Hotel business revenue for Q3 2024 was RMB 383.904 million, a decrease of 7.07% year-over-year[14] - Full-service hotel revenue for Q3 2024 was RMB 5.749 million, an increase of 42.85% year-over-year[14] - Limited-service hotel revenue for Q3 2024 was RMB 378.155 million, a decrease of 7.56% year-over-year[14] - Domestic revenue from hotel business in Q3 2024 was RMB 258.779 million, a decrease of 10.88% year-over-year[14] - Overseas revenue from hotel business in Q3 2024 was RMB 125.125 million, an increase of 1.93% year-over-year[14] - In mainland China, the company's full-service hotel business achieved consolidated revenue of 57.49 million yuan in Q3 2024, a year-on-year increase of 42.85%. Limited-service hotel revenue was 2.53 billion yuan, a decrease of 11.63% year-on-year[19] - The company's limited-service hotel business outside mainland China generated consolidated revenue of 162.32 million euros in Q3 2024, a year-on-year increase of 2.30%[21] Hotel Expansion and Operations - The company opened 469 new hotels and closed 221 hotels from July to September 2024, resulting in a net increase of 248 hotels. Among these, 22 were full-service hotels and 446 were limited-service hotels, with a net increase of 226 limited-service hotels[16] - As of September 30, 2024, the company had a total of 13,186 operating hotels with 1,257,996 rooms. Limited-service hotels accounted for 99.37% of the total hotels and 98.22% of the total rooms[16] - The company's signed hotel portfolio reached 17,172 hotels with 1,613,088 rooms as of September 30, 2024, covering 338 cities in China and 56 countries or regions outside mainland China[18] - The total number of opened hotels reached 13,186, with 738 net openings in the first nine months of 2024[34] - The number of opened mid-scale hotels increased by 623 to 7,866, with notable growth in brands like Vienna International (70 new openings) and Vienna Hotel (86 new openings)[34] - The number of opened economy hotels increased by 92 to 5,237, with IU brand showing significant growth (54 new openings)[34] - The number of opened high-star hotels increased by 23 to 83, with a focus on the high-end segment (23 new openings)[34] - The total number of signed hotels reached 15,875, with 15,772 being limited-service hotels[35] - The total number of signed hotel rooms reached 1,506,705, with 1,479,991 being limited-service hotel rooms[35] - The number of self-owned and leased hotels decreased from 285 in Q3 2023 to 278 in Q3 2024[37] - The number of franchised and managed hotels decreased from 924 in Q3 2023 to 901 in Q3 2024[37] - Total operating hotel rooms decreased from 97,344 in Q3 2023 to 95,365 in Q3 2024[37] - Total signed hotel rooms increased from 105,737 in Q3 2023 to 106,383 in Q3 2024[37] Hotel Performance Metrics - The average daily rate (ADR) for full-service hotels in mainland China was 465.54 yuan in Q3 2024, a decrease of 18.17% year-on-year. The RevPAR for full-service hotels was 272.34 yuan, down 18.17% year-on-year[20] - The ADR for mid-scale hotels outside mainland China was 77.65 euros in Q3 2024, a decrease of 10.15% year-on-year. The RevPAR for mid-scale hotels was 46.75 euros, down 10.15% year-on-year[22] - The occupancy rate for full-service hotels improved to 58.50% in Q3 2024, up from 52.17% in Q2 2024[35] - The average daily rate (ADR) for limited-service hotels decreased to 237.74 RMB in Q3 2024, down from 249.86 RMB in Q2 2024[35] - The RevPAR for mid-scale hotels decreased by 8.90% year-over-year to 179.20 RMB in the first nine months of 2024[36] - The RevPAR for economy hotels decreased by 6.02% year-over-year to 108.18 RMB in the first nine months of 2024[36] - The occupancy rate for self-owned and leased hotels decreased from 69.21% in Q3 2023 to 65.85% in Q3 2024[37] - The occupancy rate for franchised and managed hotels decreased from 66.41% in Q3 2023 to 64.89% in Q3 2024[37] - The average daily rate (ADR) for self-owned and leased hotels increased from €69.71 in Q3 2023 to €79.26 in Q3 2024[37] - The average daily rate (ADR) for franchised and managed hotels increased from €68.33 in Q3 2023 to €70.88 in Q3 2024[37] - Revenue per available room (RevPAR) for self-owned and leased hotels increased from €48.25 in Q3 2023 to €52.19 in Q3 2024[37] - Revenue per available room (RevPAR) for franchised and managed hotels increased from €45.38 in Q3 2023 to €45.99 in Q3 2024[37] Cash Flow and Financial Activities - Cash flow from operating activities decreased by 20.2% YoY to RMB 3,468,880,561.14[31] - Cash flow from investing activities surged 98.0% YoY to RMB 2,806,628,259.66[32] - Cash flow from financing activities showed a net outflow of RMB 5,182,548,847.78, a 114.4% increase in outflow compared to the previous year[32] - Cash and cash equivalents at the end of the period stood at RMB 9,615,367,952.97, a 5.4% increase from the beginning of the period[32] - Revenue from sales of goods and services decreased by 7.9% YoY to RMB 11,449,627,330.06[31] - Payments for employee benefits increased by 5.5% YoY to RMB 3,950,122,640.72[31] Other Financial Metrics - The weighted average return on equity (ROE) increased by 0.8 percentage points to 6.49% for the first nine months of 2024[2] - Research and development expenses for the first three quarters of 2024 were RMB 20 million, a decrease from RMB 24.24 million in 2023[28] - The company's largest shareholder, Shanghai Jinjiang Capital Co., Ltd., holds 45.05% of the shares[7] - The company completed the acquisition of 100% equity of Jinjiang Hotel Management in December 2023, impacting year-over-year comparisons[3] - The decrease in net profit excluding non-recurring items was attributed to stabilized post-pandemic travel demand and reduced revenue scale[6] - Total membership reached 198.99 million as of September 30, 2024[12] - The company's food and catering business achieved consolidated revenue of 59.25 million yuan in Q3 2024, a year-on-year decrease of 8.95%. For the first nine months of 2024, the revenue was 180.77 million yuan, a slight increase of 0.20% year-on-year[24]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-061 上海锦江国际酒店股份有限公司 关于为全资子公司 GDL 提供担保的公告 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。 重要内容提示： 被担保人名称：Groupe du Louvre（卢浮集团，以下简称"GDL"） 本次担保金额：1,000 万欧元，截至本公告日，公司为 GDL 担保的余额为 15,750 万欧元。 特别风险提示：GDL 存在资产负债率超过 70%的情形，请投资者注意投资 风险。 一、担保情况概述 于 2024 年 10 月 18 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒 店"、"本公司"或"公司"）就 GDL 原与法国巴黎银行（以下简称"法巴银行"） 申请 1,000 万欧元透支额度到期续展事宜签署《LETTRE D'INTENTION》。 上述担保事项已经公司第十届董事会第二十七次会议、2023年年度股东大会 审议通过。股东大会批准并授权公司经营管理层在不超过150,000万欧元的额度范 围内操作海路投 ...