Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - In the first three quarters of 2024, the company achieved operating revenue of 10.79 billion yuan, a year-on-year decrease of 2.55%, while net profit attributable to the parent company was 1.106 billion yuan, an increase of 12.13% year-on-year [3][4]. - The company opened 469 new hotels in Q3 2024, resulting in a net increase of 248 hotels, with a focus on enhancing the structure of its hotel offerings [4][5]. - The average daily rate (ADR) for domestic hotels is under pressure, with significant declines in revenue per available room (RevPAR) across various hotel categories [4][5]. Financial Performance - For Q3 2024, the company reported operating revenue of 3.898 billion yuan, a year-on-year decrease of 7.10%, and a net profit of 258 million yuan, down 43.08% year-on-year [3][4]. - The gross margin and net margin for Q3 2024 were 44.34% and 7.52%, respectively, reflecting a decline due to increased sales expenses [5][6]. - The company expects net profits for 2024, 2025, and 2026 to be 1.281 billion, 1.446 billion, and 1.618 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 23, 20, and 18 [6][8]. Operational Insights - The company has optimized its management structure in China, reducing the number of management levels from seven to four, which is expected to enhance operational efficiency [5][6]. - The proportion of mid-range and franchise hotels has increased, with limited-service mid-range hotels accounting for 59.65% of the total, up 2.11 percentage points year-on-year [3][4].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 30.2 yuan, compared to the current price of 28.32 yuan [1]. Core Views - The company's revenue and profit for Q3 2024 fell short of expectations, primarily due to increased industry supply and average room price impacts [2]. - Domestic hotel operations are under pressure, while overseas performance remains stable [2]. - The company has a steady opening speed but a slowdown in signing new contracts [2]. - The report adjusts the profit forecast for 2024-2026, reflecting increased pricing pressure in the hotel industry [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.79 billion yuan, a decrease of 2.55% year-on-year, and a net profit of 1.106 billion yuan, an increase of 12.13% year-on-year [1]. - In Q3 2024, the company reported revenue of 3.898 billion yuan, down 7.10% year-on-year, and a net profit of 258 million yuan, down 43.08% year-on-year [1]. - The company opened 469 new hotels in Q3 2024, with a net increase of 248 hotels for the first three quarters [2]. Revenue and Profit Forecast - The forecast for total revenue is adjusted to 14.328 billion yuan for 2024, with a projected growth of 5.0% in 2025 and 5.1% in 2026 [3]. - The forecast for net profit is adjusted to 1.232 billion yuan for 2024, with expected growth rates of 23.0% in 2025 and 25.7% in 2026 [3]. Market Position and Valuation - The company has a total market capitalization of 30.304 billion yuan and a debt-to-asset ratio of 63.26% [4]. - The price-to-earnings ratio is projected to be 25 for 2025, 23 for 2026, and 19 for 2026 [3].

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-063 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：7,350 万欧元，截至本公告日，公司为 GDL 担保的余额为 23,100 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 11 月 7 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"）与中国工商银行股份有限公司上海市外滩支行（以 下简称"工商银行"）就 GDL 申请 7,350 万欧元（系借新还旧）流动资金借款合 同签署《保证合同》。 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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2024-062 上海锦江国际酒店股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 首次授予的进展公告 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。 目前，本次激励计划首次授予的激励对象已完成缴款。在实际认购过程中， 有 6 名激励对象自愿放弃认购，涉及股数 439,760 股；有 1 名激励对象部分放弃认 购，涉及股份 3,000 股。立信会计师事务所（特殊普通合伙）已对认购缴款进行了 验资，并于 2024 年 10 月 29 日出具了《上海锦江国际酒店股份有限公司 2024 年 限制性股票激励计划验资报告》（信会师报字[2024]第 ZA14359 号），截至 2024 年 10 月 28 日止，公司已收到 142 名激励对象缴纳的股权激励出资款人民币 71,505,744.00 元。 经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次授予 142 名激励对象 603.424 万股的 A 股限制性股票 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a revenue of 3.9 billion yuan in Q3 2024, a year-on-year decrease of 7.1%, with a net profit attributable to shareholders of 258 million yuan, down 43% year-on-year [2][4]. - The company has opened 1,149 new hotels in the first three quarters, achieving over 95% of its target, with a pipeline of 3,986 hotels [1][2]. - Despite the pressure on earnings due to domestic and overseas factors, the company is expected to improve its performance in Q4 2024, with a focus on operational improvements and a strong pipeline for future growth [4][5]. Summary by Sections Financial Performance - In Q3 2024, the hotel business revenue decreased by 7% to 3.84 billion yuan, while the restaurant business revenue fell by 9% to 59 million yuan [3]. - The company’s revenue for the first three quarters was 10.8 billion yuan, a decrease of 2.55% year-on-year, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 12.1% year-on-year [2][3]. Revenue and Profit Forecast - The forecast for 2024-2026 projects net profits of 1.2 billion, 1.25 billion, and 1.49 billion yuan respectively, reflecting a downward adjustment from previous estimates [4][5]. - The company’s earnings per share (EPS) are expected to be 1.13 yuan in 2024, 1.17 yuan in 2025, and 1.39 yuan in 2026 [2][5]. Market Position and Strategy - The company’s RevPAR (Revenue per Available Room) in Q3 2024 decreased by 8.4%, with occupancy rates showing slight growth but average daily rates declining [3]. - The company is actively expanding its hotel network, with a significant number of new openings planned, indicating a positive outlook for future growth despite current challenges [1][4].

Investment Rating - The report maintains a **Buy** rating for Jinjiang Hotels, with a target price of RMB 27.10 [4] Core Views - Jinjiang Hotels' Q3 2024 performance was under pressure, with revenue declining by 7.10% YoY to RMB 3.898 billion and net profit attributable to shareholders dropping by 43.08% YoY to RMB 258 million [1] - Domestic revenue in Q3 2024 fell by 10.88% YoY, while overseas revenue grew by 1.93% YoY [1] - The company's expansion plan is progressing well, with 469 new hotels opened in Q3 2024 (net increase of 248), bringing the total number of new hotels opened in the first three quarters to 1,149, nearly meeting the annual target of 1,200 [1] - The report adjusts the EPS forecast for 2024-2026 to RMB 1.15, RMB 1.19, and RMB 1.43, respectively, with corresponding P/E ratios of 23.6x, 22.7x, and 18.9x [1] Financial Performance - In Q3 2024, Jinjiang Hotels' domestic limited-service hotel RevPAR decreased by 8.38% YoY to RMB 174.41, with ADR and OCC at RMB 237.74 and 73.36%, respectively [1] - Overseas limited-service hotel RevPAR in Q3 2024 was EUR 43.36, down 6.05% YoY, with ADR and OCC at EUR 67.81 and 63.94%, respectively [1] - For the first three quarters of 2024, the company achieved revenue of RMB 10.79 billion, a decrease of 2.55% YoY, and net profit attributable to shareholders of RMB 1.106 billion, an increase of 12.13% YoY (including a one-time gain of RMB 420 million from the disposal of Fashion Travel) [1] Valuation and Forecasts - The report forecasts Jinjiang Hotels' revenue for 2024-2026 to be RMB 14.428 billion, RMB 15.055 billion, and RMB 16.178 billion, respectively, with growth rates of -1.5%, 4.3%, and 7.5% [3] - EBITDA for 2024-2026 is projected to be RMB 4.460 billion, RMB 5.031 billion, and RMB 5.549 billion, respectively [3] - Net profit attributable to shareholders is expected to grow by 22.5%, 4.1%, and 20.1% in 2024-2026, reaching RMB 1.227 billion, RMB 1.277 billion, and RMB 1.533 billion, respectively [3] Industry and Market Performance - The hotel and catering industry is rated as **Outperform** [4] - Jinjiang Hotels' stock performance has been weak, with a year-to-date decline of 34% and a 3-month decline of 15% [4]

Investment Rating - The report maintains a "Hold" rating for Jin Jiang Hotels (600754.CH) with a target price of RMB 28.1, indicating a potential upside of 5.6% from the current price of RMB 26.6 [2][5][6]. Core Insights - Jin Jiang Hotels reported a revenue of RMB 38.98 billion in Q3 2024, a year-on-year decline of 7.1%, and a net profit attributable to shareholders of RMB 2.6 billion, down 43.1% year-on-year. The significant drop in net profit is attributed to a normalization of post-pandemic travel demand, negative operating leverage, and one-time factors such as increased effective tax rates [2][3]. - The company is expected to exceed its annual store opening target, having opened 1,149 new stores in the year to date, with a total of 13,186 stores as of Q3 2024. The proportion of mid-to-high-end hotels has increased by 2.7 percentage points to 59.7% [2][3][4]. Financial Performance Summary - **Revenue and Profit Forecasts**: The revenue for 2024E is projected at RMB 14.008 billion, reflecting a decrease of 4.4% year-on-year. The net profit attributable to shareholders is forecasted to be RMB 1.176 billion, a decrease of 20.8% from previous estimates [7][12]. - **RevPAR Performance**: In Q3 2024, the domestic RevPAR for full-service and limited-service hotels decreased by 18.2% and 8.4% year-on-year, respectively, primarily due to significant declines in average room rates [3][11]. - **Operating Efficiency**: The overseas business showed slight improvement with revenues of RMB 12.5 billion in Q3 2024, a year-on-year increase of 1.9%, driven by a 6.3% increase in average room rates due to events like the Paris Olympics [2][3]. Store Expansion and Structure - Jin Jiang Hotels has maintained a high pace of store openings, with 469 new stores added in Q3 2024 alone. The company is on track to exceed its target of opening 1,200 new stores by the end of the year [2][3][4]. - The ongoing optimization of store structure, with an increasing share of mid-to-high-end hotels, is expected to enhance profit margins [2][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a current price of 26.95 yuan [1] Core Views - The company reported a revenue of 10.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.6%, while the net profit attributable to shareholders was 1.106 billion yuan, an increase of 12.1% year-on-year [1] - The third quarter of 2024 saw a revenue of 3.898 billion yuan, down 7.1% year-on-year, and a net profit of 258 million yuan, down 43.1% year-on-year [1] - The report highlights challenges in achieving the annual equity incentive targets due to pressure on net profit margins and increased tax burdens [1] Financial Performance Summary - For Q3 2024, the company’s gross profit margin was 44.3%, a year-on-year increase of 0.6 percentage points, while the expense ratio was 31.1%, an increase of 2.9 percentage points [1] - The company opened 469 new hotels in Q3 2024, with a net increase of 248 hotels, indicating a strong expansion strategy [1] - The report projects a decline in revenue for 2024, estimating 14.21 billion yuan, a decrease of 3% from 2023, with net profit expected to be 1.244 billion yuan, an increase of 24.23% [2][3] Revenue and Profit Forecast - The company’s revenue is projected to grow to 14.920 billion yuan in 2025 and 15.666 billion yuan in 2026, with corresponding net profits of 1.411 billion yuan and 1.570 billion yuan respectively [2][3] - The earnings per share (EPS) are forecasted to be 1.16 yuan for 2024, 1.32 yuan for 2025, and 1.47 yuan for 2026 [2][3] Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 23 for 2024, decreasing to 20 in 2025 and 18 in 2026, suggesting a favorable long-term valuation outlook [2][3] - The return on equity (ROE) is expected to improve from 7.16% in 2024 to 7.97% in 2026 [2][3]

Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels (600754.SH) [1][3] Core Views - Jinjiang Hotels continues to expand rapidly, with limited-service hotel occupancy rates rising against the trend [1] - The company reported a revenue of 10.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.57%, while net profit attributable to shareholders increased by 13.40% to 1.106 billion yuan [1] - The report highlights the resilience of limited-service hotels, which have shown an increase in occupancy rates despite a challenging market environment [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.898 billion yuan, down 6.20% year-on-year, and a net profit of 258 million yuan, down 42.89% year-on-year [1] - The gross margin for Q3 2024 was 44.34%, an increase of 0.63 percentage points year-on-year, while the net margin decreased by 4.25 percentage points to 6.62% [1] - The company opened 1,149 new hotels in the first three quarters of 2024, with a net increase of 738 hotels compared to the end of 2023 [1][4] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is 1.256 billion yuan for 2024, 1.379 billion yuan for 2025, and 1.567 billion yuan for 2026, with corresponding PE ratios of 23, 21, and 18 [2][4] - The expected revenue growth rates for 2024, 2025, and 2026 are 2.54%, 5.61%, and 6.15% respectively [4] Operational Insights - The report notes that the RevPAR (Revenue per Available Room) for domestic full-service hotels decreased by 18.17% year-on-year, while limited-service hotels experienced a smaller decline of 8.38% [1] - The occupancy rate for limited-service hotels reached 73.36%, an increase of 1.69 percentage points year-on-year, indicating strong performance in this segment [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company achieved revenue of 10.79 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.5%, while net profit attributable to shareholders was 1.11 billion yuan, an increase of 12.1% year-on-year. However, the net profit excluding non-recurring items was 640 million yuan, a year-on-year decrease of 20.4% [1]. - In Q3 2024, the company reported revenue of 3.90 billion yuan, a year-on-year decrease of 7.1%, and a net profit attributable to shareholders of 260 million yuan, a year-on-year decrease of 43.1% [1]. - The domestic hotel business faced pressure, with RevPAR in the Chinese region declining by 8.4% year-on-year, while overseas operations showed marginal improvement [1]. - The company opened a total of 1,149 hotels in the first three quarters, achieving 96% of its annual target of 1,200 new openings [2]. - The Q3 gross profit margin was 43.4%, a decrease of 1.1 percentage points year-on-year, influenced by the decline in RevPAR [2]. - The report forecasts net profits for 2024-2026 to be 1.26 billion, 1.23 billion, and 1.49 billion yuan, respectively, with corresponding PE ratios of 23x, 23x, and 19x [2]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 14.65 billion yuan, with a growth rate of 29.53%. For 2024, revenue is expected to reach 15.87 billion yuan, reflecting a growth rate of 8.30% [4]. - The net profit for 2023 is estimated at 1.00 billion yuan, with a staggering growth rate of 691.14%. The forecast for 2024 is 1.26 billion yuan, with a profit growth rate of 26.20% [4]. - The gross profit margin is expected to be 41.99% in 2023, slightly decreasing to 40.58% in 2024 [4]. Operational Insights - The company is actively pursuing internal organizational reforms to enhance efficiency and performance, which is expected to support future growth targets [2]. - The company has implemented a "12+3+1" brand strategy, with a focus on expanding its mid-range hotel offerings, which accounted for 69% of new openings in Q3 [2].