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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] 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 2.5%, while the net profit attributable to shareholders was 1.11 billion yuan, an increase of 12.1% year-on-year [6][2] - In Q3 2024, the company achieved a revenue of 3.90 billion yuan, down 7.1% year-on-year, with a net profit of 260 million yuan, a decline of 43.1% year-on-year [6][2] - The report anticipates that the effects of reforms will gradually be released, maintaining a "Buy" rating despite the current pressures [6][2] Summary by Sections Financial Performance - For Q3 2024, the company's revenue decreased by 7.1%, with domestic limited-service hotel and food and beverage business revenues down 11.6% and 9.0% respectively [6] - The gross margin for Q3 was 44.3%, a decline of 1.0 percentage points year-on-year, with increased costs leading to a significant drop in net profit [6][2] - The company opened 1,149 new hotels in the first three quarters, achieving 96% of its annual target, but faced a higher closure rate in Q3 [6][2] Future Projections - Revenue projections for 2024-2026 are 14.57 billion yuan, 15.94 billion yuan, and 16.91 billion yuan, with year-on-year growth rates of -0.5%, +9.4%, and +6.1% respectively [6][7] - Net profit projections for the same period are 1.15 billion yuan, 1.53 billion yuan, and 1.77 billion yuan, with growth rates of +14.9%, +33.1%, and +15.4% respectively [6][7] - The report indicates that the most turbulent phase of the company's reforms has passed, with expectations for gradual improvement in performance [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.898 billion yuan in Q3 2024, a year-over-year decrease of 7.10%, and a net profit attributable to the parent company of 258 million yuan, down 43.08% year-over-year [2][3] - The report highlights the impact of the acquisition of 100% equity in Jinjiang Hotel Management, which has affected the financial data for Q3 2024 [2] - The company is expected to achieve net profits of 1.218 billion yuan, 1.372 billion yuan, and 1.622 billion yuan for the years 2024, 2025, and 2026 respectively, with a corresponding PE ratio of 23.67 for 2024 [4] Financial Performance Summary - In Q1-3 2024, the company achieved a gross margin of 41.48%, a decrease of 1.71 percentage points year-over-year [3] - The domestic limited-service hotel business reported a revenue of 2.530 billion yuan, down 11.63% year-over-year, while the full-service hotel segment saw declines in ADR, OCC, and RevPAR by 15.93%, 1.60 percentage points, and 18.17% respectively [3][4] - The overseas limited-service hotel business recorded a slight revenue increase to 162 million euros, up 2.30% year-over-year, although all performance metrics (ADR, OCC, RevPAR) showed declines [4] Future Projections - The company plans to continue signing quality assets to enhance the profitability of direct-operated stores and optimize its overseas debt structure [4] - The report forecasts a slight decrease in revenue for 2024, followed by growth in subsequent years, with expected revenue of 14.508 billion yuan in 2024, 14.931 billion yuan in 2025, and 15.658 billion yuan in 2026 [5][9]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][19]. Core Views - The company's performance in Q3 was below expectations, with revenue of 3.898 billion yuan, down 7.1%, and a net profit attributable to shareholders of 258 million yuan, down 43.08% [2][9]. - The decline in domestic RevPAR (Revenue per Available Room) significantly impacted the company's operations, while overseas hotels showed a slight improvement [3][11]. - The company achieved 96% of its new store opening target by the end of Q3, focusing on franchise expansion and optimizing direct operations [4][12]. Summary by Relevant Sections Financial Performance - In Q3, the company reported a revenue of 3.898 billion yuan, a decrease of 7.1%, and a net profit of 258 million yuan, down 43.08% [2][9]. - For the first three quarters, total revenue was 10.79 billion yuan, a decline of 2.55%, while net profit increased by 12.13% to 1.106 billion yuan, largely due to the sale of a subsidiary [2][9]. RevPAR Trends - Domestic RevPAR for limited-service hotels decreased by 8.38%, while full-service hotels saw a decline of 18.17% [3][11]. - The company's direct-operated hotels experienced a RevPAR drop of 9.62%, indicating further pressure on profitability [3][11]. Expansion and Strategy - The company opened 469 new hotels in Q3, with a net increase of 248, achieving 96% of its annual target [4][12]. - The focus remains on franchise growth and optimizing direct operations, which may temporarily affect performance but is expected to alleviate burdens in the long run [4][12]. Future Outlook - The company anticipates challenges in meeting its annual equity incentive targets due to current performance pressures [4][13]. - If policies continue to stimulate business travel demand and industry trends improve, there are potential mid-term opportunities from operational upgrades and central reservation system enhancements [4][13].

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 | | ...

Investment Rating - The report assigns a rating of "Buy" for the company [6]. Core Views - The company's performance fell short of expectations due to demand fluctuations and the recognition of certain one-time expenses. Improvements from organizational and personnel adjustments will require more time to manifest [2][4]. Financial Summary - The company has adjusted its earnings per share (EPS) forecasts for 2024, 2025, and 2026 to 1.09, 1.15, and 1.32 yuan respectively, reflecting decreases of 0.29, 0.25, and 0.26 yuan [4]. - The net profit attributable to the parent company for 2024 is projected to be 7.25 billion yuan, with subsequent years at 10.39 billion and 12.19 billion yuan [4]. - For Q3 2024, the company reported a revenue of 38.98 billion yuan, a decrease of 7.10% year-on-year, and a net profit of 2.58 billion yuan, down 43.08% [4][5]. - The company opened 469 new stores and closed 221, resulting in a net increase of 248 stores in Q3 [4]. Operational Insights - The report highlights that the company's main business has not yet shown signs of improvement, with domestic RevPAR down 8.38% and average daily rate (ADR) down 10.5% in Q3 [4]. - The increase in sales expenses and income tax, along with a decrease in asset disposal gains, contributed to the profit decline [4]. Future Outlook - The company is expected to benefit from a recovery in demand starting in 2025, with operational and performance improvements anticipated [4]. - The target price has been raised to 34.80 yuan, reflecting a price-to-earnings (PE) ratio of 30x for 2025, which is above the industry average [4][6].

Investment Rating - The report maintains a "Buy" rating for Jinjiang Hotels (600754.SH) [1] Core Views - The company reported a revenue of 10.79 billion RMB for the first three quarters, a decrease of 2.55% year-on-year, while the net profit attributable to shareholders increased by 12.13% to 1.11 billion RMB [1] - The report highlights that the domestic hotel business faced pressure due to high base effects, with RevPAR declining by 18.2% in Q3 [1] - The company is expected to exceed its annual target of opening 1,200 new hotels, having opened 469 hotels in Q3 [1] Summary by Sections Financial Performance - Q1-3 revenue: 10.79 billion RMB, down 2.55% YoY; net profit: 1.11 billion RMB, up 12.13%; Q3 revenue: 3.90 billion RMB, down 7.10%; Q3 net profit: 258 million RMB, down 43.08% [1] - Domestic full-service hotel revenue in Q3: 57.49 million RMB, up 42.9%; RevPAR: 272.3 RMB, down 18.2% [1] - Domestic limited-service hotel revenue: 2.53 billion RMB, down 11.6%; RevPAR: 174.4 RMB, down 8.4% [1] Operational Insights - The company opened 469 hotels in Q3, with a net increase of 248 hotels; limited-service hotels accounted for 446 new openings [1] - The company aims to improve internal management efficiency and reduce debt [1] Profitability and Valuation - Q3 gross margin: 44.3%, up 0.6 percentage points; operating profit down 23.8% YoY [1] - Earnings forecasts for 2024E-2026E: net profit of 1.20 billion RMB, 1.27 billion RMB, and 1.58 billion RMB, respectively, with corresponding P/E ratios of 26.1X, 24.7X, and 19.8X [1]

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 ...

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