证券研究报告 公 2024年05月10日 司 报 告 锦江酒店(600754) │ 行 业： 社会服务/酒店餐饮 公 投资评级： 买入（维持） 司 当前价格： 29.55元 规模扩张驱动收入增长，利息支出仍拖累业绩 季 目标价格： 34.49元 报 点 事件： 评 基本数据 公司发布2024年第一季度报告。24Q1公司实现收入32.1亿元/ YoY +6.8%， 总股本/流通股本(百万股) 1,070.04/1,070.04 归母净利润为1.9亿元/YoY+34.6%；扣非归母净利润为0.6亿元/ YoY -31.2%。 流通A股市值(百万元) 27,010.00 ➢ 直营酒店收入端存压，处置物业增厚业绩 每股净资产(元) 15.78 拆分收入端，24Q1 公司全服务酒店/有限服务境内/有限服务境外/餐饮收入分 资产负债率(%) 65.05 别为0.4/22.6/8.8/0.6亿元，同比分别+112.8%/+7.0%/+6.1%/+6.4%。结合经 营数据，预计酒店收入增长由加盟酒店规模扩张驱动；直营酒店收入端仍存压 一年内最高/最低(元) 51.48/22.42 力。利润侧，归母净利润与扣非间存在明显差异的 ...

证券研究报告 | 季报点评 2024年05月09日 锦江酒店（600754.SH） 业绩基本符合预期，静待提质增效 事件：公司发布2024Q1季报，2024Q1公司实现营业收入32.06亿元/同比+6.77%， 买入（维持） 实现归母净利润1.90亿元/同比+34.56%，扣非归母净利润0.62亿元/同比-31.19%。 股票信息 境内外酒店业务运营相对稳定，餐饮业务基本符合预期。1）展店及签约：2024Q1， 行业 酒店餐饮 公司新开酒店 222 家（其中全服务酒店 1 家），开业退出 75 家，净增加酒店 147 前次评级 买入 家，其中直营门店减少7家、加盟门店增加153家；拓店仍以中端为主，经济型酒 5月9日收盘价(元) 29.45 店仍有调整，截止2024Q1公司共开业12595家酒店，Pipeline酒店数为4106家， 基本维持稳定。2）RevPAR及营收：2024Q1境内有限服务酒店综合RevPAR恢复至 总市值(百万元) 31,512.80 2019 年 101.0%,同比-1.55%，境外酒店恢复至 2019 年 109.6%，同比-0.06%， 总股本(百万股) 1,070.04 OCC ...

社会服务 | 证券研究报告 — 业绩评论 2024年5月8日 600754.SH 锦江酒店 增持 收入回归常态增长，海外利息拖累短期利润 原评级：增持 市场价格:人民币 29.90 公司发布2024年一季报。据公告，公司24年一季度营业收入和归母净利润 板块评级:强于大市 实现平稳增长，扣非归母净利润有一定下滑。酒店经营表现在走出23年的快 速修复期后趋于平稳， 24Q1海外部分利息费用拖累利润表现，我们维持增 持评级。 股价表现 支撑评级的要点 0%  收入平稳增长，利息因素拖累利润表现。据公司公告，一季度公司实现 (10%) 营业收入32.06亿元，同比增长6.77%；实现营业利润3.32亿元，同比增 (21%) 长 28.08%；归母净利润 1.90 亿元，同比增长 34.56%；实现扣非归母净 (32%) 利润0.62亿元，同比减少31.19%。非经常性损益共1.28亿元，其中1.20 (42%) 亿元资产处置收益主要为卢浮集团等处置若干酒店物业取得处置收益。 (53%) 此外，海外利率上涨导致的海外借款利息费用增长，对24Q1利润表现造 ya 3M -2 n 3uJ -2 l 3uJ -2 gu ...

2024年5月6日 公司研究 海外利息费用拖累扣非业绩，盘活资产步履加快 ——锦江酒店（600754.SH）2024 年一季报点评 要点 增持（维持） 当 前价：28.91元 事件：公司公布2024年一季报，实现营收32.06亿元，同比+6.8%，较19Q1 恢复度为96.1%；实现归母净利润1.90亿元，同比+34.6%，较19Q1恢复度为 64.3%；扣非归母净利润0.62亿元，同比-31.2%，较19Q1恢复度为88.0%。 作者 分析师：陈彦彤 境外利息支出拖累扣非归母净利，管理费用率同比下降。24Q1公司归母净利润 执业证书编号：S0930518070002 高增，主要系卢浮集团处置酒店物业取得收益，推升非经常性损益至1.28亿元。 021-52523689 扣非归母净利润同比下滑31.2%，主要系欧元银行同业拆放利率同比上涨，导 chenyt@ebscn.com 分析师：汪航宇 致公司的境外借款利息支出增加，24Q1利息费用达到1.62亿元，同比+64.3%。 执业证书编号：S0930523070002 24Q1公司毛利率为35.4%，同比-1.2pcts。期间费用率为33.1%，同比+0.4pc ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-021 上海锦江国际酒店股份有限公司 关于参加上海国有控股上市公司 2023 年度集体业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 上海锦江国际酒店股份有限公司（以下简称"公司"）已于 2024 年 4 月 2 日 发布《上海锦江国际酒店股份有限公司 2023 年年度报告》及摘要，于 2024 年 4 月 30 日发布了《上海锦江国际酒店股份有限公司 2024 年第一季度报告》，为便 于广大投资者更全面深入地了解公司 2023 年度和 2024 年第一季度的经营成果、 财务状况，公司计划于 2024 年 5 月 10 日下午 13:30-17:00 参加由上海市国有资 产监督管理委员会、上海证券交易所共同举办的上海国有控股上市公司集体业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 ...

Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels, with a current price of 28.91 yuan [2]. Core Views - Jinjiang Hotels' Q1 2024 performance aligns with expectations, showing signs of recovery and optimism regarding future reforms [1]. - The company achieved a revenue of 3.206 billion yuan in Q1 2024, a year-on-year increase of 6.77%, but a decline of 13.3% compared to Q1 2019 [1]. - The net profit attributable to shareholders reached 190 million yuan, up 34.56% year-on-year, recovering to 64.29% of Q1 2019 levels [1]. - The report highlights the impact of rising financial costs due to overseas debt interest rates, which increased significantly [1]. - Domestic operations faced pressure, while overseas operations remained stable [1]. Summary by Sections Financial Performance - In Q1 2024, Jinjiang Hotels reported a gross margin of 35.4%, a decrease of 1.2% year-on-year, with a net profit margin of 5.9%, an increase of 1.4% year-on-year [1]. - The company opened 222 new hotels in Q1 2024, with a net increase of 147 hotels, primarily in the mid-range segment [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.75 billion, 1.92 billion, and 2.09 billion yuan, respectively, with corresponding PE ratios of 18, 16, and 15 times [2][5]. Operational Insights - Domestic limited-service hotel RevPAR was 145.25 yuan, down 1.55% year-on-year, with an average room rate of 242.41 yuan, up 1.3% year-on-year [1]. - The occupancy rate for domestic hotels decreased to 59.92%, down 1.74 percentage points year-on-year [1]. - The overseas limited-service hotel RevPAR was 35.65 euros, stable year-on-year, with an average room rate of 63.37 euros, up 1.62% year-on-year [1]. Future Outlook - The report expresses confidence in the company's operational recovery and the potential for improved quality in operations as brand integration and optimization efforts progress [1]. - The ongoing expansion of the store network and stable contributions from core brands are expected to support future growth [1].

社会服务/酒店餐饮 公 司 研 锦江酒店（600754.SH） “盘活资产”初见成效，Q1 利润端超预期 究 2024年05月03日 ——公司信息更新报告 投资评级：增持（维持） 初敏（分析师） 李睿娴（联系人） chumin@kysec.cn liruixian@kysec.cn 日期 2024/4/30 证 书编号：S0790522080008 证书编号：S0790122120005 当前股价(元) 28.91  出售酒店物业一季度归母净利超预期，直营酒店和境外利息仍待优化 公 一年最高最低(元) 52.98/22.42 锦江发布 2024Q1 季报，公司 2024Q1 实现收入 32.06 亿元/yoy+6.77%，归母净 司 利润 1.90 亿元/yoy+34.56%，扣非归母净利润 0.62 亿元，同比-31.19%。一季度 信 总市值(亿元) 309.35 受商旅影响 RevPAR 走弱，2024Q1 国内有限服务酒店 RevPAR 同比-1.55%，其 息 流通市值(亿元) 264.25 更 中境内直营酒店同店 RevPAR 同比-5.2%，表现弱于加盟，直营经营仍待优化。 总股本(亿股) 1 ...

Investment Rating - The report maintains a "Buy" rating for Jinjiang Hotels (600754 SH) [2] Core Views - Jinjiang Hotels' Q1 2024 non-GAAP net profit was under pressure due to high overseas interest expenses caused by Eurozone rate hikes and weak business travel demand recovery [2] - The company's internal reforms since late 2023, including leadership changes, are expected to enhance its long-term competitiveness, but the implementation and performance release need to be monitored [2] - The report adjusted downward the 2024-2025 net profit forecasts to 15 8/18 0 billion yuan from previous estimates of 18 2/23 4 billion yuan, reflecting conservative assumptions about RevPAR recovery and expenses [2] Financial Performance - Q1 2024 revenue reached 3 21 billion yuan, up 6 8% YoY, while net profit attributable to parent company was 189 million yuan, up 34 6% YoY [2] - The company's 2024E revenue is projected at 14 98 billion yuan, with a YoY growth of 2 3%, and net profit attributable to parent company is expected to reach 1 58 billion yuan, up 57 6% YoY [2] - EPS is forecasted to grow from 0 94 yuan in 2023A to 1 48 yuan in 2024E [2] Operational Highlights - Q1 2024 RevPAR in the Chinese mainland market declined by 1 5% YoY, with occupancy rate (OCC) down 2 8% and average daily rate (ADR) up 1 3% [2] - The company's overseas interest expenses increased significantly, leading to higher financial costs in Q1 2024 compared to 2023 [2] Strategic Developments - Jinjiang Hotels has undergone significant organizational restructuring since late 2023, with Wang Wei appointed as CEO of Jinjiang Hotels China [2] - The company is focusing on localization, expanding mid-to-high-end and resort brands, and enhancing membership benefits as part of its strategic deployment [2] Valuation Metrics - The company's P E ratio is expected to decrease from 30 8 in 2023A to 19 5 in 2024E [2] - ROE is projected to improve from 5 8% in 2023A to 8 4% in 2024E [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.24 CNY per share, indicating an expected strong performance relative to the market over the next 12 months [4][19]. Core Views - The company reported a revenue of 3.21 billion CNY for Q1 2024, representing a year-on-year increase of 6.8% but a decrease of 3.9% compared to Q1 2019. The net profit attributable to shareholders was 190 million CNY, up 34.6% year-on-year but down 35.7% from Q1 2019. The non-recurring net profit was 60 million CNY, down 31.2% year-on-year and down 12.0% from Q1 2019. The decline in non-recurring profit is attributed to increased interest expenses due to rising interbank lending rates in euros [2][3]. - The company is seeing operational efficiency improvements, leading to a decrease in management expense ratio to 33.1%, with specific changes in sales, management, financial, and R&D expense ratios [2]. - Room rates continue to rise, with occupancy rates showing potential for recovery. Domestic limited-service hotels reported a RevPAR of 145 CNY, down 1.6% year-on-year, while ADR increased by 1.3% year-on-year to 242 CNY. The occupancy rate was 60%, down 2.1 percentage points year-on-year. For overseas hotels, RevPAR was 36 EUR, down 0.1% year-on-year, with ADR increasing by 1.6% year-on-year to 63 EUR [2]. - The company is steadily advancing its signing and store expansion, opening 222 new hotels in Q1 2024, bringing the total to 12,595 hotels. The number of signed hotels reached 16,701, an increase of 46 from the end of 2023 [2]. - Profit forecasts for the company are optimistic, with expected net profits of 1.59 billion CNY, 1.78 billion CNY, and 1.97 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 59.1%, 11.8%, and 10.6% [2][3]. Financial Summary - The company reported a revenue of 11.31 billion CNY in 2022, with a significant increase to 14.65 billion CNY in 2023, and projected revenues of 15.67 billion CNY, 16.61 billion CNY, and 17.57 billion CNY for 2024, 2025, and 2026 respectively, indicating a growth rate of 7.0%, 6.0%, and 5.8% [3][16]. - The net profit attributable to shareholders was 127 million CNY in 2022, surging to 1.00 billion CNY in 2023, with projections of 1.59 billion CNY, 1.78 billion CNY, and 1.97 billion CNY for the following years, showcasing a remarkable growth trajectory [3][16]. - The company's earnings per share (EPS) is expected to rise from 0.12 CNY in 2022 to 0.94 CNY in 2023, and further to 1.49 CNY, 1.67 CNY, and 1.84 CNY in the subsequent years [3][16].

股 票 研 究 [Table_industryInfo] 社会服务业/社会服务 [ Table_Main[锦ITnaf 江bol]e 酒_Ti店tle]( 600754) [评Tab级le_：Inv est] 增持 上次评级： 增持 直营仍待改善，资本结构加速优化 目标价格： 36.45 上次预测： 36.45 公 ——锦江酒店2024Q1 财报点评 当前价格： 28.84 司 刘越男(分析师) 于清泰(分析师) 2024.04.29 更 021-38677706 021-38022689 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 52周内股价区间（元） 23.42-51.78 报 总市值（百万元） 30,860 告 本报告导读： 总股本/流通A股（百万股） 1,070/914 直营改善仍有提升空间，海外财务费用拖累业绩表现。随着资本结构优化及运营效率 流通 B股/H股（百万股） 156/0 流通股比例 100% 提升，经营数据及业绩有望环比改善。 日均成交量 ...