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]

上海锦江国际酒店股份有限公司2024年半年度业绩说明会一公司发展历史严格上海锦江国际酒店股份有限公司成立于1993年6月于1994年在上海证券交易所上市是中国领先的酒店餐饮业上市公司 于2015年及2016年公司先后成功收购了法国卢浮集团战略投资博韬集团维也纳酒店集团在提升公司酒店规模的同时成功实施公司有限服务型酒店业务的全球布局于2022以及2023年公司分别完成了GPP70%股权的收购VHOTEL90%股权的收购 锦江酒馆百分之百股权的收购成为锦江酒店全资子公司推动为hotel与中国区深度融合赋能提升运营能力并成功将业务扩展至全服务型酒店实现全品类覆盖建立了完整的全品类酒店航母二公司主要财务数据 2024年上半年公司实现营业收入68.92亿元同比增长0.23%实现规模净利润8.48亿元同比增长59%扣费后规模净利润3.89亿元同比增长4% 经营活动产生的现金流量净流入20.52亿元公司始终坚持股东利益最大化与股东实现价值共享持续维持高比例分红政策自2000年以来公司分红率持续保持在50%以上自上市以来公司累计分红59.11亿元2024年首次推出中期利润分配方案 向全体股东每十股派发现金红利1.2元含税3. ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2024 年半年报点评：轻装上阵，看好公司资产 结构调整 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 年上半年，公司实现营业收入 68.92 亿元，同比 +0.23% ；实现归母净利润 8.48 亿元，同 | | | 比 +59.15% ；实现扣非归母净利润 3.89 亿元，同比 +4.02% 。展望未来，公司在中国区组织架 构调整于今年 2 月份落地，中国区由原来 7 个层级压缩到了 4 个管理层级，有利于管理的效率 | | | 上升，进一步下放权力到区域 ...

社会服务/酒店餐饮 公 司 研 究 锦江酒店（600754.SH） 2024 年 09 月 08 日 境内经营承压，境外缩亏+资产处置厚增利润 ——公司信息更新报告 投资评级：增持（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/6 | | 当前股价 ( 元 ) | 23.60 | | 一年最高最低 ( 元 ) | 40.25/21.47 | | 总市值 ( 亿元 ) | 252.53 | | 流通市值 ( 亿元 ) | 215.71 | | 总股本 ( 亿股 ) | 10.70 | | 流通股本 ( 亿股 ) | 9.14 | | 近 3 个月换手率 (%) | 69.7 | 股价走势图 锦江酒店 沪深300 -60% -40% -20% 0% 20% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《"盘活资产"初见成效，Q1 利润端 超预期 — 公 司 信 息 更 新 报 告 》 -2024.5.3 《收入及签约指引乐 ...

2024 年 9 月 6 日 公司研究 改革稳步推进，资产处置+海外减亏推动归母净利润增长 ——锦江酒店（600754.SH）2024 年中报点评 增持（维持） 当前价：24.00 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | --- | --- | |----------------------|-------------| | | | | | | | 市场数据 | | | | | | | | | 总股本(亿股 ) | 10.70 | | 总市值(亿元 )： | 256.81 | | 一年最低/最高(元 )： | 21.01/39.38 | | 近 3 月换手率： | 60.85% | -46% -32% -18% -4% 10% 09/23 12/23 03/24 06/2 ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600754.SH 增持 原评级：增持 市场价格:人民币 23.86 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦江酒店 上证综指 至今 个月 个月 个月 绝对 (19.9) 1.3 (15.2) (40.4) 相对上证综指 (13.9) 5.4 (5.3) (28.0) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,070.04 | | 流通股 ( 百万 ) | | 1,070.04 | | 总市值 ( 人民币 百万 ) | | 25,531.25 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 240.23 | | 主要股东 | | ...

证券研究报告 非金融公司|公司点评|锦江酒店（600754） 业绩符合预期，RevPAR 压力延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年度报告。2024H1 公司实现收入 68.9 亿元/同比+0.2%，归母净利润为 8.5 亿元/同比+59.2%，扣非归母净利润为 3.9 亿元/同比+4.0%。单二季度，公司实现收入 36.9 亿元/同比-4.8%，归母净利润为 6.6 亿元/同比+68.0%，扣非归母净利润为 3.3 亿元/同比 +16.0%。业绩落在此前预告区间内。 |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09月04日 锦江酒店(600754) 业绩符合预期，RevPAR 压力延续 | --- | --- | |----------------------------|----------------------| | | | | 行 业： ...

锦江酒店（600754.SH）2024 年中报点评 经营数据同比承压，优化措施有序落地 2024 年 09 月 02 日 ➢ 公司发布 2024 年上半年财务报告。24H1 公司实现营业收入 68.92 亿元， 同比+0.23%，实现归母净利润 8.48 亿元，同比+59.15%，实现扣非归母净利润 3.89 亿元，同比+4.02%；单 Q2 公司实现营业收入 36.86 亿元，同比 4.86%， 实现归母净利润 6.58 亿元，同比+68.02%，实现扣非归母净利润 3.26 亿元，同 比+15.97%。归母净利润大幅上涨，主要系 24H1 内公司出售时尚之旅 100% 股权处置若干酒店物业取得投资收益所致。 ➢ 境内：受去年同期高基数影响，RevPAR 同比下滑，对业绩形成拖累。公司 Q2 中国大陆境内有限服务酒店 RevPAR 为 162.4 元，同比-7.2%；ADR 为 249.9 元 ， 同 比 -1.8% ； OCC 为 65.0% ， 同 比 -3.7pct 。 具 体 来 看 ， 中 端 酒 店 RevPAR/ADR/OCC 分别同比 -9.6%/-3.6%/-4.4pct ，经济型酒店 R ...

Investment Rating - The report maintains an **"Overweight"** rating for Jinjiang Hotels, with a target price of **30.80 RMB**, down from the previous target of **35.66 RMB** [4] Core Views - The company's performance is in line with expectations, with operational data fluctuations impacting results, but accelerated store adjustments are expected to improve efficiency [3] - Directly-operated stores are undergoing rapid adjustments, while overseas operations continue to reduce losses [3] - The company's 2024/25/26 EPS forecasts have been revised to **1.38/1.40/1.58 RMB**, with net profits attributable to shareholders of **14.75/15.03/16.96 billion RMB** [8] - The company is expected to benefit from its industry leadership and improved operational efficiency post-organizational restructuring [8] Financial Performance - **2024 H1 Revenue**: **6.892 billion RMB**, up **0.23% YoY**, with net profit attributable to shareholders of **848 million RMB**, up **59.15% YoY** [8] - **Q2 2024 Revenue**: **3.686 billion RMB**, down **4.84% YoY**, with net profit attributable to shareholders of **657 million RMB**, up **68.02% YoY** [8] - Directly-operated revenue decreased by **8.8%**, while franchise revenue increased by **9.4%** [8] - Overseas operations reduced losses by **7.5 million euros**, primarily due to cost-cutting and efficiency improvements [8] Operational Highlights - **Store Adjustments**: Directly-operated stores decreased by **47**, while **680 new stores** were opened, resulting in a net increase of **490 stores** [8] - **China Region**: Revenue increased by **0.32%**, with net profit up **57.79%**, excluding non-recurring gains [8] - **Overseas Operations**: Revenue decreased by **1.8%**, with losses reduced by **2.347 million euros** [8] Organizational and Strategic Adjustments - The company has implemented a **stock incentive plan**, focusing on debt structure optimization, CRS fees, and reducing losses in directly-operated stores [8] - The organizational restructuring in the China region is nearing completion, with a new management team in place, expected to improve operational efficiency and performance [8] Financial Forecasts - **2024E Revenue**: **15.477 billion RMB**, up **5.6% YoY**, with net profit attributable to shareholders of **1.475 billion RMB**, up **47.3% YoY** [9] - **2025E Revenue**: **16.120 billion RMB**, up **4.2% YoY**, with net profit attributable to shareholders of **1.503 billion RMB**, up **1.9% YoY** [9] - **2026E Revenue**: **16.903 billion RMB**, up **4.9% YoY**, with net profit attributable to shareholders of **1.696 billion RMB**, up **12.8% YoY** [9] Valuation Metrics - **P/E Ratio (2024E)**: **17.22x**, based on the current price and latest share count [9] - **P/B Ratio (2024E)**: **1.42x** [9] - **EV/EBITDA (2024E)**: **11.13x** [12] Industry Comparison - The hotel industry's average **2024E P/E ratio** is **21x**, with Jinjiang Hotels trading at a lower multiple of **17.22x** [13]