Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 was below expectations, with total revenue of 14.063 billion yuan, a decrease of 4.0% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.1% year-on-year [7] - The company is focusing on optimizing its brand structure and enhancing product quality to maintain its leading position in the industry, with a plan to open 1,515 new hotels in 2024, representing a 7.7% increase [7] - The report highlights a strategic shift towards developing 12 mature brands and nurturing 3 core mid-to-high-end brands by 2028, alongside supporting a vacation industry cluster [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 14.101 billion yuan, with a slight increase of 0.3% year-on-year, and net profit attributable to shareholders is projected to be 1.186 billion yuan, reflecting a growth of 30.2% [6] - The company's gross profit margin is expected to be 41.6% in 2025, with a return on equity (ROE) of 7.3% [6] - The earnings per share (EPS) is projected to be 1.11 yuan for 2025, with a price-to-earnings (PE) ratio of 24 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In 2024, the company achieved total revenue of 14.063 billion, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 911 million, down 9.06% year-on-year. The non-recurring net profit attributable to shareholders was 539 million, a decline of 30.32% year-on-year. Looking ahead, the company plans to continue a high opening rate, expecting to add 1,300 new hotels in 2025 and sign 2,000 new contracts [2][6]. - The company’s domestic hotel operations are under pressure, with a significant drop in RevPAR for limited-service hotels, particularly in the mid-range segment, which fell by 8.33% year-on-year. In contrast, overseas limited-service hotels saw a slight increase in RevPAR by 0.36% [11][12]. - The company’s gross margin decreased by 2.47 percentage points to 39.52%, while the expense ratio improved slightly, leading to a net profit margin decline of only 0.58 percentage points to 8.14% [11][12]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.273 billion, a year-on-year decline of 11.24%, and a net loss of 195 million, marking a shift to loss compared to the previous year [6]. - For the full year 2024, total revenue was 14.063 billion, with a net profit of 911 million and a non-recurring net profit of 539 million, reflecting significant declines [6][11]. Future Outlook - The company anticipates adding 1,300 new hotels and signing 2,000 new contracts in 2025, with organizational adjustments expected to enhance management efficiency [2][11]. - The company is focused on a "12+3+1" brand development strategy and aims to strengthen its three platforms: global hotel internet, global procurement, and global shared services [11][12]. Market Position - The company’s mid-range hotel segment has seen a notable increase in market share, with mid-range hotels now accounting for 60.13% of total hotels, up 1.94 percentage points year-on-year [11][12]. - The overall hotel market is experiencing increased competition due to a rise in new openings, which may impact the company's performance [11].

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating challenges in the hospitality sector, particularly in domestic limited-service hotels [3][4]. Group 1: Financial Performance - In 2024, the company achieved a total revenue of 14.06 billion yuan, a decrease of 4.0% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.1% year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decline of 8.5% year-on-year, with a net loss of 195 million yuan [3]. - The gross profit margin for 2024 was 39.5%, down 2.5 percentage points year-on-year, primarily due to the decline in the gross margin of limited-service hotels [6]. Group 2: Hotel Performance - Domestic full-service hotels generated revenue of 238 million yuan in 2024, an increase of 49.6%, driven by store expansion, while the RevPAR was 252.91 yuan, down 10.8% year-on-year [4]. - Limited-service hotels in China reported revenue of 9.33 billion yuan, a decrease of 6.2%, negatively impacting overall revenue [4]. - The RevPAR for domestic limited-service hotels was 157.5 yuan, with occupancy at 65.4% and average daily rate (ADR) at 240.7 yuan, reflecting declines of 5.8%, 0.9 percentage points, and 4.4% respectively [4]. Group 3: Cost Management - The company maintained strict cost control, with a period expense ratio of 31.2% for 2024, down 0.3 percentage points year-on-year [6]. - The sales expense ratio was 7.6%, a decrease of 0.3 percentage points, while the management expense ratio was 18.1%, down 0.6 percentage points year-on-year [6]. - Employee compensation, which significantly impacted both sales and management expenses, decreased by 15.5% and 10.7% respectively in 2024 [6]. Group 4: Expansion Plans - The company exceeded its target by opening 1,515 new hotels in 2024, surpassing the goal of 1,200 [8]. - For 2025, the company plans to accelerate its expansion with a target of opening 1,300 new hotels and signing 2,000 new contracts [8]. - The projected revenue for 2025 is estimated to be between 14.3 billion and 15 billion yuan, representing a growth of 2% to 7% year-on-year, with domestic revenue expected to grow by 5% to 10% [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company faced performance pressure in 2024, with a revenue of 14.06 billion yuan, down 4.0% year-on-year, and a net profit of 911 million yuan, down 9.1% year-on-year. The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, down 8.5% year-on-year, and a net loss of 195 million yuan [3][4] - The company exceeded its hotel opening target in 2024, opening 1,515 new hotels against a target of 1,200, and plans to accelerate openings in 2025 with a target of 1,300 new hotels [7] Summary by Sections Revenue Performance - In 2024, the company's total revenue was 14.06 billion yuan, a decrease of 4.0% year-on-year. The net profit attributable to the parent company was 911 million yuan, down 9.1% year-on-year. The fourth quarter revenue was 3.273 billion yuan, down 8.5% year-on-year, with a net loss of 195 million yuan [3][4] Hotel Operations - The company's domestic full-service hotels generated revenue of 238 million yuan in 2024, an increase of 49.6% year-on-year, driven by store expansion. The RevPAR for these hotels was 252.91 yuan, down 10.8% year-on-year. The limited-service hotels generated revenue of 9.33 billion yuan, down 6.2% year-on-year, impacting overall revenue [4][5] Profitability and Cost Control - The company's gross margin for 2024 was 39.5%, down 2.5 percentage points year-on-year, primarily due to a decline in the gross margin of limited-service hotels. The company maintained strict cost control, with a period expense ratio of 31.2% for 2024, down 0.3 percentage points year-on-year [6] Future Outlook - The company expects to achieve a revenue of 14.3 to 15 billion yuan in 2025, representing a growth of 2% to 7% year-on-year, with a projected net profit of 1.187 billion yuan for 2025. The EPS for 2025 is estimated at 1.11 yuan, with a corresponding PE ratio of 22 times [7][9]

文｜趣解商业 4月1日，国内规模最大的连锁酒店集团——锦江酒店，交出了一份令外界意外的成绩单，2024年，其营业收入和归属于上市 公司股东的净利润双降。 财报显示，2024年，锦江酒店实现营业收入140.63亿元，归属于上市公司股东的净利润9.11亿元，分别同比下滑4%和 9.06%。 从业绩来看，"全服务型酒店营运及管理业务"表现不错，报告期内实现收入2.38亿元，同比增长49.57%；营业利润同比增长 163.1%至3037万元。 不过尽管如此，由于"全服务型酒店营运及管理业务"不是主要业务，"有限服务型酒店营运及管理业务"才是决定锦江酒店业 绩的主要因素。 截至2024年底，锦江酒店有有限服务型酒店13332家，占比99.37%。全服务型酒店84家，占比仅为0.63%。2024年，有限服 务型酒店业务实现营业收入135.83亿元，同比下降4.62%。 图片来源：财报 | 丰要会计数据 | 2024年 | 2023年 | 本期出上年 同期增减(%) | 2022年 | | | --- | --- | --- | --- | --- | --- | | | | | | 调整后 | 调整前 | | 营业收入 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Viewpoints - The company is facing short-term operational pressure, with a projected revenue of 14.063 billion yuan in 2024, a decrease of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The company has exceeded its store opening target for 2024, opening 1,515 new stores and closing 519, resulting in a net increase of 968 stores, maintaining its position as the largest domestic hotel chain [2][14]. - The company plans to open 1,300 new stores and sign 2,000 contracts in 2025, with expected revenue growth of 2%-7% [4][17]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.063 billion yuan, a decline of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decrease of 8.51%, with a net loss of 195 million yuan [10][18]. - The company achieved a cumulative dividend payout ratio of 58.54% for the year, an increase of 5.13 percentage points year-on-year [10][18]. Operational Highlights - The company’s domestic limited-service hotel segment experienced a RevPAR decline of 5.78% in 2024, with the fourth quarter showing a reduced decline of 4.93% compared to the previous quarter [2][14]. - The company’s overseas hotel segment reported a revenue of 4.289 billion yuan, a decrease of 1.0%, with net losses increasing to 437 million yuan [3][16]. Future Outlook - The company is in a gradual integration phase, with expectations for improved performance driven by policy support and operational enhancements [4][17]. - The company aims to achieve a non-GAAP net profit of no less than 12.77 billion yuan in 2025, contingent on industry recovery and internal integration efforts [4][17]. - The company’s financial pressure is expected to ease with anticipated reductions in financial costs due to capital restructuring and interest rate cuts [4][17].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16]. Core Views - The company is facing short-term operational pressure, with a projected revenue of 14.063 billion yuan in 2024, a decrease of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][16]. - The company has exceeded its store opening target for 2024, opening 1,515 new stores and closing 519, resulting in a net increase of 968 stores, maintaining its position as the largest domestic hotel chain [12][16]. - The company plans to open 1,300 new stores and sign 2,000 contracts in 2025, with expected revenue growth of 2%-7% [15][16]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.063 billion yuan, a decline of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][16]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decrease of 8.51%, and a net loss of 195 million yuan [10][16]. - The company achieved a cumulative dividend payout ratio of 58.54% for the year, an increase of 5.13 percentage points year-on-year [10][16]. Operational Highlights - The company opened 1,515 new hotels in 2024, surpassing its initial target of 1,200, ending the year with 13,416 operational hotels [12][16]. - The domestic RevPAR (Revenue per Available Room) for limited-service hotels decreased by 5.78% year-on-year, with a smaller decline of 4.93% in Q4 compared to Q3 [12][16]. Future Outlook - For 2025, the company aims to open 1,300 new hotels and sign 2,000 contracts, with domestic hotel revenue expected to grow by 5%-10% [15][16]. - The company is in a gradual integration phase, with expectations for improved performance driven by policy support and operational enhancements [15][16].

Core Insights - Jin Jiang Hotels, one of China's "big three" hotel groups, reported a decline in both revenue and profit for the year 2024, with total revenue at 14.063 billion yuan, down 4% year-on-year, and net profit attributable to shareholders at 910 million yuan, down 9.06% [1] - The company's core limited-service hotel segment has become a significant obstacle to performance growth, reflecting operational pressures [1] Revenue Breakdown - The revenue structure of Jin Jiang Hotels consists of hotel operations, food and beverage, and other businesses, with hotel operations being the dominant segment [2] - In 2024, the hotel business generated a total revenue of 13.821 billion yuan, with limited-service hotels accounting for 96.6% of this revenue at 13.583 billion yuan [3] - The average room rate for domestic mid-range hotels decreased to 260.12 yuan, down 6.14% from the previous year, while the average revenue per available room (RevPAR) fell by 8.33% to 175.79 yuan [3] Operational Challenges - Jin Jiang Hotels faced challenges in cash flow and debt management, with net cash flow from operating activities decreasing by 31% to 3.56 billion yuan [4] - The total assets of the company decreased by 8.85% to 46.11 billion yuan, while total liabilities also fell by 8.42% to 30.43 billion yuan, resulting in a slight increase in the debt-to-asset ratio [4] Strategic Shifts - The company is transitioning towards a lighter asset model by reducing the number of directly operated hotels and increasing franchise operations [4] - In 2024, Jin Jiang Hotels added 1,515 new hotels while exiting 519, resulting in a net increase of 968 hotels, with the proportion of directly operated hotels dropping to 5.11% [4]

Core Insights - The company reported a total revenue of 14.063 billion yuan for 2024, a decrease of 4% year-on-year, with a net profit attributable to shareholders of 911 million yuan, down 9.06% [1] - The full-service hotel segment showed a nearly 50% growth year-on-year, while the limited-service hotel segment experienced a decline of 4.62% [1] Global Expansion and Domestic Performance - In 2024, the company opened 1,515 new hotels, achieving a net increase of 968 hotels, bringing the total signed hotels to 17,391 across 55 countries and regions [2] - The limited-service hotel segment in mainland China generated revenue of 9.326 billion yuan, down 6.22% year-on-year, with RevPAR at 100.13% of 2019 levels, a decrease of 5.78% from 2023 [2] - In contrast, the full-service hotel segment in mainland China saw a revenue increase of 49.57%, indicating strong demand in the high-end hotel market [2] Financial Pressure and Cash Flow Challenges - The company's debt-to-asset ratio rose to 65.99%, an increase of 0.31 percentage points year-on-year, indicating growing financial pressure [4] - Net cash flow from operating activities decreased by 31% to 3.562 billion yuan, primarily due to the decline in performance of limited-service hotels [4] - Non-recurring gains from asset sales provided temporary relief, but the net profit excluding these gains fell by 30.32%, highlighting weakened core business profitability [4] Food and Beverage Business Struggles - The food and beverage segment reported revenue of 240 million yuan, down 3.15% year-on-year, with a net profit of 185 million yuan, a decline of 38.06% [5] - The underperformance of this segment further contributed to the overall decline in the company's performance, indicating challenges in the diversification strategy [5] Future Outlook - The company needs to balance global expansion with domestic market recovery, leveraging brand influence and local strategies to explore overseas opportunities while optimizing the limited-service hotel segment [6] - There is a need to enhance product structure and service quality in the domestic market to improve competitiveness [6]

Core Viewpoint - The financial performance of Jin Jiang International Hotel Co., Ltd. for the year 2024 shows a decline in both revenue and net profit, primarily due to the underperformance of its limited-service hotel segment and increased operational costs [4][5]. Financial Performance Summary - The total operating revenue for 2024 was 14.063 billion yuan, a decrease of 4.00% compared to 2023 [2][4]. - The net profit attributable to shareholders was 911 million yuan, down 9.06% year-on-year [2][4]. - The net profit after deducting non-recurring gains and losses was 539 million yuan, reflecting a significant decline of 30.32% [2][4]. - Basic earnings per share were 0.8535 yuan, representing an 8.83% decrease from the previous year [3][4]. Cash Flow and Asset Management - The net cash flow from operating activities was 3.562 billion yuan, a decline of 31.00% compared to 2023 [2][4]. - The net assets attributable to shareholders decreased by 7.61% to 15.409 billion yuan by the end of 2024 [2][4]. - Total assets were reported at 46.110 billion yuan, down 8.85% from the previous year [2][4]. Business Segment Analysis - The limited-service hotel segment, which is the main revenue driver, experienced a decline in revenue, average daily rate, and revenue per available room (RevPAR), indicating a contraction in market demand and intensified competition [5][6]. - Conversely, the full-service hotel segment showed growth in management fee income, benefiting from high-value services and management output models [5][6]. Strategic Direction - The company is shifting its strategy from expansion to optimizing existing assets, aiming to improve revenue structure by increasing the proportion of mid-to-high-end hotels [6]. - Despite maintaining cash dividends to signal stable cash flow, concerns about debt repayment capacity remain, as indicated by the asset-liability ratio and liquidity ratio [6].