%% %% 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 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is experiencing pressure in domestic operations while reducing losses overseas and increasing profits through asset disposals [1] - In H1 2024, the company achieved revenue of 6.892 billion yuan, a year-on-year increase of 0.23%, and a net profit attributable to shareholders of 848 million yuan, a year-on-year increase of 59.15% [5][6] - The company maintains its profit forecast for 2024-2026, expecting net profits of 1.446 billion yuan, 1.693 billion yuan, and 2.018 billion yuan, representing year-on-year growth of 44.4%, 17.0%, and 19.2% respectively [5][6] Financial Performance - In Q2 2024, the company's revenue was 3.686 billion yuan, a year-on-year decrease of 4.84%, while the net profit attributable to shareholders was 326 million yuan, a year-on-year increase of 15.97% [5] - The company reported a total market capitalization of 25.253 billion yuan and a circulating market capitalization of 21.571 billion yuan [3] - The company opened 680 new hotels in H1 2024, with a total of 12,938 hotels in operation and 17,054 hotels under contract as of June 30, 2024 [5] Strategic Initiatives - The company has launched a three-year equity incentive plan, aiming for a net profit growth of no less than 30%, 65%, and 100% for the years 2024-2026 [6] - The company plans to create 12 mature brands by 2028, cultivate three core mid-to-high-end brands, and support one vacation track [5]

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]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-048 上海锦江国际酒店股份有限公司 2024 年半年度利润分配方案公告（更正后） 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： 每股分配比例：每股派发现金红利 0.12 元（含税）。 截至2024年6月30日，公司母公司报表中期末未分配利润为3.79亿元（未经审 计）。公司2024年半年度拟以实施权益分派股权登记日登记的总股本（扣除公司 股份回购专用证券账户的股份）为基数分配利润。本次利润分配方案如下： 本次利润分配以实施权益分派股权登记日登记的总股本(扣除公司股份 回购专用证券账户的股份)为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前股份基数发生变动的，拟将维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 向全体股东每10股派发现金红利1.2元（含税）。截至本报告披露日，公司总 股本为1,070,044,063股，扣除公司股份回购专用证券账户的股份8 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - In the first half of 2024, the company achieved revenue of 6.89 billion with a year-on-year growth of 0%, and a net profit attributable to shareholders of 850 million, reflecting a year-on-year increase of 59% [1]. - The second quarter saw revenue of 3.69 billion, a decrease of 5% year-on-year, while the non-recurring net profit was 330 million, up 16% year-on-year [1]. - The company is on track to meet its goal of opening 1,200 new hotels in 2024, having already opened 680 in the first half of the year, with a total room count of 1.232 million, an increase of 9% year-on-year [1]. - The net profit margin improved to 17.8% in Q2, up 7.7 percentage points year-on-year, primarily due to significant investment gains from the sale of a subsidiary [1]. - A new equity incentive plan has been introduced, targeting key management and core staff, with performance targets set for net profit growth and new hotel openings [1]. Financial Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.01 billion, 1.25 billion, and 1.51 billion respectively, with corresponding PE ratios of 25x, 21x, and 17x [2][3]. - Revenue projections for the same period are 15.87 billion, 16.35 billion, and 17.02 billion, with growth rates of 8.3%, 3.05%, and 4.08% respectively [3]. - The company expects non-recurring net profit to grow by at least 30%, 65%, and 100% from 2023 levels over the next three years [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][11] Core Views - In the first half of 2024, the company achieved revenue of 6.892 billion yuan, a slight increase of 0.23%, and a net profit attributable to shareholders of 848 million yuan, up 59.15%, primarily due to a 420 million yuan pre-tax gain from the sale of a fashion travel business [1][4] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares to all shareholders [1][4] - The second quarter saw a revenue of 3.686 billion yuan, a decrease of 4.84%, but a net profit of 658 million yuan, an increase of 68.02%, driven by reduced losses from overseas hotels [1][4] - The company opened 680 new hotels and closed 190, resulting in a net increase of 490 hotels in the first half of 2024, with a significant acceleration in the second quarter [1][4][6] Summary by Relevant Sections Financial Performance - The company reported a net profit of 848 million yuan in the first half of 2024, which is at the upper limit of its performance forecast range [1][4] - The second quarter's net profit was 658 million yuan, reflecting a significant year-on-year increase of 68.02% [1][4] - The company's revenue for the first half of 2024 was 6.892 billion yuan, with a slight increase of 0.23% compared to the previous year [1][4] Hotel Operations - The company experienced a decline in RevPAR (Revenue per Available Room) of 4.63% for limited-service hotels in the first half of 2024, with mature stores seeing a RevPAR decline of 6.05% [1][6] - The second quarter's RevPAR further declined, with limited-service hotels showing a decrease of 1.55% in Q1 and 7.18% in Q2 [1][6] - The company continues to optimize its direct-operated stores while expanding its franchise model [1][4][6] Overseas Operations - The overseas hotel segment reported a RevPAR decline of 0.63% and a revenue decrease of 1.70% in the first half of 2024, but cost control measures have begun to show results [1][7] - The company recorded a pre-tax investment income of 125 million yuan from the disposal of some overseas properties [1][7] - The company expects to accelerate the reduction of losses in its overseas operations in the second half of 2024, aided by upcoming events like the UEFA Champions League and the Olympics [1][7]