Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Views - The company is expected to achieve revenues of 15.35 billion, 16.30 billion, and 17.30 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.8%, 6.2%, and 6.2%. The net profit attributable to shareholders is projected to be 1.29 billion, 1.54 billion, and 1.79 billion yuan for the same years, with growth rates of 28.7%, 19.5%, and 16.5% respectively. The price-to-earnings (PE) ratios are expected to be 20, 16, and 14 times [4][11]. Financial Data and Valuation - The total share capital is 1,070.04 million shares, with a market capitalization of 21,644.56 million yuan. The net asset value per share is 15.78 yuan, and the asset-liability ratio stands at 65.05% [7][12]. - The company reported revenues of 11,008 million yuan in 2022, which increased to 14,649 million yuan in 2023, reflecting a growth rate of 33.08%. The projected revenues for 2024, 2025, and 2026 are 15,346 million, 16,301 million, and 17,304 million yuan, respectively [12][14]. - The net profit attributable to shareholders was 113 million yuan in 2022, surging to 1,002 million yuan in 2023, with a staggering growth rate of 782.71%. The projected net profits for 2024, 2025, and 2026 are 1,290 million, 1,540 million, and 1,794 million yuan, respectively [12][14]. Incentive Plan - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital. The initial grant will not exceed 6.477 million shares, with a grant price of 11.97 yuan per share [11][12]. - The incentive plan targets middle management and core personnel, with an attractive grant price aimed at enhancing organizational vitality and reducing agency costs [11][12]. - The performance assessment criteria for the incentive plan are based on four indicators, including net profit and return on equity, with a target compound annual growth rate (CAGR) of 26% for net profit over three years [11][12].

Summary of Conference Call Company Overview - The conference call primarily discusses the new incentive plan of Jinjiang Hotels and the company's performance over the next three years [1] Core Points and Arguments - The focus is on the feasibility of achieving the performance targets set in the incentive plan [1] - There is a significant interest in understanding how the incentive plan aligns with the company's overall strategy and performance metrics [1] Other Important Content - The discussion emphasizes the importance of evaluating the incentive plan's structure and its potential impact on employee motivation and company performance [1]

C o m p a n y U p d a t e 锦江酒店(600754.SH/900934.SH) BUY 买进 公司基本资讯 | --- | --- | --- | |--------------------|--------|----------------| | 产业别 | | 休闲服务 | | A 股价(2024/8/9) | | 23.68 | | 上证指数(2024/8/9) | | 2862.19 | | 股价 12 个月高/低 | | 47.06/21.01 | | 总发行股数(百万) | | 1070.04 | | A 股数(百万) | | 914.04 | | A 市值(亿元) | | 216.45 | | 主要股东 | | 上海锦江资本有 | | | 限公司 | (45.05%) | | 每股净值(元) | | 15.28 | | 股价/账面净值 | | 1.55 | | | 三个月 | 一年 | | 股价涨跌(%) | | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2024-07-15 | | 2023-12-27 | | 2023- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has launched an equity incentive plan, targeting non-net profit of no less than 1.01 billion, 1.28 billion, and 1.55 billion yuan for 2024-2026, with the current market value corresponding to a PE of 25, 20, and 16 times for the same period. The recent reforms since the end of 2023 and the successful implementation of the incentive plan are expected to yield positive results [6][7] - The profit forecast has been adjusted, maintaining the "Accumulate" rating. Due to significant pressure on hotel industry demand in 2024 and a relatively stable increase in the company's direct sales channel, the forecast for net profit attributable to shareholders for 2024-2026 has been slightly lowered to 1.47 billion, 1.50 billion, and 1.77 billion yuan, with growth rates of 46.8%, 2.2%, and 17.8% respectively [6][7] Financial Summary - Total share capital is 1,070 million shares, with a circulating share capital of 914 million shares. The market price is 23.7 yuan, leading to a circulating market value of 21,645 million yuan and a total market value of 25,339 million yuan [3] - The company's revenue for 2024 is projected to be 14,980 million yuan, with a year-on-year growth rate of 2.3%. The net profit attributable to shareholders is expected to be 1,471 million yuan, reflecting a growth rate of 46.8% [5][9] - The company has set ambitious performance targets for the equity incentive plan, with a minimum growth rate of 30%, 65%, and 100% for non-net profit from 2024 to 2026, and plans to open no less than 1,200 new hotels each year during the same period [7]

证券研究报告|公司点评报告 仅供机构投资者使用 [Table_Date] 2024 年 08 月 12 日 [Table_Title] 股权激励草案发布，提振市场信心 [Table_Title2] 锦江酒店(600754) | --- | --- | --- | --- | |------------------------|-------|----------------------|------------| | [Table_DataInfo]评级： | 买入 | 股票代码： | 600754 | | 上次评级： | 买入 | 52 周最高价/最低价： | 48.1/21.47 | | | | ) | 253.39 | | 最新收盘价： | 23.68 | 自由流通市值(亿) | 216.45 | | | | 自由流通股数(百万) | 914.04 | [Table_Summary] 事件概述 公司发布《2024 年限制性股票激励计划（草案）》，对利润、开店、主业利润率等方面设立目标，彰显经营信 心。 分析判断: ► 本次股权激励草案解锁目标涵盖扣非归母净利润、新开店数量、主业利润率等，考核全面 本次股 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3]. Core Views - The company plans to repurchase shares for a restricted stock incentive plan, which is expected to boost confidence and promote the development of state-owned hotel leaders. This is the first incentive plan at the listed company level since its IPO [2][3]. - The performance targets emphasize quality growth in the core business, with specific requirements for net asset return rates and profit margins, alongside aggressive expansion plans [2][3]. - The company's future growth is primarily driven by domestic hotel expansion and optimization of overseas hotel losses. Despite current pressures on REVPAR, the company aims to enhance operational efficiency and profitability through various strategies [3][11]. Summary by Sections Investment Rating - The report maintains an "Outperform the Market" rating, reflecting a positive outlook on the company's performance relative to market indices [1][3]. Company Announcements - The company announced a plan to invest up to 278 million yuan in repurchasing shares from the secondary market, with a focus on incentivizing management through restricted stock [2][3]. Performance Targets - The incentive plan includes specific performance targets: - Net asset return rates of at least 5.8%/7%/8% for 2024/2025/2026 [7]. - Non-GAAP net profit growth rates of at least 30%/65%/100% from a 2023 base of 774 million yuan, targeting 1.007 billion yuan in 2024 [7]. - Opening at least 1,200 new hotels annually, totaling 3,600 by 2026 [7][11]. Growth Drivers - The company is focusing on domestic hotel expansion and reducing losses in overseas operations. The domestic hotel sector is currently facing challenges, but the company plans to counteract this through strategic growth and operational improvements [3][11][19]. - The report highlights the importance of enhancing the operational efficiency of both domestic and international hotel segments to achieve the set performance targets [11][19]. Financial Projections - The report adjusts profit forecasts for 2024-2026, projecting net profits of 1.422 billion yuan, 1.514 billion yuan, and 1.764 billion yuan respectively, reflecting a cautious outlook due to ongoing market pressures [22][21]. - The company's valuation is considered reasonable, with projected P/E ratios of 18x, 17x, and 14x for the respective years [21][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a restricted stock incentive plan, aiming to grant up to 8 million shares, approximately 0.75% of the total share capital, with a total repurchase amount not exceeding 278.4 million yuan [2] - The performance assessment conditions require a significant increase in net profit, with targets set for 2024-2026 to grow by no less than 30%/65%/100% based on 2023 figures, indicating an expected compound annual growth rate (CAGR) of 26% [2] - The company is expected to recover rapidly in profitability due to the tourism market's recovery, with adjusted net profit forecasts for 2024-2026 set at 1.45 billion, 1.53 billion, and 1.84 billion yuan respectively, corresponding to a P/E ratio of 17, 17, and 14 times [2] Financial Forecasts and Valuation - Total revenue for 2022 was 11.31 billion yuan, with projections of 14.65 billion yuan for 2023, 14.71 billion yuan for 2024, and continuing growth to 15.89 billion yuan by 2026, reflecting a revenue growth rate of 29.53% in 2023 [1][7] - The net profit attributable to the parent company was 126.62 million yuan in 2022, with a forecast of 1.00 billion yuan for 2023, 1.45 billion yuan for 2024, and reaching 1.84 billion yuan by 2026, showing a significant increase of 691.14% in 2023 [1][7] - The latest diluted EPS is projected to be 0.94 yuan for 2023, increasing to 1.36 yuan in 2024, 1.43 yuan in 2025, and 1.72 yuan in 2026 [1][7] Market Data - The closing price of the stock is 23.68 yuan, with a market capitalization of 25.34 billion yuan [4] - The price-to-book ratio is 1.50, and the circulating A-share market value is approximately 21.64 billion yuan [4][5]

Investment Rating - The investment rating for the company is "Recommended" [2][3] Core Views - The company has launched a restricted stock incentive plan, aiming to double its non-recurring performance targets over three years, which is expected to stimulate reform momentum [2] - The incentive plan includes granting up to 8 million shares, representing 0.75% of the total share capital, with a buyback plan of up to 8 million shares at a maximum price of 34.8 CNY per share [2] - The performance targets for the next three years include a non-recurring net profit growth of at least 30% in 2024, 65% in 2025, and 100% in 2026, with a target of opening at least 1,200 new hotels each year [2] - The company is expected to achieve net profits of 1.006 billion CNY in 2024, 1.278 billion CNY in 2025, and 1.548 billion CNY in 2026, with corresponding annual growth rates of 30%, 27%, and 21% [2] Financial Forecasts and Indicators - The projected revenue for 2024 is 16.114 billion CNY, with a growth rate of 10% compared to 2023 [3] - The projected net profit attributable to shareholders for 2024 is 1.579 billion CNY, reflecting a growth rate of 57.6% [3] - The earnings per share (EPS) is expected to be 1.48 CNY in 2024, with a price-to-earnings (PE) ratio of 16 [3] - The company’s gross margin is projected to improve from 41.99% in 2023 to 43.04% in 2024 [6] - The return on equity (ROE) is expected to increase from 6.01% in 2023 to 8.90% in 2024 [6]

证券研究报告 锦江酒店 (600754 CH) 股权激励彰显信心，关注改革提效 投资评级(维持): 买入 目标价(人民币): 27.72 华泰研究 公告点评 2024 年 8 月 11 日│中国内地 酒店 风险提示：需求不达预期风险，海外减亏不及预期风险，市场竞争加剧风险。 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 研究员 曾珺 SAC No. S0570523120004 SFC No. BTM417 zengjun@htsc.com +(86) 21 2897 2228 研究员 梅昕 SAC No. S0570516080001 SFC No. BQE385 meixin@htsc.com +(86) 21 2897 2080 公告回购方案&股权激励计划草案，彰显管理层信心 锦江酒店公告 1）限制性股权激励计划（草案），拟向激励对象授予不超过 800 万股（占总股本 0.75%），其中首次授予不超过 648 万股，授予价格 11.97 元/股（现价：23.68 元/股）；2）回购股份方 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27.4 yuan [2][14]. Core Viewpoints - The company announced a restricted stock incentive plan, granting up to 8 million shares, which accounts for 0.75% of the total share capital. The initial grant price is set at 11.97 yuan per share, representing a 50% discount from the closing price on August 9 [2][9]. - The performance assessment indicators focus on four key areas: return on equity (ROE), net profit growth rate, new hotel openings, and main business profit margin, emphasizing the company's operational and financial quality improvement goals during its reform phase [2][10]. - The company plans to open an average of 1,200 new hotels annually over the next three years, aiming to enhance its scale and revenue [10][14]. - The company forecasts a significant increase in net profit for the first half of 2024, with an expected range of 800 to 850 million yuan, reflecting a year-on-year growth of 50.2% to 59.6% [14]. - The report adjusts the net profit forecasts for 2024-2026 to 1.47 billion, 1.49 billion, and 1.74 billion yuan, respectively, based on the completion of the transfer of a subsidiary and the anticipated improvement in financial expenses [14]. Financial Summary - Total revenue for 2023 is projected at 14.649 billion yuan, with a year-on-year growth rate of 33.1%. The net profit attributable to the parent company is expected to be 1.002 billion yuan, reflecting a staggering growth of 782.7% [15]. - The company’s PE ratio is forecasted to be 25 for 2023, decreasing to 17 for 2024 and 2025, and further to 15 for 2026, indicating a positive outlook on valuation [15]. - The company’s total assets are estimated at 50.587 billion yuan for 2023, with a debt-to-asset ratio of 65.05% [5][15].