证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-032 于 2024 年 8 月 8 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒店"、 "本公司"或"公司"）与中信银行股份有限公司上海分行（以下简称"中信银行"） 就海路投资申请 25,000 万欧元流动资金贷款合同签署《最高额保证合同》。 上述担保事项已经公司第十届董事会第二十七次会议、2023年年度股东大会 审议通过。股东大会批准并授权公司经营管理层在不超过150,000万欧元的额度范 围内操作海路投资及GDL借款或透支的担保的具体事宜，其中对海路投资的担保额 度为120,000万欧元，对GDL的担保额度为30,000万欧元。 1 上海锦江国际酒店股份有限公司 关于为全资子公司海路投资提供担保的公告 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： 被担保人名称：本公司全资子公司 Sailing Investment Co, S.à r.l. （卢森堡海路投资有限公司，以下简称"海路投资"） 本次担保金额：25, ...

[Table_Title] 锦江酒店(600754.SH) 24H1 预告略超预期,关注海外减亏与改革提效 [Table_Summary] 核心观点: ⚫ 公司发布 24H1 业绩预告:预计 24H1 归母净利润为 8.0-8.5 亿元,同 比增长 50.2%-59.6%;扣非归母净利润为 3.7-4.0 亿元,同比变化-0.9% 到+7.1%。单 24Q2 来看,归母净利润为 6.1-6.6 亿元,同比增长 55.9%- 68.6%,扣非归母净利润为 3.1-3.4 亿元,同比增长 8.7%-19.3%。(所 有数据均为重述后口径,23 年同期数据均按增速倒算) ⚫ 非经常性损益主要来自出售时尚之旅所得投资收益。据 24H1 业绩预 告,公司于 2024 年 3 月 11 日公开挂牌转让时尚之旅 100%股权,2024 年 4 月 12 日与华安未来资产管理(上海)有限公司签订产权交易合 同,交易价款为 16.5 亿元,确认投资收益税前 4.2 亿元,扣除 25%企 业所得税后约 3.2 亿元。 ⚫ 上半年酒店行业经营略承压,ADR 压力相对更大。我们根据 STR 周 度数据算数平均计算,24H1/24Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 800 to 850 million yuan in H1 2024, representing a year-on-year increase of 50.22% to 59.61%. The net profit after deducting non-recurring items is projected to be between 370 to 400 million yuan, with a year-on-year change of -0.94% to +7.10% [2][5]. - For Q2 2024, the net profit attributable to shareholders is anticipated to be between 610 to 660 million yuan, reflecting a year-on-year increase of 55.22% to 67.94% [5]. - The company has streamlined its organizational structure in China, reducing management levels from seven to four, which is expected to enhance management efficiency and responsiveness to market trends [6]. - The company aims to open 1,200 new hotels and sign 2,500 new contracts throughout the year, while also focusing on upgrading older properties and optimizing its brand matrix [5][6]. - The long-term profit forecasts for 2024, 2025, and 2026 are 1.303 billion, 1.591 billion, and 1.811 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 15, and 14 times [6][7]. Summary by Sections Financial Performance - The company expects a significant increase in net profit for H1 2024, with projections of 800 to 850 million yuan, which is a substantial improvement compared to the previous year [2][5]. - The anticipated net profit for Q2 2024 is also promising, with estimates ranging from 610 to 660 million yuan [5]. Strategic Developments - The company has implemented a light asset development strategy, including the sale of its 100% stake in a hotel management company for 1.655 billion yuan, which will enhance its resource allocation and profitability [5]. - The organizational restructuring aims to improve operational efficiency and market responsiveness, particularly during the peak summer season [6]. Growth Initiatives - The company plans to continue its aggressive expansion strategy by opening 1,200 new hotels and signing 2,500 contracts, while also focusing on brand optimization and property upgrades [5][6]. - The adjustment of the brand matrix will reduce the number of brands from over 40 to 15, enhancing focus on core brands and improving overall operational efficiency [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 800 to 850 million yuan in the first half of 2024, representing a year-on-year increase of 52.93% to 62.49% [2] - The second quarter of 2024 is projected to see a net profit of 610 to 660 million yuan, reflecting a year-on-year growth of 55.2% to 67.9% [2] - The hotel industry is experiencing a decline in the industry prosperity index, with weak growth in Average Daily Rate (ADR) due to increased supply [2] - The company is optimizing its capital structure by increasing investment in its overseas subsidiary, aiming to reduce financial costs and improve profitability [2] - The divestment of the "Fashion Journey" equity allows the company to focus on enhancing its core business capabilities [2][3] Financial Summary - The company forecasts net profits of 1.527 billion, 1.772 billion, and 1.977 billion yuan for the years 2024, 2025, and 2026 respectively [3] - The expected Earnings Per Share (EPS) for 2024, 2025, and 2026 are 1.43, 1.66, and 1.85 yuan, with corresponding Price-to-Earnings (P/E) ratios of 17, 14, and 13 times [3] - The company’s revenue is projected to grow from 11.008 billion yuan in 2022 to 17.754 billion yuan in 2026, with a revenue growth rate stabilizing around 6% [4][8] Strategic Initiatives - The company is implementing organizational reforms to enhance long-term competitiveness, focusing on optimizing hotel operations and brand management [3] - The company aims to strengthen its global brand management system and improve its service and business model innovation [3]

2024 年 07 月 15 日 顾向君 H70420@capital.com.tw 目标价(元) 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|----------------| | 产业别 | | 休闲服务 | | A 股价(2024/7/12) | | 22.98 | | 上证指数(2024/7/12) | | 2971.30 | | 股价 12 个月高/低 | | 50.37/21.01 | | 总发行股数(百万) | | 1070.04 | | A 股数(百万) | | 914.04 | | A 市值(亿元) | | 210.05 | | 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 | | 1.50 | | | 三个月 | 一年 | | 股价涨跌(%) | | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2023-12-27 | | 2023-09-01 | | 2023-05- ...

证券研究报告 锦江酒店 (600754 CH) 2Q 盈利有望环比改善,关注改革优化 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 7 月 14 日│中国内地 酒店 1H 扣非净利有望实现小幅增长;预告基本符合前瞻预期 锦江酒店 7 月 12 日发布业绩预告,预计 1H24 录得归母净利 8 亿-8.5 亿, 同比增长 52.93%-62.49%,期内出售时尚之旅,预计确认投资收益税前 4.2 亿;扣非净利 3.7-4.0 亿,同比增长-0.94%-7.10%,基本符合我们前瞻预期 (1H:3.9-4.1 亿)。其中 2Q 归母净利 6.1 亿-6.6 亿,同增 55%-68%;扣 非净利 3.1 亿-3.4 亿,同增 9%-20%。短期内,暑期旺季有望驱动 3Q24 RP 环比提升,23 年同期高基数下同比或有一定压力。立足长期,公司持续推 进新一轮改革,CRS 收益增加、老旧直营产品升级、海外经营优化有望助 力经营提效和盈利能力改善。我们预计 24/25/26 年 EPS 为 1.26/1.42/1.67 元,目标价 27.72 元,对应 22X24PE(可比 ...

事件 24 年 7 月 12 日公司公告半年度业绩预告,1H24 预计归母净利 8~8.5 亿元、同比+52.93%~62.49%,扣非归母净利 3.7~4.0 亿元、 同比-0.94%~7.10%;单 Q2 预计归母净利 6.1~6.6 亿元、同比 +55.3%~68.0%,扣非归母净利 3.08~3.38 亿元、同比+9.4%~20.1%。 点评 Q2 转让时尚之旅确认税前投资收益 4.2 亿元。轻资产战略、优化 资源配置,4 月 12 日向华安未来资产管理(上海)有限公司转让 时尚之旅股权,交易价款 16.5 亿元、确认投资收益税前 4.20 亿 元,剔除 25%所得税后预计影响净利 3.15 亿元。 上半年境内 RevPAR 存在一定压力,期待暑期改善。行业经营层面 看,根据酒店之家数据,1Q24、2Q24 国内酒店整体 RevPAR 同比分 别-9%、-12%,Q2 RevPAR 降幅环比 Q1 有所扩大,主要源于价格端 回落(1Q24、2Q24 国内酒店整体 ADR 分别-3%、-8%),推测主要 因为酒店客房供给量增加及商旅需求恢复偏慢,我们预计公司 Q2 RevPAR 表现趋势与行业较为同步。 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 35.66 CNY, maintaining the previous forecast of the same price [6][7]. Core Views - The company's performance forecast for the first half of 2024 shows a significant increase in net profit, driven by overseas loss reduction and an increase in Central Reservation System (CRS) fees. The structural adjustments within the company are expected to enhance operational efficiency [6][7]. - The report anticipates a net profit of 1.506 billion CNY for 2024, reflecting a 50.3% increase compared to the previous year. The earnings per share (EPS) is projected to be 1.41 CNY for 2024 [6][7]. Financial Summary - **Market Data**: The company's total market capitalization is 24,590 million CNY, with a 52-week price range of 21.75 to 49.76 CNY [3]. - **Balance Sheet**: Shareholder equity stands at 16,888 million CNY, with a net asset value per share of 15.78 CNY and a current price-to-book ratio of 1.5 [4]. - **Financial Performance**: The company reported revenues of 11,310 million CNY in 2022, with projections of 14,649 million CNY for 2023 and 15,477 million CNY for 2024, indicating a growth rate of 29.5% year-on-year for 2023 [6][10]. - **Profitability Metrics**: The net profit attributable to shareholders is expected to reach 1,506 million CNY in 2024, with a return on equity (ROE) projected at 8.7% [6][10]. Performance Trends - The report notes a decline in stock performance over the past year, with a 49% drop in absolute terms and a 42% drop relative to the index [5]. - The company has experienced a significant recovery in its operational metrics, particularly in the second quarter of 2024, exceeding market expectations [7]. Structural Adjustments - The company is nearing the completion of its structural adjustments, which are expected to improve product offerings, team stability, and operational efficiency [7]. - The management team has stabilized, and the organization has adopted a more streamlined structure to enhance employee engagement and operational effectiveness [7]. Future Outlook - The report emphasizes that despite macroeconomic fluctuations, the company remains a leader in the industry, and the anticipated improvements in management and operations are expected to yield positive results in the latter half of 2024 [7].

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 800 million and 850 million CNY, representing a year-on-year increase of 52.93% to 62.49% compared to the previous year's net profit of 523.12 million CNY[3][5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 370 million and 400 million CNY, with a year-on-year change of -0.94% to 7.10% compared to the previous year's figure of 373.49 million CNY[3][5]. Asset Management - The company completed the sale of 100% equity in Fashion Journey Hotel Management Co., Ltd. for 1.6549889 billion CNY, which aligns with its asset-light development strategy[6]. - The transaction is expected to generate a pre-tax investment income of 420 million CNY, subject to a corporate income tax rate of 25%[6]. Forecast Accuracy - The performance forecast has not been audited by a registered accountant, and there are no significant uncertainties affecting the accuracy of the forecast[7].

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 A 股每股现金红利 0.5 元，B 股每股现金红利 0.070161 美元 相关日期 | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | | --- | --- | --- | --- | --- | | 股份类别 Ｂ股 | 股权登记日 2024/7/16 | 最后交易日 2024/7/11 | 除权（息）日 | 现金红利发放日 2024/7/25 | 证券代码：600754 证券简称：锦江酒店 公告编号：2024-030 900934 |锦江 B 股 上海锦江国际酒店股份有限公司 2023 年年度 权益分派实施公告 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司 ...