证券研究报告 | 2024年04月30日 锦江酒店（600754.SH） 买入 海外利息费用大增影响扣非业绩表现，国内酒店开店有所提速 核心观点 公司研究·财报点评 一季度，公司归母业绩增长35%，海外利息费用大增拖累扣非业绩表现。 社会服务·酒店餐饮 2024Q1，公司实现收入32.06 亿元/+6.77%；实现归母净利润1.9 亿元 证券分析师：曾光 证券分析师：钟潇 /+34.56%，扣非后0.62亿元/-31.19%，整体承压，主要系Euribor同比提 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 升（去年Q1在2.10-2.80%左右，今年Q1约3.90%左右），导致海外利息大 S0980511040003 S0980513100003 幅攀升拖累。如剔除增量利息支出影响，公司Q1扣非后归母净利润约为1.1 证券分析师：张鲁 联系人：杨玉莹 亿元/+22%。Q1非经常性损益主要来自非流动资产处置税前收益1.2亿（卢 010-88005377 0755-81982942 zhanglu5@guo ...

事件 24年4月29日公司公告一季报，1Q24营收32.06亿元/+6.77%（增 速按重述调整后口径，后同），归母净利 1.90 亿元/+34.56%，扣 非归母净利6231.94 万元/-31.19%。 点评 境内：RevPAR 同比存在一定压力。1Q24 公司境内全服务酒店业务 收入4506 万元/+112.8%，RevPAR 209.6 元/-5.4%；境内有限服务 酒店收入 22.1 亿元/+6.0%，RevPAR 145.2 元/-1.6%、恢复至 19 年的101.0%（4Q23 为 100.2%），拆分量价 OCC 59.9%/-1.74pct， ADR 242.4 元/+1.3%,分档次看中端/经济型酒店RevPAR 分别同比 -4.1%/-1.2%。Q1 境内 RevPAR 同比下降，推测主因行业供给回升、 需求端商旅恢复偏慢等，其中入住率压力大于房价，档次中经济 型表现好于中档。 人民币(元) 成交金额(百万元) 境外：RevPAR 同比基本持平。1Q24 公司境外有限服务酒店收入8.8 59.00 900 亿 元 /+6.1% ， RevPAR 35.7 欧 元 /-0.06% ， O ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,206,217,975.61, representing a 6.77% increase compared to CNY 2,922,258,057.55 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2024 was CNY 189,885,897.98, a significant increase of 34.56% from CNY 130,254,102.66 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 31.19% to CNY 62,319,446.83 from CNY 92,223,402.75 in the same period last year[3]. - Basic earnings per share for Q1 2024 increased to CNY 0.1775, up 34.56% from CNY 0.1319 in the same period last year[5]. - The weighted average return on equity for Q1 2024 was 1.13%, an increase of 0.31 percentage points compared to 0.82% in the previous year[5]. - Operating profit for the same period was RMB 33,198 million, up 28.08% year-on-year[15]. - Net profit attributable to shareholders reached RMB 18,989 million, an increase of 34.56% year-on-year[15]. - The company reported a total comprehensive income of CNY 272,319,966.62 for Q1 2024, compared to CNY 204,612,883.41 in Q1 2023, reflecting a growth of 33.0%[31]. Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 was CNY 1,018,979,657.96, down 26.90% from CNY 1,312,570,255.48 in the previous year[3]. - The company's cash and cash equivalents stood at approximately 10.56 billion CNY as of March 31, 2024, compared to 10.29 billion CNY at the end of 2023[25]. - The company's current liabilities included accounts payable of approximately 1.67 billion CNY, an increase from 1.45 billion CNY in the previous year[26]. - The company experienced a net cash outflow from investing activities of approximately CNY 333.42 million in Q1 2024, compared to a net outflow of CNY 117.99 million in Q1 2023[34]. - Cash and cash equivalents at the end of Q1 2024 totaled CNY 8.72 billion, up from CNY 6.61 billion at the end of Q1 2023, representing a 31.9% increase[34]. - The company's total assets amounted to 50.45 billion CNY, a slight decrease from 50.59 billion CNY at the end of 2023[26]. Hotel Operations - The hotel business generated consolidated operating revenue of RMB 314,427 million, a year-on-year increase of 6.78%[16]. - A total of 222 new hotels opened, while 75 hotels exited, resulting in a net increase of 147 hotels[16]. - The company has signed contracts for a total of 16,701 hotels, with a total of 1,578,843 rooms as of March 31, 2024[19]. - The revenue from hotels in mainland China was RMB 225,992 million, reflecting a growth of 7.04% year-on-year[16]. - The total number of operating hotels across all segments reached 12,595, with a net increase of 147 hotels in Q1 2024[36]. - The company opened 141 new mid-range hotels in Q1 2024, bringing the total number of operating mid-range hotels to 7,384 as of March 31, 2024[36]. Revenue and Costs - Total operating costs for Q1 2024 were CNY 3,170,836,057.19, up from CNY 2,924,683,360.89 in Q1 2023, reflecting a rise of 8.4%[30]. - The company's total liabilities decreased to CNY 32,816,487,136.76 in Q1 2024 from CNY 33,226,463,405.30 in Q1 2023, a reduction of 1.2%[30]. - Shareholders' equity increased to CNY 17,632,373,591.59 in Q1 2024, up from CNY 17,360,573,449.63 in Q1 2023, indicating a growth of 1.6%[30]. - The food and beverage business generated consolidated revenue of 61.95 million CNY in Q1 2024, reflecting a growth of 6.42% compared to the same period last year[24]. Performance Metrics - The average room rate for full-service hotels in Q1 2024 was 500.09 CNY, compared to 472.31 CNY in Q1 2023, while the average occupancy rate decreased to 41.91% from 46.89%[21]. - The RevPAR (Revenue per Available Room) for full-service hotels in Q1 2024 was 209.59 CNY, down 5.36% year-on-year[21]. - The average occupancy rate for mid-range hotels in Q1 2024 is 63.35%, a decrease of 2.42% compared to Q1 2023[39]. - The average room price for mid-range hotels in Q1 2024 is RMB 262.85, showing a slight decrease of 0.76% year-over-year[39]. - The average occupancy rate for economy hotels in Q1 2024 is 53.42%, down by 1.90% compared to Q1 2023[39]. - The average room price for economy hotels in Q1 2024 is RMB 170.56, reflecting a slight increase of 0.14% year-over-year[39].

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证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-020 上海锦江国际酒店股份有限公司 关于注销募集资金专户的公告 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。 一、募集资金基本情况 为规范募集资金的管理和使用，本公司根据《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关法律、法规的规定，结合本公司实际情况 制定了本公司《募集资金管理办法》，对所有募集资金实行专户存储，实行严格的 审批程序，以保证专款专用。 2021 年 3 月 22 日，本公司与中国建设银行股份有限公司上海浦东分行（以下 简称"建设银行浦东分行"）、申万宏源证券承销保荐有限责任公司（以下简称"申 万宏源"）共同签订了《募集资金专户存储三方监管协议》；2021 年 5 月 6 日，本 公司与上海浦东发展银行股份有限公司闸北支行（以下简称"浦发银行闸北支 行"）、申万宏源共同签订了《募集资金专户存储三方监管协议》；2021 年 5 月 17 日，本公司与上海银行股份有限公司徐汇支行（以下简称"上海银行徐汇 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-019 上海锦江国际酒店股份有限公司 关于挂牌转让时尚之旅酒店管理有限公司 100%股权的 进展公告 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： 一、 交易概况及进展 为进一步优化资源配置，提高资产盈利能力，提升主营业务经营能力和增强 持续发展能力，公司在上海联合产权交易所挂牌转让全资子公司时尚之旅酒店管 理有限公司（以下简称"时尚之旅"或"标的企业"）100%股权。 公司于 2023 年 10 月 9 日召开第十届董事会第二十次会议以及第十届监事会 第九次会议，审议通过了《关于挂牌转让时尚之旅酒店管理有限公司 100%股权的 议案》，具体内容详见公司于 2023 年 10 月 11 日披露的《上海锦江国际酒店股份 1 上海锦江国际酒店股份有限公司（以下简称"公司"或"本公司"）在上海联 合产权交易所（以下简称"上海联交所"）挂牌转让全资子公司时尚之旅酒店 管理有限公司 100%股权（以下简称"标的股权"）。2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][10]. Core Views - The company is expected to reduce losses from overseas operations while benefiting from a new round of domestic reforms. The focus is on organizational changes in China, enhancing the brand matrix, and optimizing development strategies. The company aims to strengthen its "three platforms" (global hotel internet, global procurement, global finance) for better operational efficiency. The overseas business will undergo pragmatic integration to alleviate performance pressure. Projected net profits for 2024-2026 are estimated at 1.698 billion, 1.825 billion, and 1.952 billion yuan, corresponding to price-earnings ratios of 17, 16, and 15 times, respectively [6][8]. Financial Performance - In 2023, the company achieved revenue of 14.649 billion yuan, a year-on-year increase of 29.53%. The net profit attributable to shareholders was 1.002 billion yuan, up 691.14% year-on-year. The net profit after deducting non-recurring items was 774 million yuan, marking a turnaround from losses [6][7]. - The company plans to distribute a dividend of 5 yuan per 10 shares, totaling approximately 535 million yuan, with a dividend payout ratio of 53.41% [6]. - For 2024, the company anticipates revenue between 15.4 billion and 16 billion yuan, representing a year-on-year growth of 5% to 9%, with domestic revenue expected to grow by 6% to 10% and overseas revenue by 1% to 5% [6][7]. Operational Insights - Domestic hotel business revenue saw significant growth due to demand recovery, while overseas operations continued to incur losses. In 2023, domestic limited-service hotel revenue reached 9.945 billion yuan, up 33.68% year-on-year, with a net profit of 1.165 billion yuan. Conversely, overseas limited-service operations generated revenue of 566 million euros, a 14.86% increase, but incurred a net loss of 53.5 million euros, worsening by 27.18 million euros compared to the previous year [7][8]. - The company opened 1,407 new hotels in 2023, with a net increase of 888 hotels. For 2024, the plan includes opening 1,200 new hotels and signing 2,500 new contracts, maintaining a steady pace of expansion [7][8]. Profitability and Efficiency - The overall gross margin improved to 41.99%, an increase of 8.72 percentage points year-on-year. The management expense ratio was optimized, benefiting from the scale effect of revenue growth [7][8].

Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels [2][6] Core Views - Jinjiang Hotels reported a revenue of 14.649 billion yuan in 2023, a year-on-year increase of 29.53%, recovering to 97.0% of 2019 levels. The net profit attributable to shareholders reached 1.0 billion yuan, up 691.14% year-on-year, recovering to 91.7% of 2019 levels [1][2] - The company achieved a net cash inflow from operating activities of 5.162 billion yuan in 2023, a growth of 177.59% compared to the previous year [1] - The report highlights a steady recovery in operational data, with RevPAR for domestic economy and mid-range hotels showing significant year-on-year growth [1][2] - Jinjiang Hotels plans to open 1,200 new hotels in 2024, increasing its signed hotel target to 2,500 [1] - The company is expected to further optimize its operational quality with improvements in its brand matrix, direct store quality, and high-quality franchise development [1] Financial Summary - Revenue forecast for 2024 is 16.410 billion yuan, with a growth rate of 12.0% [2][6] - The net profit attributable to shareholders is projected to be 1.717 billion yuan in 2024, reflecting a growth rate of 71.4% [2][6] - The report provides a detailed financial outlook, including projected earnings per share of 1.60 yuan for 2024 and a PE ratio of 17x [2][6] - The company’s total assets are expected to reach 52.333 billion yuan by 2024, with a debt-to-equity ratio of 63.61% [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant increase in revenue and net profit for the year 2023, with total revenue reaching 14.649 billion yuan, a year-on-year growth of 29.53%, and a net profit of 1.002 billion yuan, reflecting a remarkable increase of 691.14% [3][4] - The company plans to open 1,200 new stores in 2024, with expected revenue growth of 5%-9% [5][6] - The company has successfully expanded its hotel network, adding 1,407 new hotels, exceeding its initial target of 1,200 [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.649 billion yuan, a 29.53% increase from the previous year, and a net profit of 1.002 billion yuan, up 691.14% [3][6] - The company forecasts revenue for 2024 to be between 15.42 billion and 16 billion yuan, with a year-on-year growth of 5%-9% [5][6] Operational Highlights - The company added 1,407 hotels in 2023, with a net increase of 888 hotels after accounting for exits [4] - The RevPAR (Revenue per Available Room) for 2023 was restored to 106.28% compared to 2019 levels, indicating a strong recovery [4] Future Outlook - The company expects to continue its growth trajectory with plans to open 1,200 new hotels in 2024 and aims for a revenue increase of 6%-10% from domestic operations [5][6] - Profit forecasts for 2024-2026 indicate a steady increase in net profit, projected at 1.673 billion yuan in 2024, 1.783 billion yuan in 2025, and 2.021 billion yuan in 2026 [6][8]

证券研究报告 | 年报点评报告 2024年04月07日 锦江酒店（600754.SH） 业绩符合快报，稳步发展提质增效，并不断激活新引擎 事件：公司发布2023年年报，2023年公司实现营业收入146.49亿元/同 买入（维持） 比+29.53%，实现归母净利润 10.02 亿元/同比+691.14%，实现扣非归 股票信息 母净利润7.74亿元（去年同期为-2.07亿元）；单四季度，公司实现营业 收入 36.87 亿元/同比+26.56%，实现归母净利润 0.27 亿元/同比- 行业 酒店餐饮 62.66%，实现扣非归母净利润-0.28亿元（去年同期-0.85亿元）。其中， 前次评级 买入 2023年，铂涛/维也纳分别贡献营业收入38.11亿元/37.34亿元，分别贡 4月3日收盘价(元) 27.30 献归母净利润5.76/6.35亿元；卢浮贡献收入5.66亿欧元，归母净利润- 总市值(百万元) 29,212.20 3468万欧元；上海齐程网络科技有限公司贡献营业收入2.95亿元，归母 总股本(百万股) 1,070.04 净利润0.93亿元。 其中自由流通股(%) 85.42 30日日均成交量(百万股) 13 ...