[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 锦江酒店（600754）公司年报点评 2024年04月05日 24 年计划新开店 1200 家，精益增长助 发展 [Table_Summary] 投资要点： 事件： 公司发布 2023 年年度报告。2023 全年实现营业收入 146.49 亿元，同比增长 29.53%；归母净利润10.02亿元，同比增长691.14%；扣非归母7.74亿元扭亏。 其中，4Q23实现营业36.87亿元，归母净利润2673万元，扣非归母-2811万元。 点评： 新增门店 1407 家超经营计划，RevPAR 稳健修复。23 年新增/退出/净增酒店数 1407/518/888家，新增酒店超年初 1200家经营计划。全年RevPAR较19年恢复 度106.28%，其中Q1-4恢复度102.61%/109.30%/112.58%/100.15%。 海外亏损拖累总体，测算24年财务费用可缩减约2亿。23年境外收入43亿元， 同增 24%，海外分部亏损 4.1 亿元增亏 2.3 亿元。其中财务费用/管理费用分别 增2.47/1.37亿元至4.88/11.17亿 ...

酒店 锦江酒店（600754.SH） 增持-A(维持) 完成年内开店目标，境内酒店业务同比增长超 30% 2024年4月3日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年财务报告，期内实现营收146.49亿元/+29.53%，归母 净利润10.02亿元/+691.14%，扣非归母净利润7.74亿元/同比扭亏为盈、增 加9.78亿元， EPS0.94元，拟向全体股东每股派发现金红利0.5元（含税）。 2023Q4实现营收36.87亿元/+20.91%，归母净利润0.27亿元/-64.29%，扣非 归母业绩亏损0.28亿元/亏损同比减少0.57亿元。年内整体营收、业绩较上 年同期大幅回升主要系境内外酒店运营情况明显好转。 事件点评 市场数据：2024年4月3日  年内新开店1407家，完成年初制定新开店1200家目标。公司酒店业务 收盘价（元）： 27.30 营收144亿元/+29.97%，毛利率42.52%/+8.93pct，净利率5.34%/+7.04pct， 年内最高/最低（元）： 68.06/22.42 有限服务型酒店业务营收142.4亿元/+30.4%。其中境内实现营收10 ...

Investment Rating - The investment rating for Jinjiang Hotels (600754) is "Buy" with a target price of 36.45 CNY, down from a previous target of 40.00 CNY [1][2]. Core Views - The report indicates that the company's performance in 2023 met expectations, with revenue of 14.649 billion CNY, representing a 29.53% increase year-on-year. However, overseas operations and financial burdens have negatively impacted performance. Future improvements in capital structure and store quality are expected to drive performance recovery [1][3]. - The report highlights that the company is industry-leading in scale, with significant room for efficiency improvements, justifying the "Buy" rating [1][2]. Summary by Sections Financial Performance - In 2023, Jinjiang Hotels reported a total revenue of 14.649 billion CNY, with a net profit attributable to shareholders of 1.002 billion CNY, reflecting a 462% increase compared to the previous year [1][3]. - The fourth quarter of 2023 saw a revenue of 3.687 billion CNY, a 20.91% increase year-on-year, with a net profit of 0.27 billion CNY [1]. Future Earnings Forecast - The report projects earnings per share (EPS) for 2024 and 2025 to be 1.36 CNY and 1.59 CNY respectively, with a further increase to 1.90 CNY by 2026 [1][3]. - The company is expected to maintain a growth trajectory, with revenue forecasts of 15.307 billion CNY for 2024 and 15.859 billion CNY for 2025 [3]. Operational Insights - The report notes that while the company has opened fewer new stores compared to competitors, it has also closed fewer, indicating a focus on improving store quality and operational efficiency [1][2]. - The operating profit margin for 2023 was reported at 14.1%, with expectations for further improvement in the coming years [3]. Market Position - Jinjiang Hotels is recognized as one of the largest hotel and catering companies in China, with a global operational strategy that includes acquisitions to enhance its market position [2][3]. - The company has a significant market capitalization of 29.212 billion CNY, with a stock price range over the past year between 23.42 CNY and 66.57 CNY [3].

Investment Rating - The investment rating for the company is "Buy" [1][9]. Core Views - In 2023, the company achieved a revenue of 14.649 billion yuan, representing a year-on-year increase of 29.53%, and a net profit attributable to shareholders of 1.002 billion yuan, reflecting a significant increase of 691.14% [3][5]. - The company's performance is primarily driven by domestic operations, with a recovery of 97% in revenue compared to 2019, although overseas operations have significantly dragged down overall performance [3][5]. - The company plans to open 1,200 new hotels in 2024, maintaining the same target as in 2023, with an expected revenue growth of 5-9% [7][8]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 14.649 billion yuan, with a net profit of 1.002 billion yuan, both figures aligning with the midpoint of the performance forecast [3][5]. - The company plans to distribute a dividend of 0.5 yuan per share, with a payout ratio of 53% [3][5]. - The fourth quarter of 2023 saw a revenue recovery of 97% compared to Q4 2019, but net profit was significantly impacted by overseas losses [3][5]. Operational Insights - The domestic hotel segment's revenue reached 9.945 billion yuan, recovering 93% compared to 2019, while the overseas segment generated 4.294 billion yuan, recovering 105% compared to 2019, but faced substantial losses due to increased costs [5][6]. - The company opened 1,407 new hotels in 2023, resulting in a net increase of 888 hotels, with a total of 12,448 hotels in operation by the end of 2023 [3][5]. Future Outlook - For 2024, the company anticipates a revenue increase of 5-9%, with domestic hotel revenue expected to grow by 6-10% [7][8]. - The company aims to sign 2,500 new hotel contracts in 2024, exceeding the 2023 target of 2,000 contracts [7][8].

[Table_Title] 证券研究报告 锦江酒店 23 年年报点评：境内业绩持续新高，境外 公司研究 亏损拖累，静待改革成效兑现 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年4月3日 [锦Ta江bl酒e_店Sto(c6k0A0n7d5R4an.kS]H ) [T事ab件le：_公Su司mm发ar布y] 2023年年报。23年实现收入146.5亿元（同比+30%），对 投资评级 增持 应归母净利润10亿元（同比+691%），对应扣非归母净利润7.7亿元。23Q1~Q4 上次评级 增持 收入分别为29/39/42/37亿元，对应归母净利润分别为1.3/3.9/4.5/0.3亿元。 公司业绩符合预告预期。 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 业绩拆分：境内有限服务分部盈利12亿元，净利率12%创新高，境外亏损 执业编号：S1500522110002 严重超5000万欧元。①23年有限服务酒店分部营收142.4亿元（同比+32%， 联系电话：15000310173 相比19年-4%），归母净利润7.6亿元（22年同期-2.0亿元，相比1 ...

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 锦江酒店（600754）公司研究报告 2024年03月07日 [Table_InvestInfo] 首次覆 上海国资酒管龙头，改革提效助发展 投资评级 优于大市 盖 股票数据 投资要点： 0[3T月ab0l6e日_收St盘o价c（kI元n）f o] 27.06 公司概况：全国规模最大的酒店管理集团，涵盖从经济型至高端全产品线。① 52周股价波动（元） 22.42-68.06 历史收入利润体量：2022年实现收入/归母净利润110.08亿元/1.13亿元；2019 总股本/流通A股（百万股） 1070/914 年（历史收入业绩最好年份）实现营业收入/归母净利润150.99亿元/10.92亿 总市值/流通市值（百万元） 28955/28955 元。②主营业务拆分：2022年公司业务主要分为有限服务型酒店营运及管理业 市场表现 务和食品及餐饮业务两个板块，2022年在营业收入中占比各为97.91%/2.09% [Table_QuoteInfo] ③区域收入拆分：2022年公司在中国大陆境内和境外分别实现总营收75.27亿 锦江酒店 海 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company has shown significant recovery in performance, with a projected stable growth for 2024 [3] - The company achieved a total revenue of RMB 14.649 billion in 2023, representing a year-on-year growth of 29.53% [3] - The net profit attributable to shareholders reached RMB 1.002 billion, a remarkable increase of 691.14% compared to the previous year [3] - The company plans to open 1,200 new hotels in 2024, aiming for steady and high-quality growth [3] Financial Performance Summary - The company reported a total revenue of RMB 14,649 million for 2023, with a growth rate of 33.1% [4] - The EBITDA for 2023 was RMB 4,213 million, with a significant increase of 57.5% [4] - The net profit attributable to shareholders for 2023 was RMB 1,002 million, reflecting a growth rate of 782.7% [4] - The latest diluted EPS for 2023 was RMB 0.94, with a growth of 782.7% [4] - The projected EPS for 2024 is RMB 1.40, with a corresponding P/E ratio of 19.8 [4][5] Operational Metrics - The RevPAR for domestic limited-service hotels increased by 46.86% in 2023, reaching 106.28% of the 2019 level [3] - The company opened 1,407 new hotels in 2023, exceeding its target of 1,200 [3] - The company aims to achieve a revenue of RMB 15.4-16.0 billion in 2024, representing a growth of 5-9% [3]

Investment Rating - The report assigns a "Recommended" rating for the company, with a target price of 31 yuan [1]. Core Insights - In 2023, the company achieved a revenue of 14.649 billion yuan, a year-on-year increase of 29.5%, and a net profit attributable to shareholders of 1.002 billion yuan, a significant increase of 691% [1]. - The company plans to open 1,200 new stores in 2024, aiming for a revenue of 15.4-16 billion yuan, representing a growth of 5-9% [1]. - The overseas operations faced losses due to high financial costs, while domestic hotel business showed recovery [1]. Financial Performance Summary - **Revenue**: 2023 revenue was 14,649 million yuan, with a growth rate of 33.1% [2]. - **Net Profit**: The net profit for 2023 was 1,002 million yuan, with a staggering growth rate of 782.7% [2]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.94 yuan, projected to increase to 1.23 yuan in 2024 [2]. - **Price-to-Earnings Ratio (PE)**: The PE ratio for 2024 is estimated at 22 times [2]. - **Total Assets**: The total assets as of 2023 were 50,587 million yuan [7]. - **Debt Ratio**: The debt ratio stood at 65.68% [4]. Operational Highlights - The company opened a total of 1,407 hotels in 2023, with a net increase of 888 hotels [1]. - The company’s domestic hotel revenue reached 10.1 billion yuan, while overseas revenue was 4.29 billion yuan, showing growth rates of 33.0% and 23.4% respectively [1]. - The company acquired 90% of Wehotel and 100% of Jinjiang Hotel Management, enhancing its brand portfolio [1].

社会服务/酒店餐饮 公 司 研 锦江酒店（600754.SH） 收入及签约指引乐观，改革方始成效可期 究 2024年04月03日 ——公司信息更新报告 投资评级：增持（维持） 初敏（分析师） 李睿娴（联系人） chumin@kysec.cn liruixian@kysec.cn 日期 2024/4/2 证 书编号：S0790522080008 证书编号：S0790122120005  海外亏损压制利润释放，2024改革起点后续成效可期 当前股价(元) 27.65 锦江发布2023年年报，公司2023年实现收入146.49亿元/yoy+29.53%，归母净 公 一年最高最低(元) 68.06/22.42 司 利润10.02亿元/yoy+691.14%，扣非归母净利润7.74亿元，同比扭亏为盈。其中 信 总市值(亿元) 295.87 2023Q4实现收入36.87亿元/yoy+20.91%，归母净利润2673万元/-64.29%，扣非 息 流通市值(亿元) 252.73 更 净利润-2811 万元，四季度国内商旅走弱，海外加息导致财务费用上升，叠加管 总股本(亿股) 10.70 新 理层整合导致利润承压。考虑到 ...

事件 24年4月1日公司公告23年报，23年营收146.5亿元/+29.5%（增 速按重述调整后口径，后同），归母净利 10.0 亿元/+691%，扣非 归母净利7.7 亿元/扭亏。单 Q4营收 36.9 亿元/+20.9%，归母净 利2673 万元/-64.3%，扣非归母净利-2811 万元、减亏 5945 万元。 点评 Q4出行淡季叠加欧元加息，业绩存一定压力。23年公司境内有限 服务酒店 RevPAR 较 19 年同期恢复度 106.3%，分季度看，Q1~4 RevPAR 分别恢复至 19 年同期的102.6%/109.3%/112.6%/100.2%， Q4环比 Q3 -12.4pct，主因 Q4 为出行淡季，中秋国庆节后尤其是 休闲需求明显下降；境外 RevPAR 全年较 19 年同期恢复度111.9%， 分 季 度 看 ， Q1~4 RevPAR 分 别 恢 复 至 19 年 同 期 的 109.6%/111.4%/114.5%/111.6%。除淡季经营杠杆作用下业绩增速 人民币(元) 成交金额(百万元) 较收入增速受影响更大外，欧元加息导致公司以浮动汇率计的海 71.00 1,400 外负债利息 ...