Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company plans to acquire minority stakes in three subsidiaries (Lavande, Xana, and Coffetel) for a total of 1.715 billion yuan, which is expected to enhance performance and consolidate resources [4] - Post-acquisition, the subsidiaries will become wholly-owned, with no new goodwill added, and the transaction valuations are reasonable (2023 PE multiples of 10.64x, 10.66x, and 10.62x) [5] - The acquisition will improve decision-making efficiency and resource integration, with 60%-70% of the transaction proceeds to be used for purchasing the company's shares, aligning interests [6] Financial Projections - Revenue for 2024-2026 is projected at 14.0/14.87/15.27 billion yuan, with YoY growth of -4.4%/+6.2%/+2.7% [7] - Net profit attributable to shareholders is forecasted at 1.256/1.457/1.730 billion yuan, with YoY growth of +25%/+16%/+19% [7] - EPS for 2024-2026 is estimated at 1.17/1.36/1.62 yuan, with PE ratios of 22x/19x/16x based on the closing price of 26.24 yuan on December 24, 2024 [7] Financial Performance - 2023 revenue was 14.649 billion yuan, with a YoY growth of 29.5%, while 2024 revenue is expected to decline by 4.4% to 14.001 billion yuan [11] - Net profit in 2023 was 1.002 billion yuan, with a YoY growth of 691.1%, and is expected to grow by 25.4% in 2024 to 1.256 billion yuan [11] - Gross margin improved from 33.3% in 2022 to 42.0% in 2023, and is projected to further increase to 48.5% by 2026 [11] Valuation Metrics - The company's PE ratio for 2024-2026 is estimated at 22x/19x/16x, with a PB ratio of 1.57x/1.45x/1.33x [15] - ROE is expected to improve from 6.0% in 2023 to 8.2% by 2026 [15]

Investment Rating - The report maintains a "Buy" rating for Jinjiang Hotels, projecting a significant recovery in profitability and market position over the next few years [2][11]. Core Views - Jinjiang Hotels, as China's largest hotel chain, is expected to leverage its brand and operational strengths for continued network expansion. The company is positioned to recover profitability as business travel demand rebounds, following a period of strategic resource integration during the pandemic [2][12]. - The acquisition of minority stakes in the Plateno brand is anticipated to enhance Jinjiang's market share and profitability, with projected net profits from these acquisitions contributing approximately 1.6 billion yuan [12][13]. Financial Summary - The forecasted net profits for Jinjiang Hotels from 2024 to 2026 are 1.24 billion yuan, 1.42 billion yuan, and 1.53 billion yuan, respectively, with corresponding P/E ratios of 22.61, 19.80, and 18.34 [2][11]. - The total revenue for 2024 is projected at 14.20 billion yuan, with a slight decrease from 2023's 14.65 billion yuan, followed by a gradual increase in subsequent years [11][12]. - The company's total assets are expected to remain stable around 50 billion yuan, with a slight increase in shareholder equity from 16.68 billion yuan in 2023 to 20.55 billion yuan by 2026 [7][11]. Market Data - The closing price of Jinjiang Hotels is reported at 26.24 yuan, with a market capitalization of approximately 28.08 billion yuan [15]. - The company has a price-to-book ratio of 1.65, indicating a reasonable valuation relative to its equity [15]. Industry Outlook - The hotel industry is expected to see a balance in supply and demand by 2025, with RevPAR projected to stabilize. Jinjiang Hotels is anticipated to outperform the industry due to its strategic expansions and operational efficiencies [12][13].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The acquisition of minority stakes in Lavanda, Xana, and Coffetel will enhance the company's performance, with an expected profit increase of approximately 146 million yuan based on 2023's net profit levels [1]. - The transaction's price-to-earnings (PE) ratio is lower than the industry average, indicating a reasonable valuation for the acquisition [1]. - The acquisition is expected to improve internal management efficiency by consolidating resources and reducing management costs [1]. Financial Summary - The company reported a revenue of 14,649 million yuan in 2023, with a growth rate of 33.08% compared to 2022 [3]. - The net profit attributable to the parent company for 2023 was 1,002 million yuan, reflecting a significant increase of 782.71% from the previous year [3]. - The projected net profits for 2024E, 2025E, and 2026E are 1,201 million yuan, 1,427 million yuan, and 1,741 million yuan, respectively, with corresponding PE ratios of 23.38X, 19.67X, and 16.13X [1][3]. Acquisition Details - The company acquired 38%, 32%, and 38% stakes in Lavanda, Xana, and Coffetel for 11.01 billion yuan, 2.90 billion yuan, and 3.24 billion yuan, respectively [1][5]. - Post-acquisition, the company will hold 95% of the shares in these three entities, which are expected to contribute positively to the overall performance [1][5]. - The financial performance of the acquired companies in 2023 includes net profits of 269 million yuan for Lavanda, 82 million yuan for Xana, and 77 million yuan for Coffetel, with net profit margins of 33.7%, 28.9%, and 29.9%, respectively [1][5].

Plateno Investment Limited 拟股权收购所涉及的 Lavande Holdings Limited 股东全部权益价值的 资产评估报告 东洲评报字【2024】第 1444 号 本资产评估报告依据中国资产评估准则编制 (报告书、附件、评估说明及明细表) 共３卷 第１卷 共 1 册 第 1 册 上海东洲资产评估有限公司 2024年8月28日 资产评估报告 东洲评报字【2024】第 1444 号 明 HE 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协会发 布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定和资产评 估报告载明的使用范围使用资产评估报告;委托人或者其他资产评估报告使用人违反 前述规定使用资产评估报告的,资产评估机构及资产评估专业人员不承担责任。 三、资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报告使 用人和法律、行政法规规定的资产评估报告使用人使用;除此之外,其他任何机构和个 人不能成为资产评估报告的使用人。 四、资产评估报告使用人应当正确理解和使用评估结论,评估结论不等同于评估 对象可实 ...

本资产评估报告依据中国资产评估准则编制 Plateno Investment Limited 拟股权收购所涉及的 Xana Hotelle Holdings Limited 股东全部权益价值 日 资产评估报告 东洲评报字【2024】第 1415 号 (报告书、评估说明、评估明细表及附件) 共３卷 第１卷 共1册 第1册 上海东洲资产评估有限公司 2024 年 8 月 28 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020001202402174 | | | --- | --- | --- | | 合同编号: | 东洲评委(202405136) 号 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 东洲评报字【2024】第1415号 | | | 报告名称: | Plateno Investment Limited拟股权收购所涉及的 Xana Hotelle Holdings Limited股东全部权益价 值的资产评估报告 | | | 评估结论: | 871,685,055.64元 | | | 评估报告日: | 2024年08月28日 | | | ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-067 上海锦江国际酒店股份有限公司 关于全资子公司 Plateno Investment Limited 收购下属三家控股子公司少数股东股权的公告 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： 交易简要内容：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"）的全资子公司 Plateno Investment Limited（以下简称"Plateno"） 持有 Lavande Holdings Limited（以下简称"Lavande"）57%股权、持有 Xana Hotelle Holdings Limited（以下简称"Xana"）62.7%股权、持有 Coffetel Holdings Limited（以下简称"Coffetel"，与 Lavande、Xana 合称"标的公司"）57%股 权。现拟：（1）以协议转让方式收购 Prosperous Team Limited（以下简称 "Pros ...

本资产评估报告依据中国资产评估准则编制 Plateno Investment Limited 拟股权收购所涉及的 Coffetel Holdings Limited 股东全部权益价值的 资产评估报告 al and the 东洲评报字【2024】第 1453 号 (报告书、评估说明、评估明细表及附件) 共3卷 第1卷 共1册 第1册 上海东洲资产评估有限公司 2024 年 8 月 28 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020001202402172 | | --- | --- | | 合同编号: | 东洲评委(202405136)号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 东洲评报字【2024】第1453号 | | 报告名称: | Plateno Investment Limited拟股权收购所涉及的 Coffetel Holdings Limited股东全部权益价值的 资产评估报告 | | 评估结论: | 820,024,957.03元 | | 评估报告日: | 2024年08月28日 | | 评估机构名称: | 上海东洲资产评估有 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-068 上海锦江国际酒店股份有限公司 关于 Keystone 为全资子公司 Plateno 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： 担保人名称：Keystone Lodging Holdings Limited，为上海锦江国际酒 店股份有限公司持股 100%的全资子公司。 被担保人名称：Plateno Investment Limited，为 Keystone 持股 100% 的全资子公司。 本次担保金额：人民币 90,000 万元，截至本公告日，本公司及子公司为 Plateno 提供的担保余额为人民币 90,000 万元。 一、担保情况概述 近日，Keystone Lodging Holdings Limited（以下简称"Keystone"）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"）就 Plateno Investment Limited（以下简称"Plateno"）申请人民 ...

本次交易完成后，Plateno将分别持有Lavande、Xana、Coffetel 95%股权。 财联社12月24日电，锦江酒店公告，全资子公司Plateno Investment Limited拟以协议转让方式收购 Prosperous Team Limited持有的Lavande Holdings Limited 19%股权和MapleL Holdings Limited持有的 Lavande 19%股权，交易价格合计为11.01亿元；收购Fortune News International Limited持有的Xana Hotelle Holdings Limited 15.2%股权、DaChow Holding Limited持有的Xana 5.7%股权以及DeerHarvest Holding Limited持有的Xana 11.4%股权，交易价格合计为2.90亿元；收购Prosperous持有的Coffetel Holdings Limited 19%股权、Fortune News持有的Coffetel 7.35%股权、Plan 2 HK Company Limited持有的 Coffetel 4 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-066 上海锦江国际酒店股份有限公司 关于为全资子公司 GDL 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：Groupe du Louvre（卢浮集团，以下简称"GDL"） 本次担保金额：2,650 万欧元，截至本公告日，公司为 GDL 担保的余额为 18,350 万欧元。 特别风险提示：GDL 存在资产负债率超过 70%的情形，请投资者注意投资 风险。 一、担保情况概述 1 本次担保是否有反担保：无 对外担保逾期的累计金额：无 二、被担保人的基本情况 于 2024 年 12 月 10 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"）与中国工商银行股份有限公司上海市外滩支行（以 下简称"工商银行"）就 GDL 申请 2,650 万欧元（系借新还旧）流动资金借款合 同签署《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 ...