Investment Rating - The report maintains an "Accumulate" rating for the company with a current price of 24.00 CNY [1] Core Views - The company is experiencing steady reform progress, with asset disposal and overseas loss reduction driving growth in net profit attributable to shareholders [6][7] - The company reported a revenue of 6.892 billion CNY for H1 2024, a year-on-year increase of 0.2%, and a net profit of 848 million CNY, up 59.2% year-on-year, largely due to the disposal of a fashion travel business contributing 421 million CNY [6] - The report highlights a double-digit revenue growth in domestic full-service hotels, while limited-service hotels face pressure [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 68.92 billion CNY, with a net profit of 8.48 billion CNY, reflecting a significant year-on-year increase [6] - The second quarter of 2024 saw a revenue of 38.86 billion CNY, down 4.8% year-on-year, but net profit rose by 68.0% to 6.58 billion CNY [6] - The domestic limited-service hotel segment reported a revenue of 46.74 billion CNY, a slight increase of 0.32%, while full-service hotels saw a revenue increase of 43.14% to 1.04 billion CNY [6] Market Dynamics - The report notes that the RevPAR for domestic limited-service hotels decreased by 4.63% year-on-year to 153.84 CNY, attributed to weak domestic demand and increased hotel supply [6] - The average room rate for limited-service hotels was 246.30 CNY, down 0.4%, with an occupancy rate of 62.46%, a decline of 2.75 percentage points [6] International Operations - The overseas limited-service hotel segment reported a revenue of 2.60 billion EUR, down 4.17% year-on-year, but the net loss was reduced to 23.47 million EUR, an improvement from a loss of 75 million EUR [6] - The average room rate for overseas hotels showed resilience, with a slight increase of 1.8% year-on-year [6] Expansion Strategy - The company opened 680 new hotels in H1 2024, with a net increase of 490 hotels, aiming for a total of 1,200 new openings for the year [6] - The report indicates a rapid expansion of franchise stores, with a net increase of 536 franchise hotels, while direct-operated stores are being optimized [6] Future Outlook - The company has launched an equity incentive plan with performance targets for net profit growth set for 2024 to 2026 [7] - The report adjusts the profit forecast for 2024-2026, with net profit estimates of 1.41 billion CNY, 1.51 billion CNY, and 1.74 billion CNY respectively, reflecting a downward revision [7][8]

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600754.SH 增持 原评级：增持 市场价格:人民币 23.86 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦江酒店 上证综指 至今 个月 个月 个月 绝对 (19.9) 1.3 (15.2) (40.4) 相对上证综指 (13.9) 5.4 (5.3) (28.0) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,070.04 | | 流通股 ( 百万 ) | | 1,070.04 | | 总市值 ( 人民币 百万 ) | | 25,531.25 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 240.23 | | 主要股东 | | ...

证券研究报告 非金融公司|公司点评|锦江酒店（600754） 业绩符合预期，RevPAR 压力延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年度报告。2024H1 公司实现收入 68.9 亿元/同比+0.2%，归母净利润为 8.5 亿元/同比+59.2%，扣非归母净利润为 3.9 亿元/同比+4.0%。单二季度，公司实现收入 36.9 亿元/同比-4.8%，归母净利润为 6.6 亿元/同比+68.0%，扣非归母净利润为 3.3 亿元/同比 +16.0%。业绩落在此前预告区间内。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 锦江酒店(600754) 业绩符合预期，RevPAR 压力延续 | --- | --- | |----------------------------|----------------------| | | | | 行 业： ...

锦江酒店（600754.SH）2024 年中报点评 经营数据同比承压，优化措施有序落地 2024 年 09 月 02 日 ➢ 公司发布 2024 年上半年财务报告。24H1 公司实现营业收入 68.92 亿元， 同比+0.23%，实现归母净利润 8.48 亿元，同比+59.15%，实现扣非归母净利润 3.89 亿元，同比+4.02%；单 Q2 公司实现营业收入 36.86 亿元，同比 4.86%， 实现归母净利润 6.58 亿元，同比+68.02%，实现扣非归母净利润 3.26 亿元，同 比+15.97%。归母净利润大幅上涨，主要系 24H1 内公司出售时尚之旅 100% 股权处置若干酒店物业取得投资收益所致。 ➢ 境内：受去年同期高基数影响，RevPAR 同比下滑，对业绩形成拖累。公司 Q2 中国大陆境内有限服务酒店 RevPAR 为 162.4 元，同比-7.2%；ADR 为 249.9 元 ， 同 比 -1.8% ； OCC 为 65.0% ， 同 比 -3.7pct 。 具 体 来 看 ， 中 端 酒 店 RevPAR/ADR/OCC 分别同比 -9.6%/-3.6%/-4.4pct ，经济型酒店 R ...

Investment Rating - The report maintains an **"Overweight"** rating for Jinjiang Hotels, with a target price of **30.80 RMB**, down from the previous target of **35.66 RMB** [4] Core Views - The company's performance is in line with expectations, with operational data fluctuations impacting results, but accelerated store adjustments are expected to improve efficiency [3] - Directly-operated stores are undergoing rapid adjustments, while overseas operations continue to reduce losses [3] - The company's 2024/25/26 EPS forecasts have been revised to **1.38/1.40/1.58 RMB**, with net profits attributable to shareholders of **14.75/15.03/16.96 billion RMB** [8] - The company is expected to benefit from its industry leadership and improved operational efficiency post-organizational restructuring [8] Financial Performance - **2024 H1 Revenue**: **6.892 billion RMB**, up **0.23% YoY**, with net profit attributable to shareholders of **848 million RMB**, up **59.15% YoY** [8] - **Q2 2024 Revenue**: **3.686 billion RMB**, down **4.84% YoY**, with net profit attributable to shareholders of **657 million RMB**, up **68.02% YoY** [8] - Directly-operated revenue decreased by **8.8%**, while franchise revenue increased by **9.4%** [8] - Overseas operations reduced losses by **7.5 million euros**, primarily due to cost-cutting and efficiency improvements [8] Operational Highlights - **Store Adjustments**: Directly-operated stores decreased by **47**, while **680 new stores** were opened, resulting in a net increase of **490 stores** [8] - **China Region**: Revenue increased by **0.32%**, with net profit up **57.79%**, excluding non-recurring gains [8] - **Overseas Operations**: Revenue decreased by **1.8%**, with losses reduced by **2.347 million euros** [8] Organizational and Strategic Adjustments - The company has implemented a **stock incentive plan**, focusing on debt structure optimization, CRS fees, and reducing losses in directly-operated stores [8] - The organizational restructuring in the China region is nearing completion, with a new management team in place, expected to improve operational efficiency and performance [8] Financial Forecasts - **2024E Revenue**: **15.477 billion RMB**, up **5.6% YoY**, with net profit attributable to shareholders of **1.475 billion RMB**, up **47.3% YoY** [9] - **2025E Revenue**: **16.120 billion RMB**, up **4.2% YoY**, with net profit attributable to shareholders of **1.503 billion RMB**, up **1.9% YoY** [9] - **2026E Revenue**: **16.903 billion RMB**, up **4.9% YoY**, with net profit attributable to shareholders of **1.696 billion RMB**, up **12.8% YoY** [9] Valuation Metrics - **P/E Ratio (2024E)**: **17.22x**, based on the current price and latest share count [9] - **P/B Ratio (2024E)**: **1.42x** [9] - **EV/EBITDA (2024E)**: **11.13x** [12] Industry Comparison - The hotel industry's average **2024E P/E ratio** is **21x**, with Jinjiang Hotels trading at a lower multiple of **17.22x** [13]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-048 上海锦江国际酒店股份有限公司 2024 年半年度利润分配方案公告（更正后） 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：每股派发现金红利 0.12 元（含税）。 截至2024年6月30日，公司母公司报表中期末未分配利润为3.79亿元（未经审 计）。公司2024年半年度拟以实施权益分派股权登记日登记的总股本（扣除公司 股份回购专用证券账户的股份）为基数分配利润。本次利润分配方案如下： 本次利润分配以实施权益分派股权登记日登记的总股本(扣除公司股份 回购专用证券账户的股份)为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前股份基数发生变动的，拟将维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 向全体股东每10股派发现金红利1.2元（含税）。截至本报告披露日，公司总 股本为1,070,044,063股，扣除公司股份回购专用证券账户的股份8 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - In the first half of 2024, the company achieved revenue of 6.89 billion with a year-on-year growth of 0%, and a net profit attributable to shareholders of 850 million, reflecting a year-on-year increase of 59% [1]. - The second quarter saw revenue of 3.69 billion, a decrease of 5% year-on-year, while the non-recurring net profit was 330 million, up 16% year-on-year [1]. - The company is on track to meet its goal of opening 1,200 new hotels in 2024, having already opened 680 in the first half of the year, with a total room count of 1.232 million, an increase of 9% year-on-year [1]. - The net profit margin improved to 17.8% in Q2, up 7.7 percentage points year-on-year, primarily due to significant investment gains from the sale of a subsidiary [1]. - A new equity incentive plan has been introduced, targeting key management and core staff, with performance targets set for net profit growth and new hotel openings [1]. Financial Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.01 billion, 1.25 billion, and 1.51 billion respectively, with corresponding PE ratios of 25x, 21x, and 17x [2][3]. - Revenue projections for the same period are 15.87 billion, 16.35 billion, and 17.02 billion, with growth rates of 8.3%, 3.05%, and 4.08% respectively [3]. - The company expects non-recurring net profit to grow by at least 30%, 65%, and 100% from 2023 levels over the next three years [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][11] Core Views - In the first half of 2024, the company achieved revenue of 6.892 billion yuan, a slight increase of 0.23%, and a net profit attributable to shareholders of 848 million yuan, up 59.15%, primarily due to a 420 million yuan pre-tax gain from the sale of a fashion travel business [1][4] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares to all shareholders [1][4] - The second quarter saw a revenue of 3.686 billion yuan, a decrease of 4.84%, but a net profit of 658 million yuan, an increase of 68.02%, driven by reduced losses from overseas hotels [1][4] - The company opened 680 new hotels and closed 190, resulting in a net increase of 490 hotels in the first half of 2024, with a significant acceleration in the second quarter [1][4][6] Summary by Relevant Sections Financial Performance - The company reported a net profit of 848 million yuan in the first half of 2024, which is at the upper limit of its performance forecast range [1][4] - The second quarter's net profit was 658 million yuan, reflecting a significant year-on-year increase of 68.02% [1][4] - The company's revenue for the first half of 2024 was 6.892 billion yuan, with a slight increase of 0.23% compared to the previous year [1][4] Hotel Operations - The company experienced a decline in RevPAR (Revenue per Available Room) of 4.63% for limited-service hotels in the first half of 2024, with mature stores seeing a RevPAR decline of 6.05% [1][6] - The second quarter's RevPAR further declined, with limited-service hotels showing a decrease of 1.55% in Q1 and 7.18% in Q2 [1][6] - The company continues to optimize its direct-operated stores while expanding its franchise model [1][4][6] Overseas Operations - The overseas hotel segment reported a RevPAR decline of 0.63% and a revenue decrease of 1.70% in the first half of 2024, but cost control measures have begun to show results [1][7] - The company recorded a pre-tax investment income of 125 million yuan from the disposal of some overseas properties [1][7] - The company expects to accelerate the reduction of losses in its overseas operations in the second half of 2024, aided by upcoming events like the UEFA Champions League and the Olympics [1][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.89 billion yuan for the first half of 2024, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 850 million yuan, a year-on-year increase of 59.2% [3] - The second quarter performance was at the upper end of the forecast range, with a revenue of 3.69 billion yuan, down 5% year-on-year, and a net profit of 660 million yuan, up 68% year-on-year [3] - The company is accelerating its net store openings, with a total of 12,938 hotels as of the end of Q2, an increase of 8% year-on-year [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 11,310, for 2023A was 14,649, and is expected to be 14,716 in 2024E, with a year-on-year growth of 0.45% [2] - Net profit attributable to shareholders (in million yuan) for 2022A was 126.62, for 2023A was 1,001.75, and is expected to be 1,452.48 in 2024E, reflecting a year-on-year growth of 44.99% [2] - The latest diluted EPS (in yuan/share) is projected to be 1.36 for 2024E, with a P/E ratio of 17.78 [2] Operational Highlights - The company opened 680 new stores in the first half of the year, with a target of 1,200 for the entire year [3] - The average RevPar for limited-service hotels in mainland China was 162 yuan, down 7% year-on-year, with an occupancy rate of 65.0% [3] - The company has implemented a stock incentive plan with performance targets for 2024-2026, aiming for a compound annual growth rate (CAGR) of 26% in net profit [3] Valuation and Future Outlook - The company is expected to achieve net profits of 1.45 billion yuan in 2024, 1.53 billion yuan in 2025, and 1.84 billion yuan in 2026, corresponding to P/E valuations of 18, 17, and 14 times respectively [4] - The financial burden from overseas debt is expected to improve, supporting the completion of the stock incentive targets [4]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-047 上海锦江国际酒店股份有限公司 关于独立董事公开征集投票权的公告 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： 张晖明先生，1956年7月出生，中共党员，经济学博士，复旦大学经济学教授。 1 征集投票权的起止时间：2024 年 9 月 18 日 9:00 至 16:00 征集人对所有表决事项的意见：同意 征集人未持有公司股票 曾任上海市经济体制改革研究会副会长；现任复旦大学经济学教授、复旦大学企 业研究所所长；兼任上海市政府发展战略咨询专家、中国宝武集团顾问、上海市 就业促进会专家委员会主任、上海市创业指导专家志愿团副理事长；上海紫江集 团股份有限公司独立董事、光明房地产集团股份有限公司独立董事。2022年6月起 任上海锦江国际酒店股份有限公司独立董事。 （二）征集人利益关系情况 根据《中华人民共和国证券法》、《上市公司股东大会规则》、《公开征集 上市公司股东权利管理暂行规定》、《上海锦江国际酒店股份有限公司章程》等 ...