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。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-040 上海锦江国际酒店股份有限公司 关于股份回购实施结果暨股份变动的公告 三、回购期间相关主体买卖股票情况 重要内容提示： | 回购方案首次披露日 | 2024/8/10 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | | 回购价格上限 | 34.8 | 元/股 | | 回购股份数量 | 400 | 万股-800 万股 | | 回购用途 | | □减少注册资本 √用于股权激励 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 实际回购股数 | 800 | 万股 | | 实际回购股数占总股本比例 | 0.75% | | | 实际回购金额 | 18,907.63 | 万元 | | 实际回购价格区间 | 23.17 元/股 | 元/股-24.00 | 一、回购股份的基本情况 上海锦江国际酒店股份 ...

重要内容提示： | 回购方案首次披露日 | 2024/8/10 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 155 万股 | | 累计已回购股数占总股本比例 | 0.1449% | | 累计已回购金额 | 3,672.18 万元 | | 实际回购价格区间 | 23.33 元/股-23.80 元/股 | 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-039 上海锦江国际酒店股份有限公司 关于以集中竞价交易方式首次回购股份的公告 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。 2024 年 8 月 19 日，公司通过集中竞价交易方式首次回购股份 155 万股，占公 司总股本的比例为 0.1449%，购买的最高价为 23.80 元/股、最低价为 23.33 元/ 股，已支付的总金额 ...

2024 年 08 月 13 日 证券研究报告|公司研究|公司点评 锦江酒店（600754） 公司股权激励计划落地，深化改革释放增长潜力 ◆ 事件：８月 9 日、公司公告披露、公司拟开展 2024 年限制性股票激励 计划及回购公司股份方案。拟向激励对象授予不超过 800 万股，约占 激励计划草案公告时公司股本总额的 0.75%。其中，首次授予不超过 647.7 万股，首次授予的激励对象不超过 148 人，授予价格为 11.97 元/股。 ◆ 本次股权激励草案涉及考核指标全面，展现公司经营信心。业绩考核 指标主要涵盖四个方面，即在 2024-2026 年三年间，①扣非归母净 利润同比增长率分别不低于 30%/27%/21%，对应扣非净利润分别为 10.1/12.8/15.5 亿元；②新开店分别不低于 1200/1200/1200（或累计 不低于 1200/2400/3600）家；③主业利润率分别不低于 11%/12.5%/ 14%；④扣非归母净资产收益率分别不低于 5.8%/7%/8%。计划规 定，授予的股票有 24 个月、36 个月和 48 个月的解锁期，分别解除 40%、30%和 30%的限售。这种安排展现 ...

锦江酒店股权激励草案点评 [table_Authors] 刘越男(分析师) 于清泰(分析师) 021-38677706 021-38022689 liuyuenan@gtjas.com yuqingtai@gtjas.com 登记编号 S0880516030003 S0880519100001 本报告导读： 激励计划草案对业绩目标和激励力度均符合预期，业绩目标完成具有一定挑战性。 投资要点： [Table_Summary] 激励计划符合预期。维持 2024/25/26 年 EPS 为 1.41/1.41/1.59 元， 对应归母净利润为 15.06/15.14/17.00 亿元，考虑公司为行业龙头， 且架构调整团队稳定后，经营及业绩有望改善，给予 25 年高于行业 平均 26xPE，维持目标价 35.66 元，增持。 事件：公司近期发布股权激励草案，核心要点：1）业绩目标：24/25/26 年 归 母 扣 非 业 绩 分 别 为 10/12.77/15.48 亿 ， 增 速 分 别 为 30%/28%/21%；2）开店目标：每年新开 1,200 家，3 年累计新开业 不少于 3,600 家；3）ROE24-2 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-038 上海锦江国际酒店股份有限公司 关于前十名股东持股情况的公告 1 | | 产品－005L－CT001 沪 | | | | --- | --- | --- | --- | | 7 | 中国工商银行股份有限公司－华安媒体互联网 | 7,355,750 | 0.69 | | | 混合型证券投资基金 | | | | 8 | 中国农业银行股份有限公司－中证 500 交易型 | 6,618,700 | 0.62 | | | 开放式指数证券投资基金 | | | | 9 | 平安养老保险股份有限公司－万能－团险万能 | 6,216,396 | 0.58 | | 10 | 全国社保基金一一零组合 | 5,789,800 | 0.54 | 特此公告。 上海锦江国际酒店股份有限公司董事会 2024年8月15日 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。 上海锦江国际酒店股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 9 日召开第十 ...

回购股份价格：不超过人民币34.8元/股（含）； 回购股份方式：集中竞价交易方式 回购股份期限：自公司董事会审议通过本回购股份方案之日起不超过6个 月。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-037 上海锦江国际酒店股份有限公司 关于以集中竞价交易方式回购 A 股股份的回购报告书 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： 回购股份的资金总额：拟回购股份数量不低于400万股（含）且不超过800 万股（含），具体回购股份数量以回购期满时实际回购股份数量为准，预计公司 拟用于回购的资金总额不超过人民币2.784亿元（含）； 回购资金来源：上海锦江国际酒店股份有限公司（以下简称"公司"或"本 公司"）自有资金 回购股份用途：用于实施公司股权激励计划，法定期间未使用部分公司将 履行相关程序予以注销并减少注册资本。 一、回购方案的审议及实施程序 截至董事会通过本次回购方案决议日，公司控股股东、实际控制人、董事、 监事、高级管理人员不存在未来3个月、未来6个月减持本公司 ...

公司点评报告 · 社会服务行业 勐目标清晰、新一轮变革有望兑现 公司信息更新 2024 年８月 12 日 核心观点 。 事件：公司发布 2024 年限制性股票激励计划（草茶），本计划拟向激励对象 授予不超过 800 万股，约占公司总股本的 0.75%。此外，公司拟以自有资金通 过集中竞价交易方式回购股份 400 万-800 股，资金总额不超过 2.784 亿元， 回购价格不超过 34.8 元/股。 o 激励目标主要以核心团队为主, 摊销费用影响可控。此次激励计划面向核心 中高层管理及核心骨干，人数不超过 148 人，总计不超过 800 万股，约占总 股本 0.75%。此外，公司允许激励对象以 11.97 元/股购买公司从二级市场回 购的公司 A 股股票。预计股份支付费用总计约 7585 万元，其中 2024-2028 年 分别摊销 948/2844/2338/1074/379 万元，对整体利润影响可控。 錦江酒店（600754.SH） 推荐 维持评级 分析师 顾意闻 ☎ : 021-2025 2670 ✉ ; guximin_yj@chinastock.com.cn 分析师登记编码: S01305220700 ...

Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels (600754) [1][2] Core Views - The company has exceeded expectations in its non-recurring performance, with a focus on the performance during the summer peak season [1] - The company has announced a restricted stock incentive plan for 2024, targeting a non-recurring net profit growth rate of 30%/27%/21% for the years 2024-2026, which is above market expectations [1] - The company plans to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital, with a repurchase price not exceeding 34.8 yuan per share [1] Financial Performance Summary - The projected revenue for Jinjiang Hotels is expected to grow from 14.649 billion yuan in 2023 to 17.590 billion yuan in 2026, reflecting a year-on-year growth of 5%/7%/7% [2][3] - The net profit attributable to the parent company is forecasted to increase from 1.002 billion yuan in 2023 to 1.779 billion yuan in 2026, with corresponding year-on-year growth rates of 35.77%/12.27%/16.50% [2][3] - The company's operating profit margin is expected to remain stable, with projected margins of 41.99% in 2023, increasing to 45.00% by 2026 [3] Key Financial Metrics - The report indicates that the company's earnings per share (EPS) is projected to rise from 0.94 yuan in 2023 to 1.66 yuan in 2026 [2][3] - The return on equity (ROE) is expected to improve from 6.01% in 2023 to 8.55% in 2026 [2][3] - The company's debt-to-asset ratio is projected to decrease from 65.68% in 2023 to 59.71% in 2026, indicating improved financial stability [3]

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company has introduced a restricted stock incentive plan for 2024, aiming to double its performance targets over three years, with a focus on key performance indicators such as non-recurring net profit growth and return on equity [1][2]. - The company is expected to achieve net profits of RMB 1.25 billion, RMB 1.50 billion, and RMB 1.67 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20.5, 17.1, and 15.3 times [2][3]. Summary by Sections Incentive Plan - The company plans to repurchase 4-8 million shares, accounting for 0.37%-0.75% of the total share capital, with a budget of up to RMB 278 million at a maximum price of RMB 34.8 per share [1]. - The incentive plan targets 148 high-level and middle management personnel, with 152,300 shares reserved for future grants [1]. Performance Targets - The performance assessment for the incentive plan includes three phases with specific targets: - Non-recurring return on equity (ROE) minimums of 5.8%, 7.0%, and 8.0% for 2024, 2025, and 2026 respectively - Non-recurring net profit growth rates of 30%, 65%, and 100% - A minimum of 1,200 new hotel openings each year [1][2]. Financial Projections - The company is projected to have operating revenues of RMB 16.85 billion, RMB 18.26 billion, and RMB 19.26 billion for 2024, 2025, and 2026 respectively, with growth rates of 15.0%, 8.4%, and 5.5% [3]. - The net profit for 2024 is expected to be RMB 1.25 billion, reflecting a growth rate of 24.6% compared to the previous year [3].

Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Views - The company is expected to achieve revenues of 15.35 billion, 16.30 billion, and 17.30 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.8%, 6.2%, and 6.2%. The net profit attributable to shareholders is projected to be 1.29 billion, 1.54 billion, and 1.79 billion yuan for the same years, with growth rates of 28.7%, 19.5%, and 16.5% respectively. The price-to-earnings (PE) ratios are expected to be 20, 16, and 14 times [4][11]. Financial Data and Valuation - The total share capital is 1,070.04 million shares, with a market capitalization of 21,644.56 million yuan. The net asset value per share is 15.78 yuan, and the asset-liability ratio stands at 65.05% [7][12]. - The company reported revenues of 11,008 million yuan in 2022, which increased to 14,649 million yuan in 2023, reflecting a growth rate of 33.08%. The projected revenues for 2024, 2025, and 2026 are 15,346 million, 16,301 million, and 17,304 million yuan, respectively [12][14]. - The net profit attributable to shareholders was 113 million yuan in 2022, surging to 1,002 million yuan in 2023, with a staggering growth rate of 782.71%. The projected net profits for 2024, 2025, and 2026 are 1,290 million, 1,540 million, and 1,794 million yuan, respectively [12][14]. Incentive Plan - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital. The initial grant will not exceed 6.477 million shares, with a grant price of 11.97 yuan per share [11][12]. - The incentive plan targets middle management and core personnel, with an attractive grant price aimed at enhancing organizational vitality and reducing agency costs [11][12]. - The performance assessment criteria for the incentive plan are based on four indicators, including net profit and return on equity, with a target compound annual growth rate (CAGR) of 26% for net profit over three years [11][12].