[Table_Title] 锦江酒店(600754.SH) 24H1 预告略超预期,关注海外减亏与改革提效 [Table_Summary] 核心观点: ⚫ 公司发布 24H1 业绩预告:预计 24H1 归母净利润为 8.0-8.5 亿元,同 比增长 50.2%-59.6%;扣非归母净利润为 3.7-4.0 亿元,同比变化-0.9% 到+7.1%。单 24Q2 来看,归母净利润为 6.1-6.6 亿元,同比增长 55.9%- 68.6%,扣非归母净利润为 3.1-3.4 亿元,同比增长 8.7%-19.3%。(所 有数据均为重述后口径,23 年同期数据均按增速倒算) ⚫ 非经常性损益主要来自出售时尚之旅所得投资收益。据 24H1 业绩预 告,公司于 2024 年 3 月 11 日公开挂牌转让时尚之旅 100%股权,2024 年 4 月 12 日与华安未来资产管理(上海)有限公司签订产权交易合 同,交易价款为 16.5 亿元,确认投资收益税前 4.2 亿元,扣除 25%企 业所得税后约 3.2 亿元。 ⚫ 上半年酒店行业经营略承压,ADR 压力相对更大。我们根据 STR 周 度数据算数平均计算,24H1/24Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 800 to 850 million yuan in the first half of 2024, representing a year-on-year increase of 52.93% to 62.49% [2] - The second quarter of 2024 is projected to see a net profit of 610 to 660 million yuan, reflecting a year-on-year growth of 55.2% to 67.9% [2] - The hotel industry is experiencing a decline in the industry prosperity index, with weak growth in Average Daily Rate (ADR) due to increased supply [2] - The company is optimizing its capital structure by increasing investment in its overseas subsidiary, aiming to reduce financial costs and improve profitability [2] - The divestment of the "Fashion Journey" equity allows the company to focus on enhancing its core business capabilities [2][3] Financial Summary - The company forecasts net profits of 1.527 billion, 1.772 billion, and 1.977 billion yuan for the years 2024, 2025, and 2026 respectively [3] - The expected Earnings Per Share (EPS) for 2024, 2025, and 2026 are 1.43, 1.66, and 1.85 yuan, with corresponding Price-to-Earnings (P/E) ratios of 17, 14, and 13 times [3] - The company’s revenue is projected to grow from 11.008 billion yuan in 2022 to 17.754 billion yuan in 2026, with a revenue growth rate stabilizing around 6% [4][8] Strategic Initiatives - The company is implementing organizational reforms to enhance long-term competitiveness, focusing on optimizing hotel operations and brand management [3] - The company aims to strengthen its global brand management system and improve its service and business model innovation [3]

2024 年 07 月 15 日 顾向君 H70420@capital.com.tw 目标价(元) 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|----------------| | 产业别 | | 休闲服务 | | A 股价(2024/7/12) | | 22.98 | | 上证指数(2024/7/12) | | 2971.30 | | 股价 12 个月高/低 | | 50.37/21.01 | | 总发行股数(百万) | | 1070.04 | | A 股数(百万) | | 914.04 | | A 市值(亿元) | | 210.05 | | 主要股东 | | 上海锦江资本有 | | | 限公司 | (45.05%) | | 每股净值(元) | | 15.28 | | 股价/账面净值 | | 1.50 | | | 三个月 | 一年 | | 股价涨跌(%) | | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2023-12-27 | | 2023-09-01 | | 2023-05- ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 27.72, corresponding to a 22X 2024 PE ratio [6][4]. Core Views - The company is expected to see a slight increase in net profit for the first half of 2024, with a forecasted net profit of RMB 800 million to 850 million, representing a year-on-year growth of 52.93% to 62.49%. The core net profit is expected to be between RMB 370 million and 400 million, showing a growth of -0.94% to 7.10% [2]. - The second quarter of 2024 is anticipated to show a net profit of RMB 610 million to 660 million, with a year-on-year increase of 55% to 68% [2]. - The company is focusing on long-term reforms, including revenue increases from CRS, upgrades of old direct-operated products, and optimization of overseas operations, which are expected to enhance operational efficiency and profitability [2]. Summary by Relevant Sections Earnings Forecast - The company forecasts EPS for 2024, 2025, and 2026 to be RMB 1.26, 1.42, and 1.67 respectively [4][5]. - The expected revenue for 2024 is RMB 14.738 billion, with a slight increase of 0.60% compared to 2023 [5]. Operational Performance - The company recorded a net opening of 118 stores in the second quarter of 2024, although the pace of expansion has slowed [3]. - The recovery of the hotel industry in China is stabilizing, with the average recovery rate for the second quarter of 2024 at 88% compared to the same period in 2019 [3]. Profitability and Efficiency - The company is expected to achieve a significant increase in profitability in the second quarter of 2024, with core net profit expected to grow by 394% to 442% [3]. - The optimization of the membership mechanism and the expansion of sticky traffic are anticipated to contribute to new revenue and profit growth [3]. Valuation Metrics - The company’s current market capitalization is RMB 24.59 billion, with a closing price of RMB 22.98 as of July 12 [7]. - The company’s PE ratio for 2024 is projected at 18.17, with a PB ratio of 1.41 [5].

事件 24 年 7 月 12 日公司公告半年度业绩预告,1H24 预计归母净利 8~8.5 亿元、同比+52.93%~62.49%,扣非归母净利 3.7~4.0 亿元、 同比-0.94%~7.10%;单 Q2 预计归母净利 6.1~6.6 亿元、同比 +55.3%~68.0%,扣非归母净利 3.08~3.38 亿元、同比+9.4%~20.1%。 点评 Q2 转让时尚之旅确认税前投资收益 4.2 亿元。轻资产战略、优化 资源配置,4 月 12 日向华安未来资产管理(上海)有限公司转让 时尚之旅股权,交易价款 16.5 亿元、确认投资收益税前 4.20 亿 元,剔除 25%所得税后预计影响净利 3.15 亿元。 上半年境内 RevPAR 存在一定压力,期待暑期改善。行业经营层面 看,根据酒店之家数据,1Q24、2Q24 国内酒店整体 RevPAR 同比分 别-9%、-12%,Q2 RevPAR 降幅环比 Q1 有所扩大,主要源于价格端 回落(1Q24、2Q24 国内酒店整体 ADR 分别-3%、-8%),推测主要 因为酒店客房供给量增加及商旅需求恢复偏慢,我们预计公司 Q2 RevPAR 表现趋势与行业较为同步。 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 35.66 CNY, maintaining the previous forecast of the same price [6][7]. Core Views - The company's performance forecast for the first half of 2024 shows a significant increase in net profit, driven by overseas loss reduction and an increase in Central Reservation System (CRS) fees. The structural adjustments within the company are expected to enhance operational efficiency [6][7]. - The report anticipates a net profit of 1.506 billion CNY for 2024, reflecting a 50.3% increase compared to the previous year. The earnings per share (EPS) is projected to be 1.41 CNY for 2024 [6][7]. Financial Summary - **Market Data**: The company's total market capitalization is 24,590 million CNY, with a 52-week price range of 21.75 to 49.76 CNY [3]. - **Balance Sheet**: Shareholder equity stands at 16,888 million CNY, with a net asset value per share of 15.78 CNY and a current price-to-book ratio of 1.5 [4]. - **Financial Performance**: The company reported revenues of 11,310 million CNY in 2022, with projections of 14,649 million CNY for 2023 and 15,477 million CNY for 2024, indicating a growth rate of 29.5% year-on-year for 2023 [6][10]. - **Profitability Metrics**: The net profit attributable to shareholders is expected to reach 1,506 million CNY in 2024, with a return on equity (ROE) projected at 8.7% [6][10]. Performance Trends - The report notes a decline in stock performance over the past year, with a 49% drop in absolute terms and a 42% drop relative to the index [5]. - The company has experienced a significant recovery in its operational metrics, particularly in the second quarter of 2024, exceeding market expectations [7]. Structural Adjustments - The company is nearing the completion of its structural adjustments, which are expected to improve product offerings, team stability, and operational efficiency [7]. - The management team has stabilized, and the organization has adopted a more streamlined structure to enhance employee engagement and operational effectiveness [7]. Future Outlook - The report emphasizes that despite macroeconomic fluctuations, the company remains a leader in the industry, and the anticipated improvements in management and operations are expected to yield positive results in the latter half of 2024 [7].

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 800 million and 850 million CNY, representing a year-on-year increase of 52.93% to 62.49% compared to the previous year's net profit of 523.12 million CNY[3][5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 370 million and 400 million CNY, with a year-on-year change of -0.94% to 7.10% compared to the previous year's figure of 373.49 million CNY[3][5]. Asset Management - The company completed the sale of 100% equity in Fashion Journey Hotel Management Co., Ltd. for 1.6549889 billion CNY, which aligns with its asset-light development strategy[6]. - The transaction is expected to generate a pre-tax investment income of 420 million CNY, subject to a corporate income tax rate of 25%[6]. Forecast Accuracy - The performance forecast has not been audited by a registered accountant, and there are no significant uncertainties affecting the accuracy of the forecast[7].

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 A 股每股现金红利 0.5 元，B 股每股现金红利 0.070161 美元 相关日期 | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | | --- | --- | --- | --- | --- | | 股份类别 Ｂ股 | 股权登记日 2024/7/16 | 最后交易日 2024/7/11 | 除权（息）日 | 现金红利发放日 2024/7/25 | 证券代码：600754 证券简称：锦江酒店 公告编号：2024-030 900934 |锦江 B 股 上海锦江国际酒店股份有限公司 2023 年年度 权益分派实施公告 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司 ...

薪酬与考核委员会委员由张晖明先生、刘九评先生、许铭先生组成，其中张 晖明先生为主任委员； 战略投资与 ESG 委员会委员由张晓强先生、周维女士、毛啸先生、艾耕云先 1 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"）于 2024 年 6 月 21 日 以电话、电子邮件和书面形式发出了关于召开第十届董事会第三十一次会议的通 知，会议于 2024 年 6 月 28 日下午在静安昆仑大酒店会议室召开，会议应到董事 9 名，实到董事 9 名。本次会议出席人数、召开程序、议事内容均符合《中华人民 共和国公司法》和《上海锦江国际酒店股份有限公司章程》的规定。会议由公司 董事长张晓强先生主持，公司监事会成员列席了本次会议。会议审议并通过了《关 于调整和增补第十届董事会专门委员会成员的议案》。鉴于公司第十届董事会增补 了部分董事，董事会成员组成发生变化，经董事会研究决定： 增补周维女士为审计、风控与合规委员会委员，任期与本届董事会任期相同； 周维女士不再担任薪酬与考核委员会委员，增补许铭先生为薪 ...

北京市金杜律师事务所上海分所 关于上海锦江国际酒店股份有限公司 2023 年年度股东大会 之法律意见书 致：上海锦江国际酒店股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受上海锦江国际酒店 股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监 督管理委员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会 规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效 的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定，指派 律师出席了公司于 2024 年 6 月 28 日召开的 2023 年年度股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2020 年年度股东大会审议通过《上海锦江国际酒店股份有限公 司章程》（以下简称《公司章程》）； 2. 公司 2024 年 2 月 29 日刊登 ...