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 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：2024-067 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 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：2024-068 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 ...

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 ...

Company and Industry Summary Company Overview - The company has successfully acquired strategic investments in the French Louvre Group and the Vienna Hotel Group, enhancing its hotel scale and implementing a global layout for limited-service hotel operations in 2022 and 2023. The company completed the acquisition of 70% of PPP's equity and 90% of Hotel's equity, along with a 100% acquisition of Jinjiang Tavern, making it a wholly-owned subsidiary, which promotes deep integration with the Chinese market and enhances operational capabilities, successfully expanding into full-service hotels to achieve comprehensive coverage of all hotel categories [1][1][1]. Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 10.79 billion yuan, a year-on-year decrease of 2.55%. The net profit attributable to the scale was 1.106 billion yuan, a year-on-year increase of 12.13%. After deducting fees, the net profit was 639 million yuan, a year-on-year decrease of 20.39%. The cash flow from operating activities was a net inflow of 3.469 billion yuan [1][1][1]. Hotel Operations - As of the end of September 2024, the company had a total of 13,186 opened hotels with a total of 1.26 million guest rooms. Among these, 83 were full-service hotels, and limited-service direct-operated hotels accounted for 5.3% of all hotels. Franchise hotels made up 94%. The limited-service hotel segment saw the opening of 1,122 new hotels in the first three quarters of 2024, with 715 new openings in recent years. The total number of terminal hotels reached 7,866, accounting for 60% of all opened hotels. Based on the number of opened guest rooms, terminal hotels accounted for 67% [2][2][2]. Performance Metrics - The average UFPA (Unit Floor Price Average) for domestic limited-service hotels in the first to third quarters decreased by 1.54%, 7.18%, and 8.38% compared to the same period in 2023, but increased by 1.02%, 1.44%, and 3.15% compared to 2019. The average REFPA (Revenue per Available Room) for overseas limited-service hotels remained flat, decreased by 1.03%, and increased by 3.08% compared to 2023, with increases of 10%, 10%, and 18% compared to 2019 [3][3][3]. Brand Development - The company currently operates 43 hotel brands covering luxury, high-end, boutique, preferred, and comfort categories, forming a diverse market coverage that meets different consumer experiences for business activities and leisure vacations. The company is also developing vacation apartments and other brand categories to enrich its product portfolio [3][4][4]. ESG Initiatives - In 2023, the company established an ESG governance structure led by senior management, ensuring the implementation of ESG initiatives through a three-tier management framework. In 2024, the company plans to enhance this structure by establishing ESG functional teams at the working and execution levels, focusing on nine core functions related to ESG information disclosure [4][4][4]. Corporate Governance and Incentives - The company aims to improve its corporate governance structure to achieve long-term incentives and constraints for directors, senior management, and other key personnel, aligning their interests with the company's long-term development for sustainable growth. The 2024 restricted stock incentive plan includes an initial grant of 6,034,240 shares to 142 individuals, with performance indicators including net asset return rate and net profit growth rate [5][5][5]. Future Outlook - The company plans to focus on the French economy hotel market while expanding its terminal hotel market in key countries. It aims to enhance brand competitiveness through renovations and management improvements, optimizing assets by selling underperforming hotels to reinvest in renovations [6][6][6]. Conclusion - The company is positioned for high-quality development while navigating a complex global economic environment, with a focus on brand quality and operational efficiency [7][7][7].

Investment Rating - Buy rating with a target market value of 35 2 billion yuan, implying a 23% upside from the current market value [7][12] Core Views - The hotel industry is in a bottoming phase with potential for upward elasticity as inefficient supply clears out [4] - The company has undergone four stages of development: asset integration, transformation, M&A expansion, and optimization, achieving significant growth and self-renewal [5] - Key growth drivers include self-innovation, brand matrix upgrades, store renovations, and membership system enhancements [6] - Overseas operations, particularly Louvre Hotels, are expected to improve through asset structure optimization and operational efficiency [6] Financial Projections - Expected net profit for 2024-2026: 1 235, 1 373, and 1 467 million yuan, respectively [7][9] - Revenue growth for 2024-2026: -0 7%, 6 2%, and 11 6% year-over-year [9] - EPS for 2024-2026: 1 15, 1 28, and 1 37 yuan per share [9] Industry Analysis - The hotel industry is cyclical, with supply-demand mismatches driving cycles of recovery, prosperity, recession, and depression [4] - Light-asset models are becoming a major trend, with franchise models offering stronger economic resilience and higher profitability [4] - The industry is expected to recover as demand rebounds, driving occupancy rates (OCC) and revenue per available room (RevPAR) higher [5] Company Strategy - Focus on mid-to-high-end brands such as Liyi, Baiyulan, Lirui, Jinjiang Capital, Campanile, and Hilton Garden Inn to strengthen market competitiveness [6] - Renovation of existing stores and reduction of losses in directly operated stores to improve performance [6] - Enhance the membership ecosystem to increase direct sales ratio and customer loyalty [6] - Optimize the overseas balance sheet, particularly for Louvre Hotels, to reduce financial leverage and improve operational efficiency [6] Market Position - The company has a strong scale advantage, ranking second globally in terms of the number of hotels and rooms [100] - In 2023, the company's domestic market share was 17 62%, maintaining its leading position in China [100] - The company plans to develop 12 brands with over 1,000 stores by 2028, focusing on mid-to-high-end and economy segments [39][40] Operational Performance - Domestic RevPAR in Q1-Q3 2024 showed steady growth but faced slight pressure year-over-year due to changes in supply-demand dynamics [5] - Overseas RevPAR in Q3 2024 increased by 3 08% year-over-year, reaching 47 57 euros, with ADR rising by 6 3% to 73 04 euros [51] - The company's net profit in 2023 recovered to 91 7% of 2019 levels, with revenue reaching 97 0% of 2019 levels [45] Growth Catalysts - Recovery in tourism and travel demand, with non-manufacturing PMI showing signs of improvement [14] - Structural price increases in the industry, driven by supply-demand dynamics and market consolidation [70] - Expansion into lower-tier cities, where the hotel chain penetration rate is still low, presents significant growth opportunities [87]