Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 39.08 [2][4]. Core Insights - The company achieved a revenue of RMB 14.65 billion in 2023, representing a year-on-year increase of 29.53%, and a net profit attributable to shareholders of RMB 1.00 billion, up 691.14% year-on-year [3][9]. - The company exceeded its operational plan by opening 1,407 new stores, with a RevPAR recovery rate of 106.28% compared to 2019 levels [3][10]. - The company plans to open 1,200 new stores in 2024, with projected revenue growth of 5-9% year-on-year [4][11]. Financial Performance Summary - **2023 Financials**: Revenue reached RMB 14.65 billion, with a net profit of RMB 1.00 billion. The company turned around its performance with a net profit of RMB 774 million excluding non-recurring items [3][9]. - **Quarterly Performance**: In Q4 2023, revenue was RMB 3.69 billion, with a net profit of RMB 26.73 million [3][10]. - **Future Projections**: Expected revenue for 2024 is between RMB 15.4 billion and RMB 16.0 billion, with net profit projected at RMB 1.67 billion [4][11]. Operational Highlights - The company added 1,407 hotels in 2023, surpassing the initial plan of 1,200, with a net increase of 888 hotels [3][9]. - The RevPAR for the full year reached 106.28% of the 2019 level, with quarterly recoveries showing consistent improvement [3][10]. - The overseas revenue grew by 24% to RMB 4.3 billion, although losses in overseas operations increased [10][11]. Earnings Forecast - Revenue is projected to grow to RMB 15.42 billion in 2024, RMB 16.21 billion in 2025, and RMB 17.48 billion in 2026, with net profits expected to reach RMB 1.67 billion, RMB 1.78 billion, and RMB 2.02 billion respectively [4][11].

酒店 锦江酒店（600754.SH） 增持-A(维持) 完成年内开店目标，境内酒店业务同比增长超 30% 2024年4月3日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年财务报告，期内实现营收146.49亿元/+29.53%，归母 净利润10.02亿元/+691.14%，扣非归母净利润7.74亿元/同比扭亏为盈、增 加9.78亿元， EPS0.94元，拟向全体股东每股派发现金红利0.5元（含税）。 2023Q4实现营收36.87亿元/+20.91%，归母净利润0.27亿元/-64.29%，扣非 归母业绩亏损0.28亿元/亏损同比减少0.57亿元。年内整体营收、业绩较上 年同期大幅回升主要系境内外酒店运营情况明显好转。 事件点评 市场数据：2024年4月3日  年内新开店1407家，完成年初制定新开店1200家目标。公司酒店业务 收盘价（元）： 27.30 营收144亿元/+29.97%，毛利率42.52%/+8.93pct，净利率5.34%/+7.04pct， 年内最高/最低（元）： 68.06/22.42 有限服务型酒店业务营收142.4亿元/+30.4%。其中境内实现营收10 ...

Investment Rating - The investment rating for Jinjiang Hotels (600754) is "Buy" with a target price of 36.45 CNY, down from a previous target of 40.00 CNY [1][2]. Core Views - The report indicates that the company's performance in 2023 met expectations, with revenue of 14.649 billion CNY, representing a 29.53% increase year-on-year. However, overseas operations and financial burdens have negatively impacted performance. Future improvements in capital structure and store quality are expected to drive performance recovery [1][3]. - The report highlights that the company is industry-leading in scale, with significant room for efficiency improvements, justifying the "Buy" rating [1][2]. Summary by Sections Financial Performance - In 2023, Jinjiang Hotels reported a total revenue of 14.649 billion CNY, with a net profit attributable to shareholders of 1.002 billion CNY, reflecting a 462% increase compared to the previous year [1][3]. - The fourth quarter of 2023 saw a revenue of 3.687 billion CNY, a 20.91% increase year-on-year, with a net profit of 0.27 billion CNY [1]. Future Earnings Forecast - The report projects earnings per share (EPS) for 2024 and 2025 to be 1.36 CNY and 1.59 CNY respectively, with a further increase to 1.90 CNY by 2026 [1][3]. - The company is expected to maintain a growth trajectory, with revenue forecasts of 15.307 billion CNY for 2024 and 15.859 billion CNY for 2025 [3]. Operational Insights - The report notes that while the company has opened fewer new stores compared to competitors, it has also closed fewer, indicating a focus on improving store quality and operational efficiency [1][2]. - The operating profit margin for 2023 was reported at 14.1%, with expectations for further improvement in the coming years [3]. Market Position - Jinjiang Hotels is recognized as one of the largest hotel and catering companies in China, with a global operational strategy that includes acquisitions to enhance its market position [2][3]. - The company has a significant market capitalization of 29.212 billion CNY, with a stock price range over the past year between 23.42 CNY and 66.57 CNY [3].

Investment Rating - The investment rating for the company is "Buy" [1][9]. Core Views - In 2023, the company achieved a revenue of 14.649 billion yuan, representing a year-on-year increase of 29.53%, and a net profit attributable to shareholders of 1.002 billion yuan, reflecting a significant increase of 691.14% [3][5]. - The company's performance is primarily driven by domestic operations, with a recovery of 97% in revenue compared to 2019, although overseas operations have significantly dragged down overall performance [3][5]. - The company plans to open 1,200 new hotels in 2024, maintaining the same target as in 2023, with an expected revenue growth of 5-9% [7][8]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 14.649 billion yuan, with a net profit of 1.002 billion yuan, both figures aligning with the midpoint of the performance forecast [3][5]. - The company plans to distribute a dividend of 0.5 yuan per share, with a payout ratio of 53% [3][5]. - The fourth quarter of 2023 saw a revenue recovery of 97% compared to Q4 2019, but net profit was significantly impacted by overseas losses [3][5]. Operational Insights - The domestic hotel segment's revenue reached 9.945 billion yuan, recovering 93% compared to 2019, while the overseas segment generated 4.294 billion yuan, recovering 105% compared to 2019, but faced substantial losses due to increased costs [5][6]. - The company opened 1,407 new hotels in 2023, resulting in a net increase of 888 hotels, with a total of 12,448 hotels in operation by the end of 2023 [3][5]. Future Outlook - For 2024, the company anticipates a revenue increase of 5-9%, with domestic hotel revenue expected to grow by 6-10% [7][8]. - The company aims to sign 2,500 new hotel contracts in 2024, exceeding the 2023 target of 2,000 contracts [7][8].

[Table_Title] 证券研究报告 锦江酒店 23 年年报点评：境内业绩持续新高，境外 公司研究 亏损拖累，静待改革成效兑现 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年4月3日 [锦Ta江bl酒e_店Sto(c6k0A0n7d5R4an.kS]H ) [T事ab件le：_公Su司mm发ar布y] 2023年年报。23年实现收入146.5亿元（同比+30%），对 投资评级 增持 应归母净利润10亿元（同比+691%），对应扣非归母净利润7.7亿元。23Q1~Q4 上次评级 增持 收入分别为29/39/42/37亿元，对应归母净利润分别为1.3/3.9/4.5/0.3亿元。 公司业绩符合预告预期。 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 业绩拆分：境内有限服务分部盈利12亿元，净利率12%创新高，境外亏损 执业编号：S1500522110002 严重超5000万欧元。①23年有限服务酒店分部营收142.4亿元（同比+32%， 联系电话：15000310173 相比19年-4%），归母净利润7.6亿元（22年同期-2.0亿元，相比1 ...

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 锦江酒店（600754）公司研究报告 2024年03月07日 [Table_InvestInfo] 首次覆 上海国资酒管龙头，改革提效助发展 投资评级 优于大市 盖 股票数据 投资要点： 0[3T月ab0l6e日_收St盘o价c（kI元n）f o] 27.06 公司概况：全国规模最大的酒店管理集团，涵盖从经济型至高端全产品线。① 52周股价波动（元） 22.42-68.06 历史收入利润体量：2022年实现收入/归母净利润110.08亿元/1.13亿元；2019 总股本/流通A股（百万股） 1070/914 年（历史收入业绩最好年份）实现营业收入/归母净利润150.99亿元/10.92亿 总市值/流通市值（百万元） 28955/28955 元。②主营业务拆分：2022年公司业务主要分为有限服务型酒店营运及管理业 市场表现 务和食品及餐饮业务两个板块，2022年在营业收入中占比各为97.91%/2.09% [Table_QuoteInfo] ③区域收入拆分：2022年公司在中国大陆境内和境外分别实现总营收75.27亿 锦江酒店 海 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company has shown significant recovery in performance, with a projected stable growth for 2024 [3] - The company achieved a total revenue of RMB 14.649 billion in 2023, representing a year-on-year growth of 29.53% [3] - The net profit attributable to shareholders reached RMB 1.002 billion, a remarkable increase of 691.14% compared to the previous year [3] - The company plans to open 1,200 new hotels in 2024, aiming for steady and high-quality growth [3] Financial Performance Summary - The company reported a total revenue of RMB 14,649 million for 2023, with a growth rate of 33.1% [4] - The EBITDA for 2023 was RMB 4,213 million, with a significant increase of 57.5% [4] - The net profit attributable to shareholders for 2023 was RMB 1,002 million, reflecting a growth rate of 782.7% [4] - The latest diluted EPS for 2023 was RMB 0.94, with a growth of 782.7% [4] - The projected EPS for 2024 is RMB 1.40, with a corresponding P/E ratio of 19.8 [4][5] Operational Metrics - The RevPAR for domestic limited-service hotels increased by 46.86% in 2023, reaching 106.28% of the 2019 level [3] - The company opened 1,407 new hotels in 2023, exceeding its target of 1,200 [3] - The company aims to achieve a revenue of RMB 15.4-16.0 billion in 2024, representing a growth of 5-9% [3]

Investment Rating - The report assigns a "Recommended" rating for the company, with a target price of 31 yuan [1]. Core Insights - In 2023, the company achieved a revenue of 14.649 billion yuan, a year-on-year increase of 29.5%, and a net profit attributable to shareholders of 1.002 billion yuan, a significant increase of 691% [1]. - The company plans to open 1,200 new stores in 2024, aiming for a revenue of 15.4-16 billion yuan, representing a growth of 5-9% [1]. - The overseas operations faced losses due to high financial costs, while domestic hotel business showed recovery [1]. Financial Performance Summary - **Revenue**: 2023 revenue was 14,649 million yuan, with a growth rate of 33.1% [2]. - **Net Profit**: The net profit for 2023 was 1,002 million yuan, with a staggering growth rate of 782.7% [2]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.94 yuan, projected to increase to 1.23 yuan in 2024 [2]. - **Price-to-Earnings Ratio (PE)**: The PE ratio for 2024 is estimated at 22 times [2]. - **Total Assets**: The total assets as of 2023 were 50,587 million yuan [7]. - **Debt Ratio**: The debt ratio stood at 65.68% [4]. Operational Highlights - The company opened a total of 1,407 hotels in 2023, with a net increase of 888 hotels [1]. - The company’s domestic hotel revenue reached 10.1 billion yuan, while overseas revenue was 4.29 billion yuan, showing growth rates of 33.0% and 23.4% respectively [1]. - The company acquired 90% of Wehotel and 100% of Jinjiang Hotel Management, enhancing its brand portfolio [1].

社会服务/酒店餐饮 公 司 研 锦江酒店（600754.SH） 收入及签约指引乐观，改革方始成效可期 究 2024年04月03日 ——公司信息更新报告 投资评级：增持（维持） 初敏（分析师） 李睿娴（联系人） chumin@kysec.cn liruixian@kysec.cn 日期 2024/4/2 证 书编号：S0790522080008 证书编号：S0790122120005  海外亏损压制利润释放，2024改革起点后续成效可期 当前股价(元) 27.65 锦江发布2023年年报，公司2023年实现收入146.49亿元/yoy+29.53%，归母净 公 一年最高最低(元) 68.06/22.42 司 利润10.02亿元/yoy+691.14%，扣非归母净利润7.74亿元，同比扭亏为盈。其中 信 总市值(亿元) 295.87 2023Q4实现收入36.87亿元/yoy+20.91%，归母净利润2673万元/-64.29%，扣非 息 流通市值(亿元) 252.73 更 净利润-2811 万元，四季度国内商旅走弱，海外加息导致财务费用上升，叠加管 总股本(亿股) 10.70 新 理层整合导致利润承压。考虑到 ...

事件 24年4月1日公司公告23年报，23年营收146.5亿元/+29.5%（增 速按重述调整后口径，后同），归母净利 10.0 亿元/+691%，扣非 归母净利7.7 亿元/扭亏。单 Q4营收 36.9 亿元/+20.9%，归母净 利2673 万元/-64.3%，扣非归母净利-2811 万元、减亏 5945 万元。 点评 Q4出行淡季叠加欧元加息，业绩存一定压力。23年公司境内有限 服务酒店 RevPAR 较 19 年同期恢复度 106.3%，分季度看，Q1~4 RevPAR 分别恢复至 19 年同期的102.6%/109.3%/112.6%/100.2%， Q4环比 Q3 -12.4pct，主因 Q4 为出行淡季，中秋国庆节后尤其是 休闲需求明显下降；境外 RevPAR 全年较 19 年同期恢复度111.9%， 分 季 度 看 ， Q1~4 RevPAR 分 别 恢 复 至 19 年 同 期 的 109.6%/111.4%/114.5%/111.6%。除淡季经营杠杆作用下业绩增速 人民币(元) 成交金额(百万元) 较收入增速受影响更大外，欧元加息导致公司以浮动汇率计的海 71.00 1,400 外负债利息 ...