Group 1: Market Overview - The Chinese franchise market has significant growth potential, with a projected doubling in size over the next 5-10 years [2] - The mid-to-high-end market has become the main growth driver since 2020, while mid-range and economy hotels have seen stagnation or negative growth [2] Group 2: Franchise Business Model - The franchise team is led by experienced professionals, including the co-founder of a leading hotel brand, with over 1,250 franchise resources [2] - The company aims to become one of the top three brands in the mid-to-high-end hotel sector within three years, targeting over 1,000 locations [5] Group 3: Differentiation Advantages - Brand strength is emphasized through a unique development strategy that aligns with national support for local brands [3] - The business model leverages over 20 years of direct operation experience, creating a robust financial model [3] - The company has a rich resource pool, including a large client travel platform and membership system [3] Group 4: Brand Positioning - "Jun Ting Shang Pin" targets the light mid-to-high-end market with a room cost of approximately 100,000 RMB, suitable for various city tiers [4] - "Jun Ting" focuses on mid-to-high-end urban resorts, with a room cost of around 140,000 RMB, catering to modern business travelers [4] - "Guan Juan" is positioned as a high-end service product with a room cost of 140,000-150,000 RMB, targeting business areas in major cities [4] Group 5: Financial Projections - The investment recovery period for all three brands is targeted at four years or less, with a GOP rate goal of 60-70% [8] - For "Jun Ting Shang Pin," the expected ADR is 320-380 RMB, with an occupancy rate of 80-90% [8] - "Jun Ting" anticipates an ADR of 360-420 RMB, while "Guan Juan" expects an ADR of 400-450 RMB [8] Group 6: Strategic Partnerships - A strategic partnership with Hilton was established to enhance high-end hotel offerings, focusing on brand management and membership services [13] - The collaboration aims to leverage both companies' strengths in the Chinese market [13] Group 7: Talent Development - The company employs a dual approach for talent development, combining internal training with external recruitment [12] - Partnerships with educational institutions are in place to cultivate future hotel managers [12] Group 8: Franchisee Considerations - Key factors for franchisees include investment recovery period, brand prestige, emotional connection to the business, and asset appreciation potential [11] - The company prioritizes alignment in values and economic capability when selecting franchisees [11]

[Table_Page] 跟踪研究|酒店餐饮 证券研究报告 [Table_Title] 君亭酒店（301073.SZ） 宣布进军加盟，向规模化目标迈进 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 342 | 534 | 665 | 810 | 974 | | 增长率（ % ） | 23.2% | 56.2% | 24.6% | 21.8% | 20.3% | | EBITDA（百万元） | 157 | 250 | 230 | 302 | 362 | | 归母净利润（百万元） | 30 | 31 | 29 | 85 | 131 | | 增长率（ ） % | -19.4% | 2.6% | -5.1% | 193.9% | 54.0% | | EPS（元/股） | 0.18 | 0.16 | 0.15 | 0.44 | 0.67 | | 市盈率（P/E） | 389.44 | 14 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 君亭酒店(301073.SZ) 投资评级 上次评级 [Table_A 宿一赫 uthor 社服分析师 ] 执业编号：S1500524080004 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 社服行业研究助理 联系电话：18916616659 邮 箱：zhanghongbin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 君亭酒店事件点评：从零到一开放加盟，自深 耕模型到品牌管理转型，重述成长故事 [Table_ReportDate] 2025 年 1 月 3 日 [Table_S 事件：君亭酒店开启加盟市场。 ummary] 君亭酒店成立合资公司君行酒店管理（深圳） 有限公司，标志着君亭二十多年来首次全面进军加盟市场。君行酒店总经理 莫鑫亨先生系前锦江酒店中国区希岸联合创始人，有多年的品牌酒店开发、 品牌 ...

二、培训人员 深圳证券交易所： 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为君亭酒 店集团股份有限公司（以下简称"君亭酒店"、"公司"）首次公开发行股票并在 创业板上市以及向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则（2024 年修订）》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等法规和规则的相关规定， 结合君亭酒店的实际情况，认真履行保荐机构应尽的职责，于 2024 年 12 月 18 日完成了对君亭酒店控股股东和实际控制人、董事、监事、高级管理人员、证券 事务代表等相关人员的持续督导培训工作，特向贵所报送培训工作报告。 一、本次培训的基本情况 国投证券于2024年12月制作了持续督导培训课件并发送给君亭酒店控股股 东和实际控制人、董事、监事、高级管理人员、证券事务代表等相关人员进行学 习，并于 2024 年 12 月 18 日进行了针对持续督导期间 2024 年度的培训，本次培 训重点介绍了 2024 年以来国务院、中国证监会及深圳证 ...

证券时报e公司讯，企查查APP显示，君行酒店管理（深圳）有限公司成立，法定代表人为朱晓东，注 册资本为1000万元，经营范围包含：酒店管理；会议及展览服务；健身休闲活动；日用品销售；办公服 务；停车场服务；组织文化艺术交流活动；企业形象策划；物业管理等。 企查查股权穿透显示，该公司由君亭酒店、花开一行酒店管理（深圳）有限公司共同持股。 ...

[Table_Title] 君亭酒店（301073.SZ） 携手希尔顿，共拓高端酒店市场 [Table_Summary] 核心观点： ⚫ 事件：据君亭酒店公众号，公司于 11 月 6 日宣布与希尔顿集团签署战 略合作意向书，双方拟建立长期、全面的合作伙伴关系，共同推动在中 国大陆地区高端酒店及目的地度假村方面的发展。 ⚫ 希尔顿集团是国际知名酒店管理公司，据君亭酒店公众号，希尔顿旗 下拥有 24 个卓越酒店品牌，在全球 138 个国家和地区拥有 8300 多家 酒店、超 125 万间客房、超 2 亿希尔顿荣誉客会会员。 ⚫ 君亭酒店深耕高端及中高端赛道，品牌矩阵完善。据君亭酒店财报及 官网，截至 24Q3，公司开业及待开业酒店合计 423 家、客房数合计 8.7 万间；公司旗下产品横跨度假和商旅、涵盖全服务和精选服务，高 端及以上品牌包括 Pagoda 君亭设计酒店、夜泊君亭、君澜大饭店、 君澜度假酒店、景澜酒店、景澜度假等。 ⚫ 双方优势互补，合作前景广阔。希尔顿具有国际化高标准、强品牌力 及市场渗透力，而君亭作为国内领先的高端及中高端酒店运营商，多 层次布局品牌，能够定制化进行项目设计与开发，打造"一店一 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company continues to expand its signed projects, with a total of 13 new contracts in Q3 2024, adding nearly 3,000 rooms [2]. - Revenue for the first three quarters of 2024 reached 503 million yuan, a year-on-year increase of 31.84%, while net profit attributable to shareholders decreased by 23.59% to 18 million yuan [2]. - The company is experiencing pressure on RevPAR due to increased hotel supply and weak business travel demand, with Q3 2024 RevPAR at 314.18 yuan, down 15.06% year-on-year [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 173 million yuan, a year-on-year increase of 7.27%, and a net profit of 5 million yuan, up 19.03% year-on-year [2]. - The gross margin decreased to 30.2%, down 9.5 percentage points year-on-year, influenced by the slow ramp-up of new hotels and high fixed costs [2]. - The company expects revenues of 690 million yuan, 860 million yuan, and 1.04 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 22 million yuan, 61 million yuan, and 113 million yuan [7]. Expansion Strategy - The company has signed 6 new projects under the Junlan brand and 5 under the Jinglan brand, marking significant progress in expanding its brand presence [2]. - The total number of opened and planned hotels reached 423, an increase of 9% year-on-year, with a total of 87,008 rooms, up 8.6% year-on-year [2]. Market Outlook - The domestic mid-to-high-end hotel market remains uncertain, but the company is well-positioned for growth due to its established brand and ongoing expansion efforts [2]. - The report suggests that the company may be approaching an expansion inflection point, with accelerated store openings and the establishment of asset management operations [2].

2024年11月06日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | |-------|-------------------------------------------------------------|------------------------------------------------|-------------| | | | | | | | 君亭酒店（301073） | 投资评级 | 买入 | | | | | 维持评级 | | | 新店爬坡致使业绩短期承压,关注拓店节奏 | 2024年 11 月 05 日 | | | | | 收盘价(元): | 24.06 | | | 事件：公司发布 24 年三季报，报告期内，公司实现营业收入 5.03 | | | | | 亿元，同比+31.84%；归母净利润 0.18 亿元，同比 23.59%；扣 | | | | | 非后归母净利润 0.17 亿元，同比 23.85%。毛利率 30.83%，同比 | 公司基本数据 | | | | -10.63pct，净利率4.61%，同比-4.21pct。单季度来看，24Q3公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 503 million yuan for the first three quarters of 2024, representing a year-on-year increase of 31.85%. However, the net profit attributable to the parent company decreased by 23.61% to 18 million yuan [2]. - The third quarter revenue was 173 million yuan, up 7.28% year-on-year, with a net profit of 5 million yuan, reflecting a 19.07% increase compared to the same period last year [2]. - The report highlights the ongoing expansion of the company's store contracts, with 13 new contracts signed in the third quarter, adding nearly 3,000 rooms, marking the brand's entry into Shanxi and Heilongjiang markets [2]. Financial Performance Summary - For the first three quarters of 2024, the company experienced a gross margin of 30.83%, down 10.63 percentage points year-on-year, and a net profit margin of 3.64%, down 2.64 percentage points year-on-year [2]. - The third quarter saw a gross margin of 30.17%, a decrease of 9.53 percentage points year-on-year, while the net profit margin was 2.68%, an increase of 0.27 percentage points year-on-year [2]. - The report projects net profits for the company to be 32 million yuan, 74 million yuan, and 107 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 153x, 66x, and 46x [2][5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 503 million yuan for the first three quarters of 2024, representing a year-on-year increase of 32%, while the net profit attributable to the parent company was 18 million yuan, down 24% year-on-year [2] - In Q3, the company achieved a revenue of 173 million yuan, up 7% year-on-year, and a net profit of 5 million yuan, up 19% year-on-year, driven by an increase in the number of direct-operated stores [2] - The RevPAR for direct-operated hotels in Q3 decreased by 15% year-on-year, with occupancy rate (OCC) at 64.9% and average daily rate (ADR) at 484 yuan [3] - The company opened 1 new direct-operated hotel in Q3, bringing the total to 70 under the Junting brand, with a total of 22 hotels under development [3] - The company is expected to continue to recover its profitability as new projects ramp up and it expands its direct and managed operations nationwide [4] Financial Forecasts and Valuation - The company’s total revenue is projected to reach 644.23 million yuan in 2024, with net profit attributable to the parent company expected to be 39.45 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.20 yuan, with a price-to-earnings (P/E) ratio of 116.24 based on the current price [1] - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 39.45 million yuan, 65.52 million yuan, and 89.44 million yuan respectively, reflecting a downward revision due to the decline in RevPAR [4]