首旅酒店(600258)：业绩保持平稳 资产质量提升

Core Viewpoint - The company reported a slight decline in total revenue for 2024, but managed to achieve a modest increase in net profit, indicating resilience in its operations despite challenging market conditions [1] Revenue Performance - Total revenue for 2024 reached 7.751 billion yuan, a year-on-year decrease of 0.54% [1] - The company achieved a net profit attributable to shareholders of 806 million yuan, reflecting a year-on-year increase of 1.41% [1] - In Q4, the company generated revenue of 1.862 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decline of 24.71% [1] Revenue Composition - Hotel operations generated revenue of 5.067 billion yuan, down 5.01%, accounting for 65.37% of total revenue [2] - Hotel management revenue increased by 11.6% to 2.168 billion yuan, representing 27.97% of total revenue [2] - Scenic area revenue remained stable at 516 million yuan, a slight increase of 0.07%, making up 6.66% of total revenue [2] Expansion and Development - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by year-end, including 2 overseas [2] - The number of mid-to-high-end hotels reached 2,032, accounting for 29.0% of total hotels, with 215,400 rooms, or 41.5% of total room count [2] - The company signed contracts for 1,743 hotels that are either not yet opened or in the process of signing [2] Operational Metrics - Q4 RevPAR (Revenue per Available Room) was 134 yuan, down 3.0% year-on-year, with an average room rate of 219 yuan, a decrease of 0.6% [3] - The overall RevPAR for the year was 147 yuan, down 4.7%, with an average room rate of 229 yuan, a decline of 2.6% [3] - The company improved its gross margin to 38.36%, up 0.24 percentage points year-on-year, and net margin to 10.58%, up 0.17 percentage points [3] Service and Quality Enhancement - The company is upgrading existing hotels, with the proportion of upgraded products increasing from 58.5% to 71.8% [4] - Membership numbers reached 197 million, a year-on-year increase of 30.8%, with a focus on enhancing member services [4] - The company aims to strengthen customer loyalty through innovative membership services [4] Future Outlook - The company expects net profit attributable to shareholders to reach 933 million yuan, 1.088 billion yuan, and 1.249 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 15.69%, 16.65%, and 14.82% [4]