研报掘金丨东方证券：维持首旅酒店“买入”评级，目标价16.72元

Core Viewpoint - The report from Dongfang Securities highlights the dual growth in customers and sales for Shoumei Hotel's "Shoumei Global Purchase" platform, which enhances member loyalty [1] Group 1: Customer and Sales Growth - The "Shoumei Global Purchase" digital trade service platform has achieved continuous interaction between online malls and offline stores, resulting in a dual increase in customer numbers and sales [1] - Member engagement has been strengthened through activities such as point redemption and point lotteries during member days [1] Group 2: Membership Growth - By the end of 2024, the total number of "LIFE" club members is expected to reach 197 million, representing a year-on-year growth of 30.8% [1] - The platform is anticipated to unlock consumer potential among members, contributing incremental growth to the retail sector [1] Group 3: Financial Outlook - The company is optimizing its direct and franchise layout, with a clear trend of improving profitability for standardized stores [1] - Based on comparable company valuation levels, a target price of 16.72 yuan is set for 2025, with a price-to-earnings ratio of 22 times, maintaining a "buy" rating [1]