研报掘金丨华鑫证券：维持君亭酒店“买入”评级，海外业务持续拓展

Core Viewpoint - The report from Huaxin Securities indicates that Junting Hotel's gross profit margin decreased by 0.1 percentage points to 30.08% in Q3 2025, while the sales expense ratio increased by 0.1 percentage points to 7.48% [1] Group 1: Financial Performance - In Q3, the company maintained stable revenue despite pressures from industry supply-demand imbalances and weak consumer spending, although profits were temporarily impacted by new project operational investments [1] - The non-recurring net profit growth has turned positive [1] Group 2: Business Strategy - The company operates and manages mid-to-high-end selected service chain hotels with three differentiated brand positions [1] - The franchise business is accelerating its layout, and overseas operations are continuously expanding [1] - The company is actively seeking breakthroughs during the industry's deep adjustment period [1] Group 3: Earnings Forecast - According to the Q3 2025 report, the adjusted EPS for 2025-2027 are projected to be 0.08, 0.20, and 0.31 yuan respectively, down from previous estimates of 0.19, 0.25, and 0.35 yuan [1] - The current stock price corresponds to PE ratios of 272, 106, and 69 times for the respective years [1] - The investment rating is maintained at "Buy" [1]