研报掘金丨中银证券：维持锦江酒店“增持”评级，期待后续经营持续优化带来的利润释放

Core Viewpoint - Zhongyin Securities report indicates that Jinjiang Hotels achieved a net profit attributable to shareholders of 375 million yuan in Q3 2025, representing a year-on-year increase of 45.45% [1] Group 1: Financial Performance - In Q3 2025, the hotel RevPAR showed a slight decrease compared to the same period last year [1] - The overall revenue experienced a slight decline due to weakened market demand [1] - The net profit for the first three quarters saw a decline primarily due to last year's investment gains from the transfer of Fashion Journey Hotel Management Co., Ltd. [1] Group 2: Market Conditions - Business travel demand remains to be fully restored, putting pressure on hotel market demand [1] - Despite the current market pressures, the company's revenue and profit demonstrate certain resilience [1] - There is an expectation for profit release due to ongoing operational improvements [1] Group 3: Future Projections - The company forecasts EPS for 2025-2027 to be 0.91, 1.07, and 1.27 yuan, respectively, with corresponding P/E ratios of 24.9, 21.0, and 17.7 times [1] - The rating is maintained at "Accumulate" considering the gradual improvement in the company's actual operating conditions [1]