研报掘金丨太平洋：予首旅酒店“买入”评级，投资新建酒店，推进资产扩张

Core Viewpoint - Pacific Securities report indicates that Shoulu Hotel is investing in new hotel construction to promote asset expansion, focusing on the mid-to-high-end hotel sector and core urban clusters, reflecting the company's strategic implementation of optimizing development models [1] Group 1: Investment Strategy - The company is advancing its asset expansion through two announcements that utilize "newly built sedimentary assets" and "leasing for rapid implementation" models [1] - This strategy covers the Yangtze River Delta and Beijing-Tianjin-Hebei economic zones, demonstrating the company's commitment to seizing industry recovery opportunities and accelerating brand upgrades [1] Group 2: Regional Layout - Both projects are located in high-potential core areas, accurately capturing regional development dividends [1] - The projects create a north-south layout that aligns with the domestic hotel industry's trend of focusing on core regions, laying a solid foundation for the company's long-term performance growth [1] Group 3: Development Model - The dual model of "new construction + leasing" complements each other, balancing long-term asset accumulation with short-term benefit realization [1] - After two years of pressure, the hotel sector is showing signs of a RevPAR turning point, with expectations for operating data to achieve year-on-year growth by 2026 and profitability to improve [1]