锦江酒店：股权激励彰显增长信心，释放改革动力

Investment Rating - The investment rating for the company is "Buy" with a current price of 23.68 CNY and a target value of 33.87 CNY, maintaining the previous rating of "Buy" [2][3]. Core Views - The company has announced an equity incentive plan, which includes the issuance of up to 8 million shares, accounting for 0.75% of the total share capital, with a grant price of 11.97 CNY per share. The plan targets key management and aims to enhance performance through specific financial metrics [1][2]. - The company expects a compound annual growth rate (CAGR) of 26% for net profit excluding non-recurring items over the next three years, alongside a target of opening at least 1,200 new hotels each year [1][2]. - The report maintains profit forecasts for 2024-2026 at 1.45 billion, 1.50 billion, and 1.75 billion CNY, with corresponding growth rates of 44.7%, 3.6%, and 16.6% [1][2]. Financial Summary - Revenue (in million CNY) is projected to grow from 11,310 in 2022 to 16,889 in 2026, with a growth rate of 29.5% in 2023 [1][7]. - EBITDA is expected to increase from 2,807 million CNY in 2022 to 5,669 million CNY in 2026 [1][7]. - Net profit attributable to the parent company is forecasted to rise from 127 million CNY in 2022 to 1,751 million CNY in 2026, reflecting a significant growth rate of 691.1% in 2023 [1][7]. - The earnings per share (EPS) is projected to grow from 0.12 CNY in 2022 to 1.64 CNY in 2026, with a price-to-earnings (P/E) ratio decreasing from 493.24 to 14.47 over the same period [1][7].