JINJIANG HOTELS(600754) 民生证券·2024-08-11 23:32Investment Rating - The investment rating for the company is "Recommended" [2][3] Core Views - The company has launched a restricted stock incentive plan, aiming to double its non-recurring performance targets over three years, which is expected to stimulate reform momentum [2] - The incentive plan includes granting up to 8 million shares, representing 0.75% of the total share capital, with a buyback plan of up to 8 million shares at a maximum price of 34.8 CNY per share [2] - The performance targets for the next three years include a non-recurring net profit growth of at least 30% in 2024, 65% in 2025, and 100% in 2026, with a target of opening at least 1,200 new hotels each year [2] - The company is expected to achieve net profits of 1.006 billion CNY in 2024, 1.278 billion CNY in 2025, and 1.548 billion CNY in 2026, with corresponding annual growth rates of 30%, 27%, and 21% [2] Financial Forecasts and Indicators - The projected revenue for 2024 is 16.114 billion CNY, with a growth rate of 10% compared to 2023 [3] - The projected net profit attributable to shareholders for 2024 is 1.579 billion CNY, reflecting a growth rate of 57.6% [3] - The earnings per share (EPS) is expected to be 1.48 CNY in 2024, with a price-to-earnings (PE) ratio of 16 [3] - The company’s gross margin is projected to improve from 41.99% in 2023 to 43.04% in 2024 [6] - The return on equity (ROE) is expected to increase from 6.01% in 2023 to 8.90% in 2024 [6]