JINJIANG HOTELS(600754) 东吴证券·2024-08-12 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a restricted stock incentive plan, aiming to grant up to 8 million shares, approximately 0.75% of the total share capital, with a total repurchase amount not exceeding 278.4 million yuan [2] - The performance assessment conditions require a significant increase in net profit, with targets set for 2024-2026 to grow by no less than 30%/65%/100% based on 2023 figures, indicating an expected compound annual growth rate (CAGR) of 26% [2] - The company is expected to recover rapidly in profitability due to the tourism market's recovery, with adjusted net profit forecasts for 2024-2026 set at 1.45 billion, 1.53 billion, and 1.84 billion yuan respectively, corresponding to a P/E ratio of 17, 17, and 14 times [2] Financial Forecasts and Valuation - Total revenue for 2022 was 11.31 billion yuan, with projections of 14.65 billion yuan for 2023, 14.71 billion yuan for 2024, and continuing growth to 15.89 billion yuan by 2026, reflecting a revenue growth rate of 29.53% in 2023 [1][7] - The net profit attributable to the parent company was 126.62 million yuan in 2022, with a forecast of 1.00 billion yuan for 2023, 1.45 billion yuan for 2024, and reaching 1.84 billion yuan by 2026, showing a significant increase of 691.14% in 2023 [1][7] - The latest diluted EPS is projected to be 0.94 yuan for 2023, increasing to 1.36 yuan in 2024, 1.43 yuan in 2025, and 1.72 yuan in 2026 [1][7] Market Data - The closing price of the stock is 23.68 yuan, with a market capitalization of 25.34 billion yuan [4] - The price-to-book ratio is 1.50, and the circulating A-share market value is approximately 21.64 billion yuan [4][5]