锦江酒店跟踪点评：股权激励计划落地，期待改革成效

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has launched an equity incentive plan, targeting non-net profit of no less than 1.01 billion, 1.28 billion, and 1.55 billion yuan for 2024-2026, with the current market value corresponding to a PE of 25, 20, and 16 times for the same period. The recent reforms since the end of 2023 and the successful implementation of the incentive plan are expected to yield positive results [6][7] - The profit forecast has been adjusted, maintaining the "Accumulate" rating. Due to significant pressure on hotel industry demand in 2024 and a relatively stable increase in the company's direct sales channel, the forecast for net profit attributable to shareholders for 2024-2026 has been slightly lowered to 1.47 billion, 1.50 billion, and 1.77 billion yuan, with growth rates of 46.8%, 2.2%, and 17.8% respectively [6][7] Financial Summary - Total share capital is 1,070 million shares, with a circulating share capital of 914 million shares. The market price is 23.7 yuan, leading to a circulating market value of 21,645 million yuan and a total market value of 25,339 million yuan [3] - The company's revenue for 2024 is projected to be 14,980 million yuan, with a year-on-year growth rate of 2.3%. The net profit attributable to shareholders is expected to be 1,471 million yuan, reflecting a growth rate of 46.8% [5][9] - The company has set ambitious performance targets for the equity incentive plan, with a minimum growth rate of 30%, 65%, and 100% for non-net profit from 2024 to 2026, and plans to open no less than 1,200 new hotels each year during the same period [7]