锦江酒店：股权激励落地，关注组织动能释放

Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Views - The company is expected to achieve revenues of 15.35 billion, 16.30 billion, and 17.30 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.8%, 6.2%, and 6.2%. The net profit attributable to shareholders is projected to be 1.29 billion, 1.54 billion, and 1.79 billion yuan for the same years, with growth rates of 28.7%, 19.5%, and 16.5% respectively. The price-to-earnings (PE) ratios are expected to be 20, 16, and 14 times [4][11]. Financial Data and Valuation - The total share capital is 1,070.04 million shares, with a market capitalization of 21,644.56 million yuan. The net asset value per share is 15.78 yuan, and the asset-liability ratio stands at 65.05% [7][12]. - The company reported revenues of 11,008 million yuan in 2022, which increased to 14,649 million yuan in 2023, reflecting a growth rate of 33.08%. The projected revenues for 2024, 2025, and 2026 are 15,346 million, 16,301 million, and 17,304 million yuan, respectively [12][14]. - The net profit attributable to shareholders was 113 million yuan in 2022, surging to 1,002 million yuan in 2023, with a staggering growth rate of 782.71%. The projected net profits for 2024, 2025, and 2026 are 1,290 million, 1,540 million, and 1,794 million yuan, respectively [12][14]. Incentive Plan - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital. The initial grant will not exceed 6.477 million shares, with a grant price of 11.97 yuan per share [11][12]. - The incentive plan targets middle management and core personnel, with an attractive grant price aimed at enhancing organizational vitality and reducing agency costs [11][12]. - The performance assessment criteria for the incentive plan are based on four indicators, including net profit and return on equity, with a target compound annual growth rate (CAGR) of 26% for net profit over three years [11][12].