JINJIANG HOTELS(SH:600754) Founder Securities·2024-08-13 07:50Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels (600754) [1][2] Core Views - The company has exceeded expectations in its non-recurring performance, with a focus on the performance during the summer peak season [1] - The company has announced a restricted stock incentive plan for 2024, targeting a non-recurring net profit growth rate of 30%/27%/21% for the years 2024-2026, which is above market expectations [1] - The company plans to grant up to 8 million shares, accounting for approximately 0.75% of the total share capital, with a repurchase price not exceeding 34.8 yuan per share [1] Financial Performance Summary - The projected revenue for Jinjiang Hotels is expected to grow from 14.649 billion yuan in 2023 to 17.590 billion yuan in 2026, reflecting a year-on-year growth of 5%/7%/7% [2][3] - The net profit attributable to the parent company is forecasted to increase from 1.002 billion yuan in 2023 to 1.779 billion yuan in 2026, with corresponding year-on-year growth rates of 35.77%/12.27%/16.50% [2][3] - The company's operating profit margin is expected to remain stable, with projected margins of 41.99% in 2023, increasing to 45.00% by 2026 [3] Key Financial Metrics - The report indicates that the company's earnings per share (EPS) is projected to rise from 0.94 yuan in 2023 to 1.66 yuan in 2026 [2][3] - The return on equity (ROE) is expected to improve from 6.01% in 2023 to 8.55% in 2026 [2][3] - The company's debt-to-asset ratio is projected to decrease from 65.68% in 2023 to 59.71% in 2026, indicating improved financial stability [3]