Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has achieved revenue at the upper limit of its guidance and has raised its annual store opening target to 2,200 [10] - The company is expected to generate revenues of 242.4 billion, 260.5 billion, and 280.3 billion CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 10.7%, 7.6%, and 7.6% [10][11] - The net profit attributable to the parent company is projected to be 42.5 billion, 49.1 billion, and 56.7 billion CNY for the same years, with a three-year CAGR of 11.6% [10][11] - The company maintains a strong market position with significant brand and operational strength, indicating substantial room for domestic store penetration, brand elevation, and globalization [10] Financial Data Summary - For 2024, the company is expected to achieve an EBITDA of 6,249 million CNY and a net profit of 4,254 million CNY, with a P/E ratio of 15 [11] - The company reported a revenue of 61 billion CNY in Q2 2024, reflecting a year-on-year increase of 11.2%, with a net profit of 11 billion CNY, up 5.1% year-on-year [10] - The company’s gross margin improved to 39.3% in Q2 2024, an increase of 2.3 percentage points year-on-year [10] - The company has reached a milestone of 10,000 hotels and has a reserve of 3,266 stores, supporting its expansion plans [10]
华住集团-S：收入处于指引上限，上调全年开店目标