锦江酒店：海外减亏和资产处置助净利润大增，跟踪出行趋势变化

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][11] Core Views - In the first half of 2024, the company achieved revenue of 6.892 billion yuan, a slight increase of 0.23%, and a net profit attributable to shareholders of 848 million yuan, up 59.15%, primarily due to a 420 million yuan pre-tax gain from the sale of a fashion travel business [1][4] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares to all shareholders [1][4] - The second quarter saw a revenue of 3.686 billion yuan, a decrease of 4.84%, but a net profit of 658 million yuan, an increase of 68.02%, driven by reduced losses from overseas hotels [1][4] - The company opened 680 new hotels and closed 190, resulting in a net increase of 490 hotels in the first half of 2024, with a significant acceleration in the second quarter [1][4][6] Summary by Relevant Sections Financial Performance - The company reported a net profit of 848 million yuan in the first half of 2024, which is at the upper limit of its performance forecast range [1][4] - The second quarter's net profit was 658 million yuan, reflecting a significant year-on-year increase of 68.02% [1][4] - The company's revenue for the first half of 2024 was 6.892 billion yuan, with a slight increase of 0.23% compared to the previous year [1][4] Hotel Operations - The company experienced a decline in RevPAR (Revenue per Available Room) of 4.63% for limited-service hotels in the first half of 2024, with mature stores seeing a RevPAR decline of 6.05% [1][6] - The second quarter's RevPAR further declined, with limited-service hotels showing a decrease of 1.55% in Q1 and 7.18% in Q2 [1][6] - The company continues to optimize its direct-operated stores while expanding its franchise model [1][4][6] Overseas Operations - The overseas hotel segment reported a RevPAR decline of 0.63% and a revenue decrease of 1.70% in the first half of 2024, but cost control measures have begun to show results [1][7] - The company recorded a pre-tax investment income of 125 million yuan from the disposal of some overseas properties [1][7] - The company expects to accelerate the reduction of losses in its overseas operations in the second half of 2024, aided by upcoming events like the UEFA Champions League and the Olympics [1][7]