JINJIANG HOTELS(SH:600754) KAIYUAN SECURITIES·2024-09-09 03:06Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is experiencing pressure in domestic operations while reducing losses overseas and increasing profits through asset disposals [1] - In H1 2024, the company achieved revenue of 6.892 billion yuan, a year-on-year increase of 0.23%, and a net profit attributable to shareholders of 848 million yuan, a year-on-year increase of 59.15% [5][6] - The company maintains its profit forecast for 2024-2026, expecting net profits of 1.446 billion yuan, 1.693 billion yuan, and 2.018 billion yuan, representing year-on-year growth of 44.4%, 17.0%, and 19.2% respectively [5][6] Financial Performance - In Q2 2024, the company's revenue was 3.686 billion yuan, a year-on-year decrease of 4.84%, while the net profit attributable to shareholders was 326 million yuan, a year-on-year increase of 15.97% [5] - The company reported a total market capitalization of 25.253 billion yuan and a circulating market capitalization of 21.571 billion yuan [3] - The company opened 680 new hotels in H1 2024, with a total of 12,938 hotels in operation and 17,054 hotels under contract as of June 30, 2024 [5] Strategic Initiatives - The company has launched a three-year equity incentive plan, aiming for a net profit growth of no less than 30%, 65%, and 100% for the years 2024-2026 [6] - The company plans to create 12 mature brands by 2028, cultivate three core mid-to-high-end brands, and support one vacation track [5]