首旅酒店：管理提效，标准品牌开店占比提升

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) growth and a favorable price-to-earnings (PE) ratio forecasted for the coming years [1][7]. Core Insights - The company reported a revenue of 5.89 billion RMB for the first three quarters of 2024, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 720 million RMB [1]. - The report highlights a significant increase in the proportion of new openings under standard brands, with 60.3% of new openings in Q3 2024 attributed to standard brands, reflecting a strategic shift towards higher-end offerings [1]. - The report anticipates a narrowing decline in RevPAR (Revenue per Available Room) in the industry, with expectations for improved management efficiency and profitability in the medium to long term [1]. Summary by Sections Financial Performance - For Q3 2024, the hotel business generated revenue of 2.07 billion RMB, down 2.1%, with a profit margin of 23.0%, reflecting a 0.8 percentage point decrease due to RevPAR decline [1]. - The company achieved a RevPAR of 170 RMB in Q3 2024, down 8.1% year-on-year, with occupancy rates at 69.7% and average daily rates (ADR) at 244 RMB [1]. Business Segments - The hotel segment's revenue and profit were impacted by a decrease in RevPAR, while the scenic area business saw a revenue drop of 9.1% to 90 million RMB, with a profit margin of 35.7% [1]. - The report notes that the economic and mid-to-high-end hotel segments showed resilience, with the company maintaining net growth in the number of economy franchise hotels for two consecutive quarters [1]. Future Outlook - The report projects net profits for 2024 to 2026 at 850 million, 940 million, and 1.08 billion RMB respectively, with corresponding PE ratios of 18.6, 16.9, and 14.7 [1]. - The company is expected to benefit from a lower comparative base in Q4, with a RevPAR increase of 4.5% during the National Day holiday period [1].