锦江酒店：三季度经营承压，继续跟踪行业供需趋势

Investment Rating - The investment rating for the company is "Outperform the Market" [7][19]. Core Views - The company's performance in Q3 was below expectations, with revenue of 3.898 billion yuan, down 7.1%, and a net profit attributable to shareholders of 258 million yuan, down 43.08% [2][9]. - The decline in domestic RevPAR (Revenue per Available Room) significantly impacted the company's operations, while overseas hotels showed a slight improvement [3][11]. - The company achieved 96% of its new store opening target by the end of Q3, focusing on franchise expansion and optimizing direct operations [4][12]. Summary by Relevant Sections Financial Performance - In Q3, the company reported a revenue of 3.898 billion yuan, a decrease of 7.1%, and a net profit of 258 million yuan, down 43.08% [2][9]. - For the first three quarters, total revenue was 10.79 billion yuan, a decline of 2.55%, while net profit increased by 12.13% to 1.106 billion yuan, largely due to the sale of a subsidiary [2][9]. RevPAR Trends - Domestic RevPAR for limited-service hotels decreased by 8.38%, while full-service hotels saw a decline of 18.17% [3][11]. - The company's direct-operated hotels experienced a RevPAR drop of 9.62%, indicating further pressure on profitability [3][11]. Expansion and Strategy - The company opened 469 new hotels in Q3, with a net increase of 248, achieving 96% of its annual target [4][12]. - The focus remains on franchise growth and optimizing direct operations, which may temporarily affect performance but is expected to alleviate burdens in the long run [4][12]. Future Outlook - The company anticipates challenges in meeting its annual equity incentive targets due to current performance pressures [4][13]. - If policies continue to stimulate business travel demand and industry trends improve, there are potential mid-term opportunities from operational upgrades and central reservation system enhancements [4][13].