锦江酒店：Q3承压，静待改革效果

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.898 billion yuan in Q3 2024, a year-over-year decrease of 7.10%, and a net profit attributable to the parent company of 258 million yuan, down 43.08% year-over-year [2][3] - The report highlights the impact of the acquisition of 100% equity in Jinjiang Hotel Management, which has affected the financial data for Q3 2024 [2] - The company is expected to achieve net profits of 1.218 billion yuan, 1.372 billion yuan, and 1.622 billion yuan for the years 2024, 2025, and 2026 respectively, with a corresponding PE ratio of 23.67 for 2024 [4] Financial Performance Summary - In Q1-3 2024, the company achieved a gross margin of 41.48%, a decrease of 1.71 percentage points year-over-year [3] - The domestic limited-service hotel business reported a revenue of 2.530 billion yuan, down 11.63% year-over-year, while the full-service hotel segment saw declines in ADR, OCC, and RevPAR by 15.93%, 1.60 percentage points, and 18.17% respectively [3][4] - The overseas limited-service hotel business recorded a slight revenue increase to 162 million euros, up 2.30% year-over-year, although all performance metrics (ADR, OCC, RevPAR) showed declines [4] Future Projections - The company plans to continue signing quality assets to enhance the profitability of direct-operated stores and optimize its overseas debt structure [4] - The report forecasts a slight decrease in revenue for 2024, followed by growth in subsequent years, with expected revenue of 14.508 billion yuan in 2024, 14.931 billion yuan in 2025, and 15.658 billion yuan in 2026 [5][9]