锦江酒店：三季度业绩承压，期待改革成效释放

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 10.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 1.11 billion yuan, an increase of 12.1% year-on-year [6][2] - In Q3 2024, the company achieved a revenue of 3.90 billion yuan, down 7.1% year-on-year, with a net profit of 260 million yuan, a decline of 43.1% year-on-year [6][2] - The report anticipates that the effects of reforms will gradually be released, maintaining a "Buy" rating despite the current pressures [6][2] Summary by Sections Financial Performance - For Q3 2024, the company's revenue decreased by 7.1%, with domestic limited-service hotel and food and beverage business revenues down 11.6% and 9.0% respectively [6] - The gross margin for Q3 was 44.3%, a decline of 1.0 percentage points year-on-year, with increased costs leading to a significant drop in net profit [6][2] - The company opened 1,149 new hotels in the first three quarters, achieving 96% of its annual target, but faced a higher closure rate in Q3 [6][2] Future Projections - Revenue projections for 2024-2026 are 14.57 billion yuan, 15.94 billion yuan, and 16.91 billion yuan, with year-on-year growth rates of -0.5%, +9.4%, and +6.1% respectively [6][7] - Net profit projections for the same period are 1.15 billion yuan, 1.53 billion yuan, and 1.77 billion yuan, with growth rates of +14.9%, +33.1%, and +15.4% respectively [6][7] - The report indicates that the most turbulent phase of the company's reforms has passed, with expectations for gradual improvement in performance [6][7]