JINLING HOTEL(601007) 民生证券·2024-11-02 06:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 1.388 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.60%, while the net profit attributable to shareholders decreased by 24.36% to 42 million yuan [1]. - The report highlights the pressure on the hotel business due to the overall market environment, with RevPAR/ADR facing challenges [1]. - The company is actively exploring online marketing channels for its food business, achieving significant sales through live streaming [1]. - Future growth potential is anticipated from the deepening of state-owned enterprise reforms and the enhancement of core hotel assets [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 483 million yuan, up 3.67% year-on-year, but the net profit attributable to shareholders fell by 26.22% to 19 million yuan [1]. - The gross profit margin for Q3 2024 was 26.35%, a decrease of 1.57 percentage points year-on-year, while the net profit margin was 3.86%, down 1.32 percentage points [1]. - The operating cash flow for the first three quarters of 2024 was 55 million yuan, a significant decrease of 82.61% compared to the same period in 2023 [1]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is projected to be 61 million yuan in 2024, 70 million yuan in 2025, and 75 million yuan in 2026, with corresponding PE ratios of 43, 38, and 35 times respectively [2][4]. - The expected revenue growth rates for the next few years are 28.1% in 2025, 4.5% in 2026, and 4.2% in 2027 [2][4]. Cash Flow and Investment Activities - The net cash flow from operating activities for the first three quarters of 2024 was 55 million yuan, with a notable decrease in cash outflow from investment activities [1][6]. - The report indicates a reduction in cash outflow from financing activities, primarily due to decreased cash payments for debt repayment [1]. Asset and Liability Overview - The total assets are projected to reach 4.107 billion yuan by 2024, with total liabilities expected to be 1.671 billion yuan [5]. - The report outlines a stable financial position with a current ratio of 1.38 and a quick ratio of 0.73 for 2024 [5].