JINJIANG HOTELS(600754) Minsheng Securities·2024-11-03 13:49Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels (600754.SH) [1][3] Core Views - Jinjiang Hotels continues to expand rapidly, with limited-service hotel occupancy rates rising against the trend [1] - The company reported a revenue of 10.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.57%, while net profit attributable to shareholders increased by 13.40% to 1.106 billion yuan [1] - The report highlights the resilience of limited-service hotels, which have shown an increase in occupancy rates despite a challenging market environment [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.898 billion yuan, down 6.20% year-on-year, and a net profit of 258 million yuan, down 42.89% year-on-year [1] - The gross margin for Q3 2024 was 44.34%, an increase of 0.63 percentage points year-on-year, while the net margin decreased by 4.25 percentage points to 6.62% [1] - The company opened 1,149 new hotels in the first three quarters of 2024, with a net increase of 738 hotels compared to the end of 2023 [1][4] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is 1.256 billion yuan for 2024, 1.379 billion yuan for 2025, and 1.567 billion yuan for 2026, with corresponding PE ratios of 23, 21, and 18 [2][4] - The expected revenue growth rates for 2024, 2025, and 2026 are 2.54%, 5.61%, and 6.15% respectively [4] Operational Insights - The report notes that the RevPAR (Revenue per Available Room) for domestic full-service hotels decreased by 18.17% year-on-year, while limited-service hotels experienced a smaller decline of 8.38% [1] - The occupancy rate for limited-service hotels reached 73.36%, an increase of 1.69 percentage points year-on-year, indicating strong performance in this segment [1]