锦江酒店：Q3业绩承压，开店表现积极，关注经营改善

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a revenue of 3.9 billion yuan in Q3 2024, a year-on-year decrease of 7.1%, with a net profit attributable to shareholders of 258 million yuan, down 43% year-on-year [2][4]. - The company has opened 1,149 new hotels in the first three quarters, achieving over 95% of its target, with a pipeline of 3,986 hotels [1][2]. - Despite the pressure on earnings due to domestic and overseas factors, the company is expected to improve its performance in Q4 2024, with a focus on operational improvements and a strong pipeline for future growth [4][5]. Summary by Sections Financial Performance - In Q3 2024, the hotel business revenue decreased by 7% to 3.84 billion yuan, while the restaurant business revenue fell by 9% to 59 million yuan [3]. - The company’s revenue for the first three quarters was 10.8 billion yuan, a decrease of 2.55% year-on-year, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 12.1% year-on-year [2][3]. Revenue and Profit Forecast - The forecast for 2024-2026 projects net profits of 1.2 billion, 1.25 billion, and 1.49 billion yuan respectively, reflecting a downward adjustment from previous estimates [4][5]. - The company’s earnings per share (EPS) are expected to be 1.13 yuan in 2024, 1.17 yuan in 2025, and 1.39 yuan in 2026 [2][5]. Market Position and Strategy - The company’s RevPAR (Revenue per Available Room) in Q3 2024 decreased by 8.4%, with occupancy rates showing slight growth but average daily rates declining [3]. - The company is actively expanding its hotel network, with a significant number of new openings planned, indicating a positive outlook for future growth despite current challenges [1][4].