君亭酒店：签约扩张持续，Q3利润率有所改善

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company continues to expand its signed projects, with a total of 13 new contracts in Q3 2024, adding nearly 3,000 rooms [2]. - Revenue for the first three quarters of 2024 reached 503 million yuan, a year-on-year increase of 31.84%, while net profit attributable to shareholders decreased by 23.59% to 18 million yuan [2]. - The company is experiencing pressure on RevPAR due to increased hotel supply and weak business travel demand, with Q3 2024 RevPAR at 314.18 yuan, down 15.06% year-on-year [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 173 million yuan, a year-on-year increase of 7.27%, and a net profit of 5 million yuan, up 19.03% year-on-year [2]. - The gross margin decreased to 30.2%, down 9.5 percentage points year-on-year, influenced by the slow ramp-up of new hotels and high fixed costs [2]. - The company expects revenues of 690 million yuan, 860 million yuan, and 1.04 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 22 million yuan, 61 million yuan, and 113 million yuan [7]. Expansion Strategy - The company has signed 6 new projects under the Junlan brand and 5 under the Jinglan brand, marking significant progress in expanding its brand presence [2]. - The total number of opened and planned hotels reached 423, an increase of 9% year-on-year, with a total of 87,008 rooms, up 8.6% year-on-year [2]. Market Outlook - The domestic mid-to-high-end hotel market remains uncertain, but the company is well-positioned for growth due to its established brand and ongoing expansion efforts [2]. - The report suggests that the company may be approaching an expansion inflection point, with accelerated store openings and the establishment of asset management operations [2].