国信证券：晨会纪要-20241129

Core Insights - The report highlights the stable revenue growth of Huazhu Group despite a high base, with a 2.4% increase in revenue to 6.44 billion RMB in Q3 2024, while adjusted net profit decreased by 10.8% to 1.37 billion RMB due to high base effects and weather disruptions [10][14] - The domestic hotel segment experienced a RevPAR of 256 RMB, down 7.9%, influenced by a high base from the previous year and weather conditions, while the company signed over 800 new contracts and opened 774 new hotels [10][14] - The overseas hotel segment showed stable revenue growth with a RevPAR increase of 3.7% and revenue of 1.28 billion RMB, although it faced a loss of 89 million RMB due to restructuring costs [10][14] Company Analysis - Huazhu Group's domestic hotel revenue reached 5.162 billion RMB, reflecting a 1.0% increase, while the overseas segment contributed 1.28 billion RMB, marking an 8.9% increase [10][14] - The company aims to exceed its target of opening 2,400 new hotels in 2024, with a net increase of 557 hotels in Q3 2024 [10][14] - The report projects a revenue increase of 1-5% for Q4 2024, with expectations for RevPAR to remain stable compared to the current year [10][14] Industry Overview - The report notes that the overall hotel industry is under pressure from high RevPAR bases, but Huazhu Group's aggressive expansion strategy positions it well for future growth [10][14] - The company is focusing on optimizing its overseas operations and enhancing its asset-light strategy, which is expected to yield benefits by 2025 [10][14] - The competitive landscape in the domestic hotel market remains challenging, but Huazhu's brand strength and management capabilities are highlighted as key advantages [10][14]