君亭酒店：携手希尔顿，共拓高端酒店市场

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.26 CNY per share, indicating an expected strong performance relative to the market over the next 12 months [4][12]. Core Insights - The company has signed a strategic cooperation letter of intent with Hilton Group to jointly develop high-end hotels and destination resorts in mainland China, leveraging Hilton's international brand strength and market penetration alongside the company's local operational expertise [1][10]. - The company operates 423 hotels with a total of 87,000 rooms, focusing on high-end and mid-to-high-end segments, with a diverse brand portfolio [1][10]. - The partnership with Hilton is expected to enhance customer offerings and expand growth opportunities, as both companies complement each other's strengths [1][10]. - Short-term performance may be impacted by the opening of new direct-operated hotels, but profitability is expected to improve as these hotels stabilize [1][12]. Financial Forecast - Revenue is projected to grow from 534 million CNY in 2023 to 974 million CNY in 2026, with annual growth rates of 56.2%, 24.6%, 21.8%, and 20.3% respectively [2][12]. - The company's net profit is expected to fluctuate, with a forecast of 31 million CNY in 2023, declining to 29 million CNY in 2024, and then rebounding to 85 million CNY in 2025 and 131 million CNY in 2026 [2][12]. - The report anticipates a gradual recovery in gross margin, with projections of 20.0%, 25.4%, and 26.5% for 2024, 2025, and 2026 respectively, following a dip due to new store openings [10][12]. Business Segments - The hotel operation segment is expected to generate revenues of 5.23 billion CNY, 6.11 billion CNY, and 7.06 billion CNY from 2024 to 2026, with growth rates of 25.5%, 16.7%, and 15.5% respectively [10][11]. - The hotel management segment is projected to achieve revenues of 1.42 billion CNY, 1.99 billion CNY, and 2.69 billion CNY over the same period, with growth rates of 21.2%, 40.4%, and 35.1% respectively [11][12]. Valuation - The report employs a PEG valuation method, predicting a compound annual growth rate (CAGR) of 63% for the company's net profit from 2023 to 2026, significantly higher than comparable companies [12][19]. - The target price of 26.26 CNY per share is based on a 60x price-to-earnings (P/E) ratio for 2025, reflecting the company's high growth potential and earnings elasticity [12][19].