锦江酒店：收购少数股权，增厚业绩、降本增效

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The acquisition of minority stakes in Lavanda, Xana, and Coffetel will enhance the company's performance, with an expected profit increase of approximately 146 million yuan based on 2023's net profit levels [1]. - The transaction's price-to-earnings (PE) ratio is lower than the industry average, indicating a reasonable valuation for the acquisition [1]. - The acquisition is expected to improve internal management efficiency by consolidating resources and reducing management costs [1]. Financial Summary - The company reported a revenue of 14,649 million yuan in 2023, with a growth rate of 33.08% compared to 2022 [3]. - The net profit attributable to the parent company for 2023 was 1,002 million yuan, reflecting a significant increase of 782.71% from the previous year [3]. - The projected net profits for 2024E, 2025E, and 2026E are 1,201 million yuan, 1,427 million yuan, and 1,741 million yuan, respectively, with corresponding PE ratios of 23.38X, 19.67X, and 16.13X [1][3]. Acquisition Details - The company acquired 38%, 32%, and 38% stakes in Lavanda, Xana, and Coffetel for 11.01 billion yuan, 2.90 billion yuan, and 3.24 billion yuan, respectively [1][5]. - Post-acquisition, the company will hold 95% of the shares in these three entities, which are expected to contribute positively to the overall performance [1][5]. - The financial performance of the acquired companies in 2023 includes net profits of 269 million yuan for Lavanda, 82 million yuan for Xana, and 77 million yuan for Coffetel, with net profit margins of 33.7%, 28.9%, and 29.9%, respectively [1][5].