锦江酒店：收购少数股权，增厚业绩整合资源

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company plans to acquire minority stakes in three subsidiaries (Lavande, Xana, and Coffetel) for a total of 1.715 billion yuan, which is expected to enhance performance and consolidate resources [4] - Post-acquisition, the subsidiaries will become wholly-owned, with no new goodwill added, and the transaction valuations are reasonable (2023 PE multiples of 10.64x, 10.66x, and 10.62x) [5] - The acquisition will improve decision-making efficiency and resource integration, with 60%-70% of the transaction proceeds to be used for purchasing the company's shares, aligning interests [6] Financial Projections - Revenue for 2024-2026 is projected at 14.0/14.87/15.27 billion yuan, with YoY growth of -4.4%/+6.2%/+2.7% [7] - Net profit attributable to shareholders is forecasted at 1.256/1.457/1.730 billion yuan, with YoY growth of +25%/+16%/+19% [7] - EPS for 2024-2026 is estimated at 1.17/1.36/1.62 yuan, with PE ratios of 22x/19x/16x based on the closing price of 26.24 yuan on December 24, 2024 [7] Financial Performance - 2023 revenue was 14.649 billion yuan, with a YoY growth of 29.5%, while 2024 revenue is expected to decline by 4.4% to 14.001 billion yuan [11] - Net profit in 2023 was 1.002 billion yuan, with a YoY growth of 691.1%, and is expected to grow by 25.4% in 2024 to 1.256 billion yuan [11] - Gross margin improved from 33.3% in 2022 to 42.0% in 2023, and is projected to further increase to 48.5% by 2026 [11] Valuation Metrics - The company's PE ratio for 2024-2026 is estimated at 22x/19x/16x, with a PB ratio of 1.57x/1.45x/1.33x [15] - ROE is expected to improve from 6.0% in 2023 to 8.2% by 2026 [15]