锦江酒店：铂涛622少数股权将收回，理顺架构、增厚利润

Investment Rating - The investment rating for the company is "Buy" with a current price of 26.98 CNY and a target value of 33.40 CNY, maintaining the previous rating of "Buy" [10]. Core Views - The report highlights the effective motivation of the management team as the company continues to integrate its operations in China and advance structural adjustments. The exit of the 622 model marks a significant change, enhancing the company's control over subsidiaries and improving operational efficiency [8][18]. - The acquisition of minority stakes in Lavande, Xana, and Coffetel is expected to bolster profits, with an estimated increase of approximately 1.8 billion CNY in net profit attributable to the parent company after the acquisitions are completed [18]. - The report projects net profits for the years 2024 to 2026 to be 12.1 billion CNY, 14.9 billion CNY, and 17.5 billion CNY respectively, indicating a clear upward improvement path [18]. Financial Summary - The company's revenue for 2023 is projected at 14,649 million CNY, with a growth rate of 29.5%. The expected revenue for 2024 is 14,384 million CNY, showing a slight decline of 1.8% [19]. - The net profit attributable to the parent company for 2023 is estimated at 1,002 million CNY, with a significant growth rate of 691.1%. For 2024, the net profit is projected to be 1,210 million CNY, reflecting a growth rate of 20.8% [19]. - The report provides a detailed financial outlook, including EBITDA projections of 4,916 million CNY for 2024, with a steady increase expected in subsequent years [19].