锦江酒店：收购核心品牌少数股权助力成长，购股方案设计有望提振市场信心

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2][29] Core Views - The acquisition of minority stakes in core brands is expected to enhance growth and boost market confidence. The acquisition involves cash payments totaling 17.14 billion, with 60-70% of the transaction proceeds committed to purchasing the company's stock, thereby aligning interests and improving market sentiment [2][3][10] - The core mid-range hotel brands, including Lavande, Xana, and Coffetel, have shown strong profitability and growth potential. In 2023, the net profits for these brands were 2.69 billion, 0.82 billion, and 0.77 billion respectively, indicating solid performance [1][20][21] Summary by Sections Acquisition Details - The company plans to acquire 38% of Lavande for 11 billion, 32.3% of Xana for 2.9 billion, and 38% of Coffetel for 3.24 billion. Post-acquisition, the company will hold 95% of these brands, with a goal of achieving 100% ownership after the cancellation of the remaining 5% held by the original founders [5][10][20] Financial Projections - The company has slightly revised its profit forecasts for 2024-2026, projecting net profits of 12.1 billion, 13.8 billion, and 16.5 billion respectively. The PE ratios for these years are estimated at 24, 21, and 17 times [2][29][32] - The acquisition is expected to enhance the company's net profit by approximately 1.6 billion, contributing positively to future performance [25][27] Market Position and Growth - The mid-range hotel brands are crucial to the company's revenue structure, with Lavande, Xana, and Coffetel accounting for significant portions of the overall hotel openings. In 2023, these brands opened 1199, 616, and 526 new locations respectively, representing 80% of the net openings in the mid-range segment [20][21][26] - The brands have maintained a strong growth trajectory, with a combined net profit margin of 34%, 29%, and 30% for Lavande, Xana, and Coffetel in 2023 [21][25]