短期经营承压，静待整合潜力释放

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Viewpoints - The company is facing short-term operational pressure, with a projected revenue of 14.063 billion yuan in 2024, a decrease of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The company has exceeded its store opening target for 2024, opening 1,515 new stores and closing 519, resulting in a net increase of 968 stores, maintaining its position as the largest domestic hotel chain [2][14]. - The company plans to open 1,300 new stores and sign 2,000 contracts in 2025, with expected revenue growth of 2%-7% [4][17]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.063 billion yuan, a decline of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decrease of 8.51%, with a net loss of 195 million yuan [10][18]. - The company achieved a cumulative dividend payout ratio of 58.54% for the year, an increase of 5.13 percentage points year-on-year [10][18]. Operational Highlights - The company’s domestic limited-service hotel segment experienced a RevPAR decline of 5.78% in 2024, with the fourth quarter showing a reduced decline of 4.93% compared to the previous quarter [2][14]. - The company’s overseas hotel segment reported a revenue of 4.289 billion yuan, a decrease of 1.0%, with net losses increasing to 437 million yuan [3][16]. Future Outlook - The company is in a gradual integration phase, with expectations for improved performance driven by policy support and operational enhancements [4][17]. - The company aims to achieve a non-GAAP net profit of no less than 12.77 billion yuan in 2025, contingent on industry recovery and internal integration efforts [4][17]. - The company’s financial pressure is expected to ease with anticipated reductions in financial costs due to capital restructuring and interest rate cuts [4][17].