Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][15]. Core Views - The company reported Q4 2024 revenue of 6 billion yuan, a year-on-year increase of 7.8%, exceeding the previous guidance of 1%-5% growth. However, adjusted net profit fell by 37.9% to 320 million yuan, primarily due to a 420 million yuan impairment loss from the DH business [1]. - For 2024, the company expects revenue of 23.9 billion yuan, a year-on-year increase of 9.2%, and adjusted net profit of 3.72 billion yuan, a growth of 5.8% [1]. - The company anticipates a positive outlook for franchise growth in 2025, with expected revenue growth of 2%-6% and a focus on franchise and management income growth of 17%-21% [4]. Summary by Sections Financial Performance - Q4 2024 revenue was 6 billion yuan, with a year-on-year growth of 7.8%. Adjusted net profit was 320 million yuan, down 37.9% due to impairment losses [1]. - For 2024, revenue is projected at 23.9 billion yuan, a 9.2% increase, with adjusted net profit expected to reach 3.72 billion yuan, up 5.8% [1]. Operational Metrics - The RevPAR for Huazhu China in Q4 2024 was 222 yuan, down 3.1% year-on-year, while the DH segment saw a RevPAR of 81 euros, up 11.0% [2]. - The company plans to open 2,442 new stores in 2024, exceeding the target of 2,400, bringing the total to 11,147 hotels by year-end [3]. Future Guidance - For Q1 2025, the company expects revenue growth of 0%-4%, with franchise income projected to grow by 18%-22% [4]. - The company plans to open approximately 2,300 new stores in 2025, with a net increase of about 1,700 stores after closures [4]. Shareholder Returns - The company plans to return 770 million USD to shareholders in 2024, including 500 million USD in cash dividends and 270 million USD in share buybacks [5]. - Adjusted net profit forecasts for 2025-2027 are 4.49 billion yuan, 5.13 billion yuan, and 5.94 billion yuan, respectively, with corresponding PE ratios of 17, 15, and 13 [5].
华住集团-S（01179）：业绩受DH减值影响，25年加盟增长展望积极