锦江酒店（600754）：盈利能力回升，业绩明显增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a recovery in profitability with significant growth in performance, despite a decline in revenue [5][12] - The overall market demand remains weak, but the company has effectively controlled costs, leading to improved net profit [12] - The company is experiencing continued pressure on RevPAR, with a slight slowdown in expansion speed [13] - The company's leading position is stable, and the momentum for reform is gradually being released, justifying the "Buy" rating [14] Financial Performance Summary - In Q3 2025, the company achieved revenue of 3.715 billion yuan, a year-on-year decline of 4.7%, while net profit attributable to shareholders was 375 million yuan, a year-on-year increase of 45.5% [5][11] - For the first three quarters of 2025, the company reported revenue of 10.241 billion yuan, a year-on-year decline of 5.1%, with a net profit of 746 million yuan, down 32.5% [5][11] - The company’s gross margin decreased by 2.6 percentage points in Q3 2025, but cost control measures led to a reduction in sales, management, and financial expense ratios [12] Market and Operational Insights - The company opened 343 new hotels in Q3 2025, with a net increase of 212 hotels, indicating a slight slowdown in expansion [13] - The RevPAR for domestic full-service and limited-service hotels decreased by 4.7% and 2.0% respectively, with the main pressure coming from a decline in occupancy rates [13] - The overseas hotel RevPAR saw a year-on-year decline of 10.5%, primarily due to a drop in ADR [13] Future Projections - Revenue projections for 2025-2027 are estimated at 13.525 billion yuan, 14.185 billion yuan, and 14.759 billion yuan, with year-on-year growth rates of -3.8%, +4.9%, and +4.1% respectively [15] - Net profit projections for the same period are 832 million yuan, 1.116 billion yuan, and 1.260 billion yuan, with growth rates of -8.6%, +34.1%, and +12.8% respectively [15]