JINJIANG HOTELS(SH:600754) GOLDEN SUN SECURITIES·2025-11-09 05:44Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown significant profit growth in Q3 2025, with a notable increase in net profit by 45.45% year-on-year, reaching 3.75 billion yuan, despite a revenue decline of 4.71% [1][4] - The company is focusing on optimizing its brand structure and advancing digital transformation, which has led to improved operational performance in Q3 2025 [4] - The company plans to list in Hong Kong, which is expected to enhance its overseas business and improve profitability [4] Summary by Sections Revenue and Profitability - For Q1-3 2025, the company reported revenue of 10.241 billion yuan, a year-on-year decrease of 5.09%, while the net profit attributable to shareholders was 746 million yuan, down 32.52% [1] - In Q3 2025, the company achieved revenue of 3.715 billion yuan, a decrease of 4.71% year-on-year, but the net profit attributable to shareholders increased by 45.45% [1][2] Hotel Operations - The company opened 343 new hotels in Q3 2025, achieving 26.4% of its annual target, with a net increase of 212 hotels [2] - The domestic hotel business has shown positive revenue growth in Q3 2025, with domestic hotel revenue reaching 2.64 billion yuan, up 2.2% year-on-year [2] Cost Management - The company has successfully reduced costs, with a year-on-year decrease in expense ratios by 5.7 percentage points in Q3 2025, contributing to improved net profit margins [4] - The management fee ratio also decreased by 4.4 percentage points year-on-year [4] Future Projections - Revenue projections for 2025-2027 are estimated at 13.718 billion yuan, 14.125 billion yuan, and 14.713 billion yuan, respectively, with net profits expected to be 905 million yuan, 1.128 billion yuan, and 1.319 billion yuan [4][6]