Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved revenue of 6.961 billion yuan in Q3 2025, a year-on-year increase of 8.1%, exceeding the guidance of 2%-6% [1]. - The domestic business generated revenue of 5.722 billion yuan, up 10.8% year-on-year, also surpassing the guidance of 4%-8% [1]. - The company is expanding its portfolio with the introduction of a new mid-to-high-end brand, "全季大观" [3]. Revenue and Profitability - In Q3 2025, the company's direct hotel revenue was 3.487 billion yuan, down 5.5% year-on-year, while franchise and management revenue was 3.309 billion yuan, up 27.2% year-on-year [1]. - The overall operating profit margin improved to 29.4%, an increase of 2.7 percentage points year-on-year, driven by the growth in franchise and management business contributions [3]. - The company expects total revenue growth of 2%-6% in Q4 2025, with management franchise and licensing revenue projected to grow by 17%-21% [3]. Market Performance - The domestic hotel RevPAR was 256 yuan, a slight decrease of 0.1% year-on-year, while the overseas hotel RevPAR was 87 euros, an increase of 6.4% year-on-year [2]. - The company has opened a total of over 2,000 new hotels this year, aiming for a target of 2,300 by year-end [3]. Financial Projections - The projected revenues for 2025-2027 are 25.276 billion yuan, 26.697 billion yuan, and 28.225 billion yuan, representing year-on-year growth rates of 5.8%, 5.6%, and 5.7% respectively [4]. - The expected net profits for the same period are 4.543 billion yuan, 5.112 billion yuan, and 5.795 billion yuan, with growth rates of 49.1%, 12.5%, and 13.4% respectively [4].
华住集团-S（01179）：RP境内同比企稳，新推中高端品牌“全季大观”