JINJIANG HOTELS(SH:600754) Guolian Minsheng Securities·2026-03-31 12:29Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 13.81 billion yuan in 2025, a year-on-year decline of 1.8%, while the net profit attributable to shareholders was 0.93 billion yuan, an increase of 1.6% year-on-year [8] - The fourth quarter of 2025 saw a revenue of 3.57 billion yuan, with a year-on-year growth of 9.1%, and a net profit of 0.18 billion yuan, marking a return to profitability [8] - The company’s net profit growth was driven by internal integration and optimization of capital structure, despite a weak overall market demand [8] - The domestic hotel business showed resilience, with a net profit of 0.75 billion yuan for the year, a significant increase of 93.8% [8] - The overseas performance remains under pressure, with a net loss of 51.68 million euros for the Louvre Group, widening from a loss of 10.79 million euros in the previous year [8] Financial Forecasts - Revenue projections for 2026, 2027, and 2028 are 14.05 billion yuan, 14.69 billion yuan, and 15.39 billion yuan, respectively, with growth rates of 1.8%, 4.6%, and 4.8% [2] - The net profit attributable to shareholders is expected to reach 1.13 billion yuan, 1.33 billion yuan, and 1.52 billion yuan for the same years, corresponding to growth rates of 22.1%, 17.9%, and 14.1% [2] - Earnings per share (EPS) are projected to be 1.06 yuan, 1.25 yuan, and 1.43 yuan for 2026, 2027, and 2028, respectively [2] Operational Metrics - The company opened 1,314 new hotels in 2025, with a net increase of 716 hotels, indicating a strong expansion strategy [8] - The domestic RevPAR (Revenue per Available Room) showed a slight increase of 0.14% year-on-year in Q4 2025, with economic and direct-operated hotels performing particularly well [8] - The overseas RevPAR experienced a decline of 4.5% year-on-year due to reduced market demand and high base effects from the 2024 Olympics [8]