境外拖累业绩表现，关注改革释放活力

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.92 CNY, based on a 25x PE for 2024 [4][5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 9.5-10.5 billion CNY for 2023, reflecting a year-on-year growth of 650%-729% and recovering to 87.0%-96.1% of the 2019 level [4]. - The report highlights the recovery of domestic RevPAR to 106.3% of the 2019 level, while international RevPAR has reached 111.4% [4]. - The anticipated net profit for Q4 2023 is projected to be between -0.25 to 0.75 billion CNY, indicating a recovery compared to Q4 2019 [4]. - The company is focusing on organizational restructuring and empowerment to enhance operational efficiency and competitiveness in 2024 [4]. Financial Summary - Revenue projections for 2023-2025 are 149.0 billion CNY, 172.8 billion CNY, and 185.9 billion CNY, with year-on-year growth rates of 35.4%, 15.9%, and 7.6% respectively [5]. - The net profit attributable to shareholders is forecasted to be 10.0 billion CNY, 16.2 billion CNY, and 18.7 billion CNY for the same period, with growth rates of 785.0%, 61.6%, and 15.3% respectively [5]. - The report indicates an EPS of 0.9 CNY, 1.5 CNY, and 1.7 CNY for 2023, 2024, and 2025 respectively [5].