锦江酒店事件点评：提质增效重回报，承诺不减持彰显信心

Investment Rating - The investment rating for the company is "Buy" with a target price of 40.00 CNY, maintaining the previous rating of "Buy" [1][2]. Core Insights - The report emphasizes that the company is focusing on high-quality growth and efficiency improvements after completing its organizational and personnel adjustments, which are expected to significantly enhance performance [1]. - The company has committed to not reducing its shareholding until March 2025, reflecting confidence in its future performance [1]. - The anticipated earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.94 CNY, 1.60 CNY, and 1.68 CNY respectively, with a price-to-earnings (PE) ratio of 25x for 2024 [1]. Summary by Sections Financial Performance - The company reported a revenue of 11,400 million CNY in 2021, which decreased to 11,008 million CNY in 2022, but is expected to rise to 14,511 million CNY in 2023, reflecting a 32% increase [2]. - The operating profit (EBIT) increased from 522 million CNY in 2021 to 1,720 million CNY in 2023, indicating a significant recovery [2]. - The net profit attributable to shareholders is projected to grow from 113 million CNY in 2022 to 1,711 million CNY in 2024 [2]. Market Position and Strategy - The company is recognized as one of the largest publicly listed hotel and catering companies in China, focusing on limited-service hotels and food and beverage services [2]. - The company has successfully acquired international assets, enhancing its global footprint and operational capabilities [2]. - The report highlights the company's strategic focus on asset optimization and capital structure improvement, which is expected to support its growth and operational efficiency [1]. Valuation Metrics - The report provides a comparison of valuation metrics with peers, indicating a PE ratio of 30.91 for 2023E and 18.16 for 2024E, suggesting a competitive position in the market [2]. - The company's dividend per share is expected to increase from 0.06 CNY in 2022 to 0.41 CNY in 2023, reflecting a commitment to returning value to shareholders [2].