Q4收入继续超预期，开店计划积极

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company reported Q4 2023 earnings with revenue of 5.59 billion CNY, a year-on-year increase of 50.7%, and an adjusted net profit of 660 million CNY, marking a turnaround from losses [1]. - The revenue growth in Q4 exceeded expectations, driven by a strong recovery in domestic RevPAR, with LH revenue at 4.38 billion CNY (+59.0%) and DH revenue at 1.20 billion CNY (+26.6%) [1]. - The company anticipates a revenue growth of 12% to 16% in Q1 2024 and a full-year growth guidance of 8% to 12% [1]. - The company plans to open 1,800 new hotels in 2024, with a net opening target of 1,150 hotels, reflecting a 35% increase from the previous year [1]. Summary by Sections Financial Performance - Q4 2023 adjusted EBITDA reached 1.27 billion CNY, a significant increase of 219% year-on-year, with an adjusted EBITDA margin of 22.7% [1]. - The company expects adjusted net profits of 4.56 billion CNY, 5.48 billion CNY, and 6.17 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20.5, 17.0, and 15.1 [4][7]. Revenue Growth - The company achieved a revenue of 21.88 billion CNY in 2022, with a growth rate of 57.9%, and forecasts revenue of 24.47 billion CNY in 2024, representing an 11.8% growth [4][7]. - The RevPAR recovery for LH and DH reached 120% and 111% of 2019 levels respectively, indicating strong demand recovery [1]. Expansion Strategy - The company has a robust pipeline with 3,098 hotels planned for opening, indicating a strong growth trajectory [1]. - The focus on enhancing service quality and customer experience aligns with current consumer trends towards experiential services [1].