Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in Q4 2023 met expectations, with a significant revenue increase of 50.7% year-on-year, reaching 5.585 billion yuan. Domestic revenue grew by 59.0%, driven by both direct and managed hotel segments [1][7] - The company continues to enhance its operational quality, as evidenced by a return to profitability with a net profit of 743 million yuan in Q4 2023, compared to a loss of 124 million yuan in the same period last year [1][7] - The company has exceeded its annual store opening targets, with a net increase of 852 stores in 2023, showcasing its strong expansion capabilities [3][7] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 5.585 billion yuan, with domestic revenue contributing 4.384 billion yuan. The direct hotel segment accounted for 52.2% of total revenue, while managed and franchised hotels contributed 47.8% [1] - The company's Q4 2023 RevPAR (Revenue per Available Room) for domestic hotels was 229 yuan, reflecting a year-on-year increase of 43.8% compared to Q4 2022 and 19.9% compared to Q4 2019 [2] - The company provided revenue guidance for Q1 2024, expecting a year-on-year growth of 12%-16% [7] Expansion and Pipeline - The company opened 460 new hotels in Q4 2023, with a net increase of 235 hotels, surpassing its initial target of 1,400 openings for the year [3] - The pipeline for future openings stands at 3,061 hotels, indicating continued expansion plans and a strong market position [3] Financial Projections - The company forecasts net profits of 4.349 billion yuan for 2024, with a projected P/E ratio of 20.6x [8] - Expected revenue growth rates for the next few years are 4.8% in 2024, 7.8% in 2025, and 7.8% in 2026 [8]
业绩基本符合预期，经营质量继续提升