酒店经营逐步恢复，景区业务强劲复苏

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.55 yuan [1][7]. Core Insights - The hotel operations are gradually recovering, with strong revival in scenic area businesses. In 2023, the company achieved a revenue of 7.79 billion yuan, a year-on-year increase of 53.1%, recovering to 93.8% of 2019 levels. The net profit attributable to shareholders was 800 million yuan, marking a turnaround from losses [2][4]. - The company’s hotel operations, management, and scenic area businesses generated revenues of 5.33 billion, 1.94 billion, and 520 million yuan respectively, with year-on-year growth rates of 47.5%, 50.8%, and 177.4% [6]. - The company plans to open 1,200 to 1,400 new stores in 2024, supported by a reserve of 2,035 stores at the end of 2023 [20]. Financial Summary - In 2023, the company’s gross profit margin was 38.1%, an increase of 22.4 percentage points year-on-year. The net profit margin reached 10.2%, close to the 2019 level of 10.6% [6]. - The company’s operating income for 2024-2026 is projected to be 8.88 billion, 9.57 billion, and 9.88 billion yuan, with corresponding year-on-year growth rates of 14.0%, 7.7%, and 3.3% [7]. - The earnings per share (EPS) for 2024-2026 are expected to be 0.8, 0.9, and 1.0 yuan respectively [7]. Market Performance - The company’s stock price has shown relative performance against the CSI 300 index, indicating a recovery trend since March 2023 [3].