储备酒店数量丰厚，景区收入大幅提升

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company has a substantial reserve of hotels and has seen a significant increase in scenic area revenue [1] - The hotel operation and management capabilities of the company continue to improve, with hotel operating income reaching 5.334 billion yuan, a year-on-year increase of 47.52% [7] - The company is focusing on the development of mid-to-high-end hotels, with a net increase of 204 mid-to-high-end hotels, raising their proportion to 27.48% [7][8] Financial Performance - In 2023, the company achieved revenue of 7.793 billion yuan, a year-on-year increase of 53.1%, and a net profit of 795 million yuan, turning from loss to profit [7][8] - The gross profit margin for the year was 38.12%, an increase of 22.42 percentage points, while the net profit margin was 10.41%, an increase of 23.56 percentage points [8] - The company expects EPS for 2024-2026 to be 0.86, 0.91, and 1.01 yuan, respectively, with corresponding P/E ratios of 16.5, 15.6, and 14.2 times [8] Market Data - As of March 29, 2024, the closing price was 14.26 yuan, with a market capitalization of 15.923 billion yuan [7] - The company opened 1,203 new hotels in the year, a year-on-year increase of 36.86% [7] - Scenic area revenue reached 516 million yuan, a year-on-year increase of 177.35%, surpassing the same period in 2019 by 14.79% [7]