JINJIANG HOTELS(600754) 国信证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" [1][9]. Core Views - In 2023, the company achieved a revenue of 14.649 billion yuan, representing a year-on-year increase of 29.53%, and a net profit attributable to shareholders of 1.002 billion yuan, reflecting a significant increase of 691.14% [3][5]. - The company's performance is primarily driven by domestic operations, with a recovery of 97% in revenue compared to 2019, although overseas operations have significantly dragged down overall performance [3][5]. - The company plans to open 1,200 new hotels in 2024, maintaining the same target as in 2023, with an expected revenue growth of 5-9% [7][8]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 14.649 billion yuan, with a net profit of 1.002 billion yuan, both figures aligning with the midpoint of the performance forecast [3][5]. - The company plans to distribute a dividend of 0.5 yuan per share, with a payout ratio of 53% [3][5]. - The fourth quarter of 2023 saw a revenue recovery of 97% compared to Q4 2019, but net profit was significantly impacted by overseas losses [3][5]. Operational Insights - The domestic hotel segment's revenue reached 9.945 billion yuan, recovering 93% compared to 2019, while the overseas segment generated 4.294 billion yuan, recovering 105% compared to 2019, but faced substantial losses due to increased costs [5][6]. - The company opened 1,407 new hotels in 2023, resulting in a net increase of 888 hotels, with a total of 12,448 hotels in operation by the end of 2023 [3][5]. Future Outlook - For 2024, the company anticipates a revenue increase of 5-9%, with domestic hotel revenue expected to grow by 6-10% [7][8]. - The company aims to sign 2,500 new hotel contracts in 2024, exceeding the 2023 target of 2,000 contracts [7][8].