业绩良好修复，24年有望稳健增长

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company has shown significant recovery in performance, with a projected stable growth for 2024 [3] - The company achieved a total revenue of RMB 14.649 billion in 2023, representing a year-on-year growth of 29.53% [3] - The net profit attributable to shareholders reached RMB 1.002 billion, a remarkable increase of 691.14% compared to the previous year [3] - The company plans to open 1,200 new hotels in 2024, aiming for steady and high-quality growth [3] Financial Performance Summary - The company reported a total revenue of RMB 14,649 million for 2023, with a growth rate of 33.1% [4] - The EBITDA for 2023 was RMB 4,213 million, with a significant increase of 57.5% [4] - The net profit attributable to shareholders for 2023 was RMB 1,002 million, reflecting a growth rate of 782.7% [4] - The latest diluted EPS for 2023 was RMB 0.94, with a growth of 782.7% [4] - The projected EPS for 2024 is RMB 1.40, with a corresponding P/E ratio of 19.8 [4][5] Operational Metrics - The RevPAR for domestic limited-service hotels increased by 46.86% in 2023, reaching 106.28% of the 2019 level [3] - The company opened 1,407 new hotels in 2023, exceeding its target of 1,200 [3] - The company aims to achieve a revenue of RMB 15.4-16.0 billion in 2024, representing a growth of 5-9% [3]