JINJIANG HOTELS(600754) 华创证券·2024-04-02 16:00Investment Rating - The report assigns a "Recommended" rating for the company, with a target price of 31 yuan [1]. Core Insights - In 2023, the company achieved a revenue of 14.649 billion yuan, a year-on-year increase of 29.5%, and a net profit attributable to shareholders of 1.002 billion yuan, a significant increase of 691% [1]. - The company plans to open 1,200 new stores in 2024, aiming for a revenue of 15.4-16 billion yuan, representing a growth of 5-9% [1]. - The overseas operations faced losses due to high financial costs, while domestic hotel business showed recovery [1]. Financial Performance Summary - Revenue: 2023 revenue was 14,649 million yuan, with a growth rate of 33.1% [2]. - Net Profit: The net profit for 2023 was 1,002 million yuan, with a staggering growth rate of 782.7% [2]. - Earnings Per Share (EPS): The EPS for 2023 was 0.94 yuan, projected to increase to 1.23 yuan in 2024 [2]. - Price-to-Earnings Ratio (PE): The PE ratio for 2024 is estimated at 22 times [2]. - Total Assets: The total assets as of 2023 were 50,587 million yuan [7]. - Debt Ratio: The debt ratio stood at 65.68% [4]. Operational Highlights - The company opened a total of 1,407 hotels in 2023, with a net increase of 888 hotels [1]. - The company’s domestic hotel revenue reached 10.1 billion yuan, while overseas revenue was 4.29 billion yuan, showing growth rates of 33.0% and 23.4% respectively [1]. - The company acquired 90% of Wehotel and 100% of Jinjiang Hotel Management, enhancing its brand portfolio [1].