24年计划新开店1200家，精益增长助发展

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant increase in revenue and net profit for the year 2023, with total revenue reaching 14.649 billion yuan, a year-on-year growth of 29.53%, and a net profit of 1.002 billion yuan, reflecting a remarkable increase of 691.14% [3][4] - The company plans to open 1,200 new stores in 2024, with expected revenue growth of 5%-9% [5][6] - The company has successfully expanded its hotel network, adding 1,407 new hotels, exceeding its initial target of 1,200 [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.649 billion yuan, a 29.53% increase from the previous year, and a net profit of 1.002 billion yuan, up 691.14% [3][6] - The company forecasts revenue for 2024 to be between 15.42 billion and 16 billion yuan, with a year-on-year growth of 5%-9% [5][6] Operational Highlights - The company added 1,407 hotels in 2023, with a net increase of 888 hotels after accounting for exits [4] - The RevPAR (Revenue per Available Room) for 2023 was restored to 106.28% compared to 2019 levels, indicating a strong recovery [4] Future Outlook - The company expects to continue its growth trajectory with plans to open 1,200 new hotels in 2024 and aims for a revenue increase of 6%-10% from domestic operations [5][6] - Profit forecasts for 2024-2026 indicate a steady increase in net profit, projected at 1.673 billion yuan in 2024, 1.783 billion yuan in 2025, and 2.021 billion yuan in 2026 [6][8]