2023年报点评：效率仍待提升，资本结构有望优化

Investment Rating - The investment rating for Jinjiang Hotels (600754) is "Buy" with a target price of 36.45 CNY, down from a previous target of 40.00 CNY [1][2]. Core Views - The report indicates that the company's performance in 2023 met expectations, with revenue of 14.649 billion CNY, representing a 29.53% increase year-on-year. However, overseas operations and financial burdens have negatively impacted performance. Future improvements in capital structure and store quality are expected to drive performance recovery [1][3]. - The report highlights that the company is industry-leading in scale, with significant room for efficiency improvements, justifying the "Buy" rating [1][2]. Summary by Sections Financial Performance - In 2023, Jinjiang Hotels reported a total revenue of 14.649 billion CNY, with a net profit attributable to shareholders of 1.002 billion CNY, reflecting a 462% increase compared to the previous year [1][3]. - The fourth quarter of 2023 saw a revenue of 3.687 billion CNY, a 20.91% increase year-on-year, with a net profit of 0.27 billion CNY [1]. Future Earnings Forecast - The report projects earnings per share (EPS) for 2024 and 2025 to be 1.36 CNY and 1.59 CNY respectively, with a further increase to 1.90 CNY by 2026 [1][3]. - The company is expected to maintain a growth trajectory, with revenue forecasts of 15.307 billion CNY for 2024 and 15.859 billion CNY for 2025 [3]. Operational Insights - The report notes that while the company has opened fewer new stores compared to competitors, it has also closed fewer, indicating a focus on improving store quality and operational efficiency [1][2]. - The operating profit margin for 2023 was reported at 14.1%, with expectations for further improvement in the coming years [3]. Market Position - Jinjiang Hotels is recognized as one of the largest hotel and catering companies in China, with a global operational strategy that includes acquisitions to enhance its market position [2][3]. - The company has a significant market capitalization of 29.212 billion CNY, with a stock price range over the past year between 23.42 CNY and 66.57 CNY [3].