2023年主业稳定复苏，关注品牌迭代与扩张效果

Investment Rating - The investment rating for the company is "Buy" [4][30][20] Core Views - In 2023, the company achieved revenue of 7.792 billion yuan, a year-on-year increase of 53.1%, recovering approximately 94% compared to 2019. The net profit attributable to the parent company was 795 million yuan, marking a turnaround from losses, and recovering 90% compared to the same period in 2019 [3][22][21] - The company plans to distribute a cash dividend of 2.2 yuan for every 10 shares, resulting in a dividend payout ratio of approximately 31% [22] - The hotel business's profit in 2023 recovered nearly 80% compared to 2019, while the scenic area performance significantly exceeded 2019 levels, with revenue and profit recovering 115% and 140% respectively [23][22] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.882 billion yuan, with net profit attributable to the parent company and net profit excluding non-recurring items at 110 million yuan and 94 million yuan respectively, recovering about 90% and 67% compared to the same period in 2019 [22][3] - The overall RevPAR (Revenue Per Available Room) for the company in 2023 was 138 yuan, recovering to 91% of the 2019 level, with a slight decline in recovery in Q4 [25][23] - The company opened 1,203 new stores in 2023 and plans to open 1,200-1,400 new stores in 2024, indicating a potential acceleration in expansion [10][3] Business Segmentation - The hotel business revenue and profit in 2023 recovered to 93% and 78% of the 2019 levels, respectively, with the decline in revenue attributed to a 25% reduction in the number of direct-operated rooms [23][22] - The company’s core stores' mixed RevPAR for the year recovered to 106.5% of the pre-pandemic level, driven mainly by price increases [25][23] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 882 million, 1.003 billion, and 1.095 billion yuan respectively, with corresponding EPS of 0.79, 0.89, and 0.98 yuan, and PE ratios of 18, 16, and 15 times [30][19] - The company is expected to benefit from the recovery in travel demand post-Spring Festival, although short-term travel expectations remain cautious [30][3]