JINJIANG HOTELS(SH:600754) Minsheng Securities·2024-04-07 16:00Investment Rating - The report maintains a "Recommended" rating for Jinjiang Hotels [2][6] Core Views - Jinjiang Hotels reported a revenue of 14.649 billion yuan in 2023, a year-on-year increase of 29.53%, recovering to 97.0% of 2019 levels. The net profit attributable to shareholders reached 1.0 billion yuan, up 691.14% year-on-year, recovering to 91.7% of 2019 levels [1][2] - The company achieved a net cash inflow from operating activities of 5.162 billion yuan in 2023, a growth of 177.59% compared to the previous year [1] - The report highlights a steady recovery in operational data, with RevPAR for domestic economy and mid-range hotels showing significant year-on-year growth [1][2] - Jinjiang Hotels plans to open 1,200 new hotels in 2024, increasing its signed hotel target to 2,500 [1] - The company is expected to further optimize its operational quality with improvements in its brand matrix, direct store quality, and high-quality franchise development [1] Financial Summary - Revenue forecast for 2024 is 16.410 billion yuan, with a growth rate of 12.0% [2][6] - The net profit attributable to shareholders is projected to be 1.717 billion yuan in 2024, reflecting a growth rate of 71.4% [2][6] - The report provides a detailed financial outlook, including projected earnings per share of 1.60 yuan for 2024 and a PE ratio of 17x [2][6] - The company’s total assets are expected to reach 52.333 billion yuan by 2024, with a debt-to-equity ratio of 63.61% [7]