JINLING HOTEL(601007) 民生证券·2024-04-07 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.63 yuan [7][14]. Core Insights - The company has experienced a full recovery in its hotel operations, with significant growth in revenue and profit margins. The hotel business achieved revenue of 564 million yuan, a year-on-year increase of 41.6%, with a gross margin of 43.8%, up 10.6 percentage points [22]. - The new chairman, Bi Jinbiao, is expected to enhance decision-making efficiency and resource allocation, focusing on brand development and food technology business expansion [2][14]. - The company’s revenue for 2023 reached 1.812 billion yuan, a year-on-year increase of 28.1%, with a net profit attributable to shareholders of 60 million yuan, up 42.9% [13][23]. Financial Summary - The company’s financial forecasts indicate a net profit of 95 million yuan in 2024, 110 million yuan in 2025, and 122 million yuan in 2026, with corresponding P/E ratios of 31, 27, and 24 respectively [14][23]. - The overall expense ratio for 2023 was stable at 19.03%, with sales, management, financial, and R&D expense ratios showing minor fluctuations [6]. - The company’s total assets are projected to grow from 3.567 billion yuan in 2023 to 4.820 billion yuan by 2026, reflecting a strong asset base [16].