SSAW Hotels(301073) 国泰君安·2024-04-26 12:32Investment Rating - The investment rating for the company is "Accumulate" with a target price of 29.40, up from the previous target of 29.14 [2][15]. Core Insights - The report highlights strong revenue growth potential, with a significant increase in revenue expected in the coming years. The company is projected to achieve revenues of 793 million in 2024, up from 534 million in 2023, representing a growth rate of 48.5% [2][15]. - The company is in a growth phase, benefiting from a strong brand presence and expected recovery in tourism demand, which is anticipated to drive performance improvements [15][22]. - Despite the high revenue growth, the company faces challenges related to opening new stores and associated costs, which may impact profitability in the short term [15][22]. Financial Summary - The company reported total revenue of 534 million in 2023, a 56.16% increase from 342 million in 2022. The net profit attributable to shareholders was 31 million, reflecting a slight increase of 2.6% [2][15]. - The EBIT for 2023 was 91 million, with a projected EBIT of 204 million in 2024, indicating a substantial growth rate of 123.5% [2][15]. - The net profit is expected to grow significantly, with projections of 120 million in 2024 and 176 million in 2025, showcasing a growth rate of 292% [2][15]. Operational Metrics - The company has opened 34 new stores in 2023, with a total of 219 operational stores and 177 in the pipeline, indicating a robust expansion strategy [15][22]. - The report notes that the company’s RevPAR (Revenue per Available Room) has shown recovery, with a year-on-year increase of 12.23% in Q1 2024 compared to Q1 2023 [15][22]. - The company’s gross profit margin is projected to improve from 39.7% in 2023 to 51.3% by 2026, reflecting operational efficiency gains [2][15].