标准店开店比例提升，业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company reported a revenue of 1.845 billion yuan in Q1 2024, representing a year-on-year increase of 11.47%. The net profit attributable to the parent company was 121 million yuan, up 49.83% year-on-year, and the net profit excluding non-recurring items was 97 million yuan, reflecting a 102.19% increase year-on-year, indicating performance slightly above expectations [7][20]. - The company plans to open 1,200 to 1,400 new stores in 2024, focusing on quality alongside scale expansion, product iteration, and the development of mid-to-high-end core brands, while enhancing its membership system and digital operations to improve operational efficiency [8]. Summary by Sections Hotel Business Performance - In Q1 2024, the RevPAR (Revenue per Available Room) for all hotels excluding light management was 147 yuan, a year-on-year increase of 2.0%. The ADR (Average Daily Rate) was 233 yuan, up 2.2% year-on-year, while the occupancy rate was 63.4%, a slight decrease of 0.1 percentage points year-on-year. The RevPAR for economy, mid-range, and light management hotels saw year-on-year changes of +1.3%, -0.3%, and -2.1%, respectively [1]. - The company opened 205 new hotels and closed 173, resulting in a net increase of 32 hotels. The opening of standard hotels has significantly increased, with 36 economy, 66 mid-range, and 103 other hotels opened [1]. Financial Projections - The revenue forecasts for 2024, 2025, and 2026 have been adjusted to 7.845 billion yuan, 8.436 billion yuan, and 9.156 billion yuan, respectively. The net profit attributable to the parent company is projected to be 954 million yuan, 1.126 billion yuan, and 1.302 billion yuan for the same years, with corresponding EPS of 0.85 yuan, 1.01 yuan, and 1.17 yuan per share [8][21].