开业、签约延续，品牌矩阵加强，业绩符合预期

Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" [7][13][30] Core Viewpoints - The company continues to expand its brand matrix and has achieved performance in line with expectations, with significant growth in revenue and net profit [2][10][11] - The company is expected to maintain strong growth in 2024, with plans to sign 60 new contracts and open 63 projects [3][7] - The financial outlook shows a substantial increase in revenue and net profit over the next few years, indicating a positive growth trajectory [8][10] Summary by Relevant Sections Business Expansion - In 2023, the company signed 55 new hotel contracts and opened 34 new hotels, enhancing its brand presence [2] - The company plans to leverage the synergy of its three brands to optimize its business model and expand its market reach [3] Financial Performance - For 2023, the company reported revenue of 534 million yuan, a year-on-year increase of 56.16%, and a net profit of 31 million yuan, up 2.6% [10][11] - The projected revenue for 2024 is 738 million yuan, with a net profit forecasted at 41 million yuan, reflecting a growth rate of 38.2% [8][10] Key Financial Metrics - The company's revenue growth rates for 2024-2026 are projected at 38.2%, 20.8%, and 19.9% respectively [8][23] - The P/E ratio is expected to decrease from 112x in 2024 to 28x in 2026, indicating improving valuation as earnings grow [7][8]