2024年一季报点评：多点开花共助增长，结构升级显现潜力

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In Q1 2024, the company achieved revenue of 3.206 billion yuan, a year-on-year increase of 6.77%; net profit attributable to shareholders was 190 million yuan, up 34.56% year-on-year; however, the net profit excluding non-recurring items decreased by 31.19% to 62 million yuan [6][7] - The company is expected to continue its organizational transformation in China, enhance its brand matrix, optimize its development strategy, and strengthen the "three platforms" (global hotel internet, global procurement, global finance) for synergistic construction, improving operational efficiency [6][7] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.698 billion, 1.825 billion, and 1.952 billion yuan, corresponding to current price-to-earnings ratios of 18, 17, and 16 times respectively [6][7] Revenue and Profit Analysis - The company's domestic full-service hotel business generated revenue of 45.06 million yuan in Q1 2024, a significant increase of 112.76% year-on-year; the domestic limited-service hotel business contributed 2.215 billion yuan, up 5.97% year-on-year, primarily driven by service fee income [6][7] - The overseas limited-service hotel business reported revenue of 115 million euros, a year-on-year increase of 1.43%; the food and beverage segment achieved revenue of 61.95 million yuan, up 6.42% [6][7] Operational Efficiency - The upgrade of hotel structure significantly contributed to the growth of RevPAR (Revenue per Available Room); in Q1 2024, the RevPAR for domestic economy, mid-scale, and overall limited-service hotels recovered to 86.18%, 86.70%, and 101.02% of the levels in the same period of 2019 [6][7] - The company opened 222 new hotels and closed 75, resulting in a net increase of 147 hotels, with a total of 12,595 hotels in operation as of March 31 [6][7] Financial Metrics - The company's gross margin and net profit margin (excluding non-recurring items) decreased year-on-year, with gross margin at 35.38% and net profit margin at 1.94% [7] - The company plans to open 1,200 new hotels and sign 2,500 new contracts in 2024, indicating a potential acceleration in hotel openings [7]