SSAW Hotels(301073) Tianfeng Securities·2024-05-17 09:30Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [20][18]. Core Insights - In 2023, the company's direct revenue increased by 61.7% year-on-year, with a RevPAR of 332.78 yuan, reflecting a recovery rate of 116% compared to 2019 [1][7]. - The hotel management revenue rose by 39% in 2023, with a significant gross margin improvement of 9.3 percentage points [2][22]. - The company achieved a total revenue of 534 million yuan in 2023, a 56.2% increase year-on-year, and a net profit of 31 million yuan, up 2.6% year-on-year [7][11]. Financial Data Summary - Total A-share capital is 194.45 million shares, with a market capitalization of approximately 4.65 billion yuan [3]. - The company's net asset per share is 5.05 yuan, and the asset-liability ratio stands at 59.56% [3]. - The projected revenues for 2024, 2025, and 2026 are estimated at 768.93 million yuan, 991.92 million yuan, and 1.24 billion yuan respectively, with growth rates of 44% and 29% [27][25]. Operational Performance - In 2023, the company opened 34 new hotels, expanding its presence in key regions such as North China, South China, and Southwest China [10][33]. - The company plans to sign 60 new hotels and open 63 in 2024, indicating a robust expansion strategy [26][11]. - The RevPAR for direct hotels in Q4 2023 and Q1 2024 was 320 yuan and 315 yuan respectively, showing year-on-year increases of 46% and 12% [21][32].