Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance exceeded expectations, driven by store expansion and franchise income, with domestic performance showing high growth and overseas losses reducing. However, guidance for Q2 2024 is conservative due to a high base effect [3] - The report adjusts the forecast for the company's net profit for 2024, 2025, and 2026 to RMB 4.23 billion, RMB 5.54 billion, and RMB 6.69 billion, reflecting a decrease of 4.53%, 1.39%, and 1.67% respectively [3] - The target price is set at HKD 42.50, based on a 30x PE ratio for 2024 [3] Financial Summary - For Q1 2024, the company reported revenue of RMB 5.278 billion, a year-on-year increase of 17.81%, and an adjusted net profit of RMB 771 million, up 100.78%. Adjusted EBITDA was RMB 1.421 billion, reflecting a 17% increase [3] - The overall RevPAR for Q1 2024 increased by 3.1%, with ADR up by 1.0% and occupancy rate (OCC) up by 1.6 percentage points. Same-store RevPAR increased by 0.9%, with ADR down by 0.6% and OCC up by 1.1 percentage points [3] - The company plans to open over 1,800 new stores in 2024, indicating a strong growth strategy [3] Market Data - The stock price range over the past 52 weeks is between HKD 23.45 and HKD 37.10 [4] - The current market capitalization is HKD 106.906 billion, with a total share count of 3.21 billion shares [4]
华住集团-S：24Q1业绩点评：业绩超预期，持续领先行业