Investment Rating - Buy (Maintained) [1] Core Views - Q1 revenue exceeded guidance: Revenue for Q1 2024 reached 5.3 billion yuan, up 18% YoY, surpassing the guidance of 12-16% growth [3] - Net store openings accelerated: In Q1, the company opened 569 new stores, with a net increase of 421 stores, exceeding expectations [3] - RevPAR under pressure due to high base: Q1 RevPAR was 216 yuan, up 3% YoY, with a room rate of 280 yuan and an occupancy rate of 77.2% [3] - Q2 revenue growth guidance: The company expects Q2 revenue growth to be between 7-11% [3] Financial Performance - Revenue: 2024E revenue is projected at 23.97 billion yuan, with a YoY growth of 9.54% [2] - Net profit: 2024E net profit is forecasted at 3.79 billion yuan, a decrease of 7.28% YoY [2] - EPS: 2024E EPS is expected to be 1.18 yuan per share [2] - P/E ratio: The current P/E ratio is 23.68x for 2024E [2] Store and Room Metrics - Total stores: As of Q1 2024, the company had 9,684 stores, with 47% being mid-to-high-end brands and 94% being franchised [3] - Room count: The total room count reached 929,000, with franchised rooms accounting for 843,000, up 19.5% YoY [3] - Store pipeline: The company has a pipeline of 3,138 stores, with plans to open 1,800 stores and achieve a net increase of 1,150 stores in 2024 [3] Market Data - Closing price: The stock closed at HKD 30.65 [5] - Market cap: The company's market cap is HKD 98.4 billion [5] - P/B ratio: The P/B ratio is 8.02x [5] Financial Ratios - ROE: 2024E ROE is projected at 23.79% [8] - Gross margin: 2024E gross margin is expected to be 35.44% [8] - Net profit margin: 2024E net profit margin is forecasted at 15.80% [8] Historical Performance - 2023 revenue: 21.88 billion yuan, up 57.86% YoY [2] - 2023 net profit: 4.09 billion yuan, up 324.33% YoY [2] - 2023 EPS: 1.27 yuan per share [2]
华住集团-S：2024Q1业绩点评：净开店提速，RevPAR因高基数承压