Investment Rating - The report maintains a "Buy" rating for the company [6][3][24] Core Insights - The company's revenue growth exceeded previous guidance, with Q1 2024 revenue reaching 5.278 billion yuan, a year-on-year increase of 17.8%, surpassing the prior guidance of 12-16% [2][6] - The domestic hotel RevPAR for Q1 2024 was 216 yuan, showing a year-on-year increase of 2.9% and a 21.3% increase compared to Q1 2019 [1][6] - The company continues to expand its hotel network, with 569 new openings and 148 closures in Q1 2024, resulting in a net increase of 421 hotels [2][6] Financial Performance - Q1 2024 operating income was 5.278 billion yuan, with domestic revenue at 4.245 billion yuan and international revenue at 1.033 billion yuan [2][6] - The operating profit for domestic hotels was 1.131 billion yuan, while international operations reported a loss of 128 million yuan [2][6] - The company expects Q2 2024 revenue growth guidance of 7% to 11% [2][6] Operational Metrics - The occupancy rate (OCC) for domestic hotels was 77.2%, with an average daily rate (ADR) of 280 yuan [1][6] - The company has a pipeline of 3,138 hotels in China, indicating continued expansion [2][6] - The report highlights the company's strategy of upgrading its product offerings and optimizing its brand portfolio, focusing on eliminating underperforming economy hotels [6][2] Future Projections - The projected net profit for the company for 2024, 2025, and 2026 is 4.32 billion yuan, 5.013 billion yuan, and 5.9 billion yuan, respectively, with corresponding P/E ratios of 22, 19, and 16 [6][10][18]
华住集团-S：营收增速超先前指引，利润基本符合预期