Investment Rating - The investment rating for the company is "Buy" [2][10] - The current market price is 30.7 HKD [2] Core Views - The company benefits from the enhancement of product capabilities due to the renovation of direct-operated stores and improved revenue management capabilities, leading to slightly better-than-expected performance in Q1 [6] - The company is expected to maintain a leading position in management and product iteration, which will continue to enhance its market share [6] - The profit forecast for 2024-2025 has been raised, with expected net profits of 42.3 billion and 50.5 billion respectively [6] Financial Performance Summary - Revenue for 2022 was 13,862 million, with a projected increase to 21,882 million in 2023, and further growth to 24,282 million in 2024 [3] - The net profit for 2022 was -1,821 million, expected to turn positive with 4,085 million in 2023 and 4,234 million in 2024 [3] - The company’s earnings per share (EPS) is projected to improve from -0.58 in 2023 to 1.31 in 2024 [3] - The return on equity (ROE) is expected to rise from -18.5% in 2022 to 39.2% in 2023 [3] Operational Highlights - In Q1 2024, the company opened 569 new stores and closed 148, resulting in a net increase of 421 stores [7] - The domestic hotel segment reported revenue of 42.3 billion, a year-on-year increase of 17.6% [6] - The overall RevPAR (Revenue per Available Room) increased by 3.1% in Q1 2024, with direct-operated stores showing an 8.8% increase [6]
华住集团-S：24Q1业绩点评：Q1业绩亮眼，经营凸显韧性