金陵饭店：事件点评：签署《股权委托管理协议》，同业竞争问题解决实现重大进展

Investment Rating - The report maintains a "Recommended" rating for the company [3][8]. Core Insights - The signing of the "Equity Entrustment Management Agreement" marks significant progress in resolving the competition issue with the parent company, allowing for better asset management and operational efficiency [3][15]. - The company will manage the equity of 11 hotel project companies, enhancing control over these assets and potentially leading to performance improvements [3][15]. - The new chairman's leadership is expected to drive further operational enhancements and brand strengthening for the company [3][15]. - The company is projected to see an increase in net profit for 2024, 2025, and 2026, with estimates of 1.03 billion, 1.23 billion, and 1.39 billion respectively, reflecting a positive growth trajectory [3][16]. Financial Projections - Revenue is expected to grow from 1.812 billion in 2023 to 2.798 billion by 2026, with growth rates of 28.1%, 17.7%, 15.2%, and 13.9% respectively [6][16]. - The net profit attributable to shareholders is projected to increase from 60 million in 2023 to 139 million by 2026, with growth rates of 42.9%, 73.6%, 18.9%, and 13.3% respectively [6][16]. - The company's PE ratio is expected to decrease from 45 in 2023 to 19 by 2026, indicating improved valuation over time [6][10].