华住集团：24Q1境内RevPAR同增3%，预计Q2收入同增7%~11%

Investment Rating - The industry rating is "Outperform the Market" and is maintained [1] Core Views - The report indicates that the revenue for the group in Q2 2024 is expected to grow by 7% to 11% year-on-year [2][3] - The financial performance in Q1 2024 exceeded guidance, with revenue reaching 5.278 billion yuan, a year-on-year increase of 17.8%, slightly above the guidance of 12%-16% [1] - The operating profit margin for Q1 2024 was 19.0%, an increase of 4.2 percentage points year-on-year, and 7.9 percentage points compared to 2019 [1] Financial Performance - In Q1 2024, the group's domestic hotel revenue was 4.245 billion yuan, a year-on-year increase of 18.1% [1] - The adjusted net profit for Q1 2024 was 771 million yuan, a year-on-year increase of 100.8% [1] - The domestic RevPAR (Revenue per Available Room) for Q1 2024 was 216 yuan, a year-on-year increase of 3.1%, with an overall recovery rate of 121% compared to Q1 2019 [1] Operational Insights - The group opened 574 new stores in Q1 2024, achieving 32% of the annual target of 1,800 new openings [1] - The pipeline hotels increased to 3,172, up by 74 compared to Q4 2023 [1] - The domestic RevPAR recovery rate was 121.3%, while the overseas RevPAR recovery rate was 98% [1] Market Position - The report emphasizes the concentration of leading companies in the industry due to supply clearing, highlighting the scale advantage and operational efficiency of the group [3]