丨证券研究报告丨 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2025 年半年度报告点评：公司降本成效明显， 门店保持稳健增长 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 65.26 亿元，同比下降 5.31%，实现归母净利润 3.71 亿元， 同比下降 56.27%，扣非归母净利润 4.09 亿元，同比增长 5.17%。展望未来，短期内，公司延 续较高开店计划，预计 2025 年新增开业酒店 1300 家，新增签约酒店 2000 家，中长期看好公 司"12+3+1"品牌发展战略。预计 2025-2027 年公司归母净利润分别为 10.48、13.01、14.99 亿元，对应 PE 分别为 23/19/16X，维持"买入"评级。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjzqdt1111 ...

Core Viewpoint - The company is focusing on high-quality development and digital transformation while expanding its hotel operations both domestically and internationally, aiming to enhance its competitive edge in the hotel industry [5][19][24]. Financial Performance - In 2024, the company achieved consolidated operating revenue of 14.06 billion yuan, a decrease of 4% year-on-year [5]. - The operating profit was 1.69 billion yuan, down 6.07% from the previous year, while the net profit attributable to shareholders was 911 million yuan, reflecting a decline of 9.06% [5]. - The net cash flow from operating activities was 3.56 billion yuan, a decrease of 31% compared to the previous year [5][6]. Hotel Business Overview - The hotel business generated consolidated operating revenue of 13.82 billion yuan, a decline of 4.02% year-on-year, but the operating profit increased by 2.3% to 1.67 billion yuan [7]. - The full-service hotel segment saw a significant revenue increase of 49.57%, while the limited-service hotel segment experienced a revenue decline [7][10]. - As of December 31, 2024, the company had a total of 13,416 hotels in operation, with a total of 1,290,988 rooms [9]. Expansion and Development - The company opened 1,515 new hotels in 2024, resulting in a net increase of 968 hotels [8]. - The company is actively pursuing digital transformation and enhancing its operational efficiency through various technological initiatives [16][25]. - The company plans to achieve operating revenue of 14.3 to 15 billion yuan in 2025, with a growth target of 2% to 7% [24]. Market Trends and Industry Outlook - The hotel industry in China is experiencing steady growth, with a rising trend in brand and chain hotel development [19][20]. - The domestic tourism market is recovering, with significant increases in both domestic travel and inbound tourism [21][22]. - The company aims to leverage the growing demand for mid-to-high-end hotels and expand its market share in the competitive landscape [19][20].

Core Viewpoint - Binzhou is actively implementing a brand development strategy, showcasing the charm of "Bin" brands to the world, with "Good Products Binzhou" gaining significant recognition [2][4]. Group 1: Brand Development and Achievements - 18 enterprises from Binzhou were listed in the "2025 China Brand Value Evaluation Information," with a total brand strength of 14,997 and a total brand value of 112.133 billion yuan, ranking second in the province for the number of listed companies and brand strength, and third for brand value [2]. - The city has established a robust policy support system, issuing documents such as the "Brand Story Excavation Action Plan" and the "Good Products Binzhou Quality Public Brand Management Measures," encouraging enterprises to shift from "producing products" to "building brands" [2][3]. - The "China Smart Kitchen Capital" brand, covering the entire commercial kitchenware industry chain, was born in Boxing County, with over 2,800 kitchenware enterprises occupying 40% of the national market share and an annual output value exceeding 30 billion yuan [2]. Group 2: Quality and Innovation - Binzhou enterprises are increasingly focusing on innovation and quality, transitioning from "product output" to "brand output," as seen with companies like Weiqiao and Zhongyu Foods [3]. - The city has launched the "Hundred Thousand" benefit enterprise service project, creating the "Bin Smart Sharing" quality station to provide comprehensive quality infrastructure services to enterprises [3]. - The implementation of the chief quality officer system and the "Quality Brand Establishment Action" has led to the selection of 21 brand entities in the "Good Products Shandong" brand list, enhancing overall industry capability [3]. Group 3: Brand Storytelling and Cultural Significance - Zhongyu Foods has successfully established a brand matrix centered around its well-known trademark "Zhongyu," emphasizing fresh, high-quality products that are popular nationwide [4]. - The storytelling of "Bin" brands, such as "Food Domain Binzhou" and "Grain and Oil Golden Triangle," is breaking regional boundaries and showcasing the unique charm of "Quality Binzhou" to the world [4]. - The craftsmanship of Boxing kitchenware, the resilience of Huimin rope nets, the sweetness of Zhanhua winter jujubes, and the deliciousness of Beihai shrimp are becoming cultural symbols of Binzhou, reflecting the industrious spirit of its people [4].