中国酒店行业格局分析：盈利为王，效率为先

Investment Rating - The report rates the leisure service industry as "Positive" [5] Core Insights - The report analyzes the competitive landscape of China's hotel industry, focusing on four major chain hotel leaders: Jinjiang, Huazhu, Shoulu, and Atour, highlighting the importance of profitability and efficiency in future growth [1][2] - Huazhu maintains a leading position in revenue and profitability, while Atour shows the fastest growth rate. Jinjiang remains the largest player in terms of scale, but Shoulu is lagging behind [2][4] - The mid-to-high-end hotel market is expected to become the main battleground, with companies focusing on brand ecosystem development and digital platforms to enhance customer loyalty and brand recognition [3] Summary by Sections Jinjiang Hotel - As of Q3 2024, Jinjiang Hotel operates 13,186 hotels with 1,257,996 rooms, maintaining the largest market share at 17.62% [2][17] - In Q1-3 2024, Jinjiang's total revenue was 10.79 billion yuan, with a net profit of 1.11 billion yuan, showing a recovery in revenue but slower margin recovery [20][21] - The company is shifting towards a light-asset strategy, with a fixed asset turnover rate of 2.55 times and a fixed asset ratio of 24.09% [22] Huazhu Group - Huazhu operates 10,845 hotels with 1,062,546 rooms as of Q3 2024, with a revenue of 17.868 billion yuan and a net profit of 1.273 billion yuan in Q1-3 2024 [52][54] - The company has seen a revenue growth rate of 57.86% in 2023, driven by improved internal management and cost control [55] - Huazhu's fixed asset turnover rate is 2.96 times, with a fixed asset ratio of 55.04%, indicating improved asset efficiency [56] Shoulu Hotel - Shoulu's hotel scale has a compound annual growth rate of only 9%, the lowest among the four companies, and its revenue recovery is not satisfactory [2][4] Atour Group - Atour has maintained a compound annual growth rate of 30% since 2019, with significant revenue and profit growth expected post-2023 [2][3] - The company focuses on mid-to-high-end brand development and has a unique retail business model to enhance its brand image [3] Industry Trends - The competitive landscape is intensifying, with the rise of homestays and non-chain boutique hotels encroaching on the high-end luxury market [4] - Future development will shift from scale expansion to efficiency improvement, leveraging economies of scale to enhance profitability [4]