首旅酒店（600258）：开店提速，结构向好

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing accelerated store openings and an improved structure, with a focus on high-quality development through product upgrades and market expansion [6] - The company reported a slight decline in revenue for 2024, with total revenue of 7,751 million yuan, a year-on-year decrease of 0.54%, while net profit increased by 1.41% to 806 million yuan [6] - The company is strategically expanding its mid-to-high-end hotel offerings, with a significant increase in the number of new openings and net openings, particularly in the standard management hotel segment [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7,796 million yuan, with a projected growth rate of 0.6% [5] - The forecasted net profit for 2025 is 903 million yuan, reflecting an 11.9% year-on-year increase [5] - The company plans to maintain a cash dividend of 4.02 billion yuan, which represents 49.85% of the annual net profit [6]