JINJIANG HOTELS(600754) 光大证券·2025-04-08 09:16Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company faced performance pressure in 2024, with a revenue of 14.06 billion yuan, down 4.0% year-on-year, and a net profit of 911 million yuan, down 9.1% year-on-year. The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, down 8.5% year-on-year, and a net loss of 195 million yuan [3][4] - The company exceeded its hotel opening target in 2024, opening 1,515 new hotels against a target of 1,200, and plans to accelerate openings in 2025 with a target of 1,300 new hotels [7] Summary by Sections Revenue Performance - In 2024, the company's total revenue was 14.06 billion yuan, a decrease of 4.0% year-on-year. The net profit attributable to the parent company was 911 million yuan, down 9.1% year-on-year. The fourth quarter revenue was 3.273 billion yuan, down 8.5% year-on-year, with a net loss of 195 million yuan [3][4] Hotel Operations - The company's domestic full-service hotels generated revenue of 238 million yuan in 2024, an increase of 49.6% year-on-year, driven by store expansion. The RevPAR for these hotels was 252.91 yuan, down 10.8% year-on-year. The limited-service hotels generated revenue of 9.33 billion yuan, down 6.2% year-on-year, impacting overall revenue [4][5] Profitability and Cost Control - The company's gross margin for 2024 was 39.5%, down 2.5 percentage points year-on-year, primarily due to a decline in the gross margin of limited-service hotels. The company maintained strict cost control, with a period expense ratio of 31.2% for 2024, down 0.3 percentage points year-on-year [6] Future Outlook - The company expects to achieve a revenue of 14.3 to 15 billion yuan in 2025, representing a growth of 2% to 7% year-on-year, with a projected net profit of 1.187 billion yuan for 2025. The EPS for 2025 is estimated at 1.11 yuan, with a corresponding PE ratio of 22 times [7][9]