锦江酒店（600754）：24年业绩低于预期，长期关注开店速度及会员转化

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 was below expectations, with total revenue of 14.063 billion yuan, a decrease of 4.0% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.1% year-on-year [7] - The company is focusing on optimizing its brand structure and enhancing product quality to maintain its leading position in the industry, with a plan to open 1,515 new hotels in 2024, representing a 7.7% increase [7] - The report highlights a strategic shift towards developing 12 mature brands and nurturing 3 core mid-to-high-end brands by 2028, alongside supporting a vacation industry cluster [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 14.101 billion yuan, with a slight increase of 0.3% year-on-year, and net profit attributable to shareholders is projected to be 1.186 billion yuan, reflecting a growth of 30.2% [6] - The company's gross profit margin is expected to be 41.6% in 2025, with a return on equity (ROE) of 7.3% [6] - The earnings per share (EPS) is projected to be 1.11 yuan for 2025, with a price-to-earnings (PE) ratio of 24 [6]