华住集团-S(01179)今日盘中大涨6.38%，表现亮眼。
消息面上，海通国际首次覆盖华住集团-S，给予“优于大市”评级，目标价41港元。研报指出，华住集团作为中国连锁酒店市场领导者，受益于酒店行业连锁化率提升，其多品牌矩阵和会员体系商业模式持续推动市占率增长。此外，公司中高端酒店比例提升，轻资产转型及严格控费措施进一步助力利润率改善。
海通国际预测，华住集团2025年及2026年调整后EBITDA将分别达到79.4亿及91.3亿元人民币，利润率有望持续提升。公司会员体系强劲，会员总数超3亿，APP日均活跃用户约1.9亿，为未来增长奠定坚实基础。
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