核心观点公司Q4 虽有一定财务项扰动,但实际调整盈利依然稳健,其中国内部分的调整EBITDA 增长超30%,加盟及特许特务的发展带动利润率提升逻辑顺畅,海外快速调整短期利润较弱,但2025年预计可以看到成本费用的优化。开店维度2025 年预计依然是行业内最高目标,成长性无忧,全年RevPAR 公司保持持平或微增预期下也将较24 年有所好转。同时公告3 亿美金现金分红,2024 年合计5 亿美元现金...
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