Tiger Brokers

【券商聚焦】招商证券维持华住集团(01179)“强烈推荐”评级 指其有望吸引更多加盟商

金吾财讯
Nov 21, 2025

金吾财讯 | 招商证券研报指出，Q3华住集团(01179)实现营收69.6亿元/+8.1%；经调整EBITDA为25.1亿元，经调整净利润为15.2亿元，同比增长18.9%/10.8%。Q3公司整体酒店入住率/房价/RevPAR同比增长-0.8pct/+0.9%/-0.1%，开业18个月以上同店入住率/房价/RevPAR同比增长-2.1pct/-2.3%/-4.7%。Q3公司国内酒店12580家/+17.5%，Q3净开业564家/+1.3%。其中直营净关店16家，加盟净开业580家。截止2025年9月30日，华住待开业2727家，酒店储备充足。该机构表示，Q3以来国内商旅需求恢复较为平缓，酒店大盘revpar整体呈现小幅回落趋势，华住Q3经营业绩韧性凸显，随着10月起国内酒店景气度逐步上行，2025年Q4预计公司收入同比增长2%-6%，其中国内酒店增长3%-7%（不包括DH），预计公司25Q4加盟&特许经营收入同比增长17%-21%。考虑到当前休闲旅游需求表现依旧强劲，后续季度revpar降幅有望持续收窄，公司目前拥有庞大的会员体系以及出色的投资回报模型，有望吸引更多加盟商，维持“强烈推荐”评级。

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