Tiger Brokers

【券商聚焦】国盛证券维持华住集团-S(01179)“买入”评级 指其轻资产战略带动利润率提升

金吾财讯
May 22

金吾财讯 | 国盛证券发布研报指，华住集团-S(01179)26年第一季度实现营收60亿元，同比+11.1%，归母净利润8.2亿元，同比-8.6%，主要受外汇损益影响。经调EBITDA为18.6亿元，同比+24.2%。26Q1维持RP正增表现，其中HWC的RP/ADR/OCC同比+3.0%/+4.5%/-1.1pct，HWI的RP/ADR/OCC同比+5.0%/+1.6%/+2.1pct。公司维持全年RP微增指引。轻资产扩张战略持续带动利润率提升，酒店经营成本占收比同比-5.8pct，经营利润率达到24.8%，同比+4.7pct。

中高端市场方面，公司采取多品牌战略推进城际、大观、水晶和美居4个关键品牌，截至26Q1，在营及筹备中的中高端酒店数量1658家，同比+14.4%，将聚焦一二线核心城市开设品牌旗舰店。亚太市场方面，已在东南亚开设6家酒店，覆盖汉庭、全季、城际和美仑美奂等品牌矩阵。

国盛证券预计公司26-28年营业收入分别为271.7/288.4/304.9亿元，同比+7.4%/+6.1%/+5.7%，归母净利润分别为55.0/59.9/65.8亿元，同比+8.2%/+9.0%/+9.8%，对应PE分别为17.6x/16.2x/14.7x，维持“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10