Tiger Brokers

【券商聚焦】华福证券维持华住集团-S(01179)“买入”评级 指其受益酒店周期改善

金吾财讯
May 26

金吾财讯 | 华福证券发布研报指，华住集团-S(01179)作为国内酒店龙头，具备品牌+技术+流量三位一体的竞争优势，有望受益于酒店周期改善。公司修改披露架构为HWC+HWI，加码亚太市场布局，旗下汉庭、全季、城际品牌已在新加坡、越南等国成功开店，输出中国酒店品牌。报告维持“买入”评级。

财务数据显示，2026年第一季度公司收入60亿元，同比增长11.1%，环比提速；经调整净利润10.74亿元，同比增长38.6%；经调整EBITDA 18.58亿元，同比增长24.2%。其中境内业务HWC经调整EBITDA为19.14亿元，同比增长21.6%；境外业务HWI经调整EBITDA为-0.56亿元，较上年同期亏损0.78亿元实现减亏。经营指标方面，境内全口径RevPAR为214元，同比上升3.0%；OCC为75.1%，同比下降1.1个百分点；ADR为285元，同比上升4.5%。境外全口径RevPAR为80美元，同比上升5.0%；OCC为63.3%，同比上升2.1个百分点；ADR为127美元，同比上升1.6%。境内新开店537家，关店177家，净开360家；境外新开1家，关店4家，净关3家。

盈利预测方面，报告预计公司2026-2028年归母净利润分别为53亿元、62亿元、69亿元，对应PE分别为21倍、18倍、16倍。

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