大和：重申华住集团-S(01179)“买入”评级上调目标价至47港元

智通财经

Aug 18

智通财经APP获悉，大和发布研报称，重申华住集团-S(01179)“买入”评级，并将12个月目标价由46港元上调至47港元，基于12倍2026年企业价值倍数(EV/EBITDA)不变，并以2026年第四季至2027年第三季EBITDA计算。华住集团第二季收入同比增长11%至71亿元人民币(下同)，经调整EBITDA同比增长20%至7.725亿元，较市场预期高出9%，主要受核心EBITDA利润率扩张至38.3%带动，去年同期为35.3%。期内，华住集团整体每间可出租客房收入(RevPAR)同比升1.1%，受惠于酒店组合持续升级。

大和指出，华住集团第二季RevPAR增长1.1%，表现优于整体中国酒店行业及主要同业亚朵集团(ATAT.US)主要受惠于结构性酒店组合改善。管理层维持全年RevPAR“轻微同比增长”指引。该行预期RevPAR受全年计同比升0.6%，符合管理层指引，但可能优于市场预期。

集团上半年在中国净新增677间酒店，去年同期为991间，但仍维持全年净新增1,600至1,700间酒店的目标，意味下半年开店步伐将加快。大和预测2025至2028年核心EBITDA年复合增长率达12%，主要受酒店持续扩张、上调分成率、稳定RevPAR及酒店组合改善带动效率提升。集团在2024至2026年已向股东回馈20亿美元，并宣布更新2026至2028年股东回报计划，总额达25亿美元，相当于每年股东回报率超过6%。

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