开店方面，24Q3 公司新签约项目13 家，其中君亭品牌2 家，君澜品牌6家，景澜品牌5 家。分品牌来看，1）君亭品牌签约2 家委托管理酒店，同时开业1 家直营酒店与3 家委托管理酒店，持续推进全国布局；2）君澜品牌在报告期内签约6 家，其中君澜度假酒店3 家、君澜大饭店2 家、君澜庄园1 家，项目总数稳步增长；3）景澜签约5 个项目，新开业3 家酒店。The company released its three-quarter report for 2024. In the first three quarters, the company achieved revenue of 0.503 billion yuan/yoy +32%, achieved net profit of 0.018 billion yuan/yoy -24%, deducted net profit of 0.017 billion yuan/yoy -24%; a single 24Q3 achieved revenue of 0.173 billion yuan/yoy +7%, achieving net profit of 4.62 million yuan/yoy +19%, net profit of non-return mother 3.05 million/ YOY -15%
The year-on-year increase in revenue in the first three quarters of 24 was mainly due to an increase in the number of hotels operated by the company. The company's gross margin for the first three quarters was 30.83%, a year-on-year decline of 10.63pct, a year-on-year decline of 0.14pct to 7.29%, a year-on-year decrease of 3.77pct to 11.29%, and financial expenses increased 1.32pct to 7.13% year over year. Ultimately, the company's net income margin for the first three quarters was 3.64%, a year-on-year decrease of 2.64pct.
Affected by the macro-consumption environment, the RevPar of 24Q3's direct stores was 314 yuan, down 15% year on year, up 6% from 2019. Among them, Occ fell about 5 pcts year on year and ADR fell 9% year on year, but the Yangtze River Delta, especially in Shanghai, performed well. Shanghai Zhongxing Junting Hotel maintained a high occupancy rate of over 90%, and RevPar increased by 3.72% year on year, up 6.21% year on year; Shanghai Baiyang Junting Hotel RevPar increased 10.64% year on year, Shanghai Wujiaochang Pagoda Junting Design Hotel Occ increased 2% year-on-year.
In terms of opening stores, 24Q3 has signed 13 new projects, including 2 Junting brands, 6 Junlan brands, and 5 Jinglan brands. By brand, 1) the Junting brand signed 2 commissioned management hotels, and simultaneously opened 1 directly-managed hotel and 3 commissioned management hotels to continue to advance the national layout; 2) the Junlan brand signed 6 contracts during the reporting period, including 3 Junlan Resorts, 2 Junlan Grand Hotel, and 1 Junlan Manor. The total number of projects grew steadily; 3) Jinglan signed 5 projects and opened 3 new hotels.
Profit forecast and investment advice: The company is a national hotel brand based in the middle and high-end market. The Junting brand accelerates store opening and may bring new growth space in the future or start joining. The company's revenue for 2024-2026 is expected to be 0.676/0.798/0.917 billion yuan, respectively, +27%/+18%/+15%, and net profit to mother is 0.033/0.074/0.106 billion yuan, respectively, +8%/+126%/+43%. The PE corresponding to the current stock price is 145/61/42X, respectively, maintaining the “recommended” rating.
Risk warning: The risk of macroeconomic fluctuations, the risk that the cost side continues to drag down, and the risk of opening a store falls short of expectations.
