研報掘金丨東北證券:維持華住集團“買入”評級,Q3RevPAR恢復率超指引
東北證券研報指出,維持華住集團-S(1179.HK)“買入”評級,預計2023-2025年營收為215/240/261億元,歸母淨利潤為39.3/43.3/50.9億元,作為酒店龍頭壁壘穩固,長期成長確定性強;且自身管理機制&經營效率領先同行。報吿中稱,公司三季度RevPAR恢復率超指引,達2019年同期的129%。華住系全部門店2023Q3RevPAR為278元/+44.3%,較2019年同期+29.4%;ADR為324元/+27.7%,較2019年同期+32.1%;入住率為85.9%/+9.2pct。三季度旅遊旺季,需求復甦強勁推動量價齊升,境內RevPAR恢復率超預期,7-9月公司全口徑RevPAR分別恢復至2019年同期的132%/128%/128%,超出此前123%~128%恢復率的預期。
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