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研報掘金丨申萬宏源:錦江酒店境內外經營表現大幅改善,首予“買入”評級

申萬宏源研究指出,疫後把握行業回暖態勢穩健運營,錦江酒店(600754.SH)境內外經營表現大幅改善。24年公司境內外酒店RevPAR超19年同期水平增長穩健。境內業務,24年前三季度,境內酒店RevPAR 絕對值呈現穩步攀升態勢,但同比來看,由於供需關係的改變及旅遊消費恢復理性RevPAR 略有承壓。展望未來,行業整體需求回暖有望驅動OCC持續修復,進一步帶動RevPAR提升,賦能盈利水平增長推動業績彈性釋放。給予公司24年可比公司平均估值,對應目標市值為352億元,當前市值對應23%升幅,首次覆蓋,給予“買入”評級。

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