金吾财讯 | 国信证券发研报指，华住集团(01179)2024Q3实现收入64.4亿元/+2.40%，处此前收入增速指引(增2-5%)下限；实现经调整净利润13.7亿元/-10.8%，经调整EBITDA21.1亿元/-9.50%，略逊于彭博一致预期15.1/22.3亿元，主要系去年同期高基数、今年Q3天气扰动及海外整合带来一次性重组成本0.8亿元RMB综合影响。该行续指，公司预计2024Q4RevPAR中个位数下滑，但同比降幅收窄；预计Q4收入增1-5%；预计明年整体REVPAR有望不低于今年。国内酒店继续强扩张提升综合竞争力：1、继续加速下沉；2、新发布桔子2.5，并加速城际+水晶等中高端酒店布局；3、持续强化直销能力，提高以门店为中心的周边获客能力，加速商旅协议客户拓展，Q3企业商旅用户间夜贡献同增约41%，同时其中央预订比例达64.2%/+2.2pct。同时，公司今年对海外业务加速轻资产优化和经营提升，助力未来改善。该行表示，公司系国内酒店翘楚，品牌势能和管理能力行业领先，短期受制于国内供需阶段性REVPAR承压。但公司加速推动国内品牌产品升级和渠道优化，有望持续助力中线成长和资本回报，且未来若周期复苏，公司卓越的经营能力有望继续支持其业绩进一步向上弹性。此外，公司海外酒店加速调整，随着其轻资产提升和总部优化，2025年海外改善相应可期。综合看维持公司“优于大市”评级。
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