金吾财讯 | 方正证券发研指，华住集团(01179)24Q3公司实现收入64.4亿元/yoy+2.4%（业绩指引yoy+2%~5%），其中，华住境内实现收入52亿元/yoy+1%（业绩指引yoy+1%~4%），境外收入为13亿元/yoy+9%；公司实现归母净利润12.73亿元/yoy-4.8%，对应归母净利率19.8%/yoy-1.5pct，分境内外看，华住境内实现净利润14亿元/yoy持平，境外亏损0.83亿元，其中包含一次性重组成本0.81亿元。该行指，24Q3集团新开店790家/yoy+44%，关店231家、净开店559家，pipeline酒店2925家/yoy-2%。（24Q2集团新开店572家/yoy+53%，关店103家、净开店469家）；24Q3华住境内新开店774家/yoy+37%（加盟771家/yoy+37%）、关店217家，净开店557家。截至24Q3华住共有待开业酒店2925家，其中境内2899家，境外26家。（对比24Q2华住境内新开店567家、关店101家、净开店466家）。该行表示，看好华住具备的龙头规模优势和优异的运营管理效率，预计华住2024-2026年收入为235/253/275亿元，yoy+8%/+8%/+8%，归母净利润38/44/49亿元，yoy-8%/+16%/+12%，当前股价对应PE分别为19/17/15x，维持“推荐”评级。
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