金吾财讯 | 西部证券发研指，华住集团(01179)是中国第二大酒店集团，截至2024年三季度末，公司旗下所有酒店数量为10845家，根据美国《HOTELS》杂志公布的“2023全球酒店集团排名”，公司位列全球第五。截止2024年三季度末，公司累计实现营收178.7亿元，yoy+9.6%，实现归母净利润30.0亿元，经调整EBITDA55.7亿元，yoy+8.5%。该行指，对于国内市场，公司积极开发低线级城市，目标覆盖全国2000个城市（截至2024Q3已覆盖1334个）。对于国际市场，依托华住国际（原德意志酒店集团）品牌及自有品牌，布局东南亚、欧洲、非洲市场。该行表示，预计公司2024-2026年实现营收238.5/256.1/271.1亿元，同比增长9.0%/7.4%/5.9%，实现归母净利润40.5/47.8/53.7亿元，同比增长-0.8%/18.0%/12.2%。考虑到公司为中国第二大酒店集团，管理体系完善高效，数字化建设领先行业，会员体系搭建完善，积极拓展国内下沉市场与海外市场，业务规模有望持续扩大。首次覆盖，给予“买入”评级。
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