华住集团-S(1179.HK):DH调整释放风险 国内一如既往稳健

国泰君安
27 Mar

本报告导读:业绩低于预期,主要为海外DH 调整提前释放风险所致。国内利润增速符合预期,且表现优秀。公司竞争优势还在扩大,若复苏将有较大弹性。投资要点:业绩低于预期 。考虑商旅需求波动影响经营数据,下调 2025/26 年经调整归母净利润至40.86/47.04(-5.75/-8.93)亿元,新增2027 年盈利预测为56.26 亿元。考虑对需求预期改善及港股整体估值水平修复,给予2026 年行业...

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