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Jinjiang Hotel (600754) review for the first quarter of 2024: Overall in line with expectations, optimistic about the results of subsequent reforms
Jin Jiang Hotel released its report for the first quarter of 2024. In 24Q1, the company achieved operating income of 3.26 billion yuan/YOY+6.77pct, -13.3% year-on-year compared with 19Q1; realized net profit to mother 1.
Jinjiang Hotel (600754): Financial expenses dragged down performance, net store opening accelerated year-on-year
Key investment events: On April 29, 2024, Jinjiang Hotel released its 2024 quarterly report. The company achieved revenue of 3.21 billion yuan, +6.8% year over year; net profit to mother was 190 million yuan, +34.6% year on year;
Jinjiang Hotel (600754): 24Q1 operation efficiency is steady and the results of the reform can be expected
Core view The company's net profit to mother increased in 24Q1. The decline in net profit not attributable to mother was mainly due to the increase in interest expenses of overseas companies due to rising interest rates in the Eurozone. The gross margin and cost side were basically stable. 24Q1 Stable operating efficiency, head office
Jinjiang Hotel (600754): Overseas OCCs are under pressure to focus on reforms
Revenue grew steadily year on year, and overseas interest expenses dragged net profit companies to release their first quarterly report. In Q1 2024, revenue of 3.06 billion yuan (yoy +6.77%, qoq -13.04%) was achieved, and net profit of 1.90 billion yuan to mother
Jinjiang Hotel (600754) 2024 Quarterly Report Review: Short-term pressure on domestic operations and overseas drag will not change the long-term positive trend
Incident: Jin Jiang Hotel released its 2024 quarterly report. The company achieved operating income of 3.26 billion yuan in the first quarter of 2024, an increase of 6.77% over the previous year, and realized a net profit of 190 million yuan to mother, an increase of 34.56% over the previous year
Jinjiang Hotel (600754): Higher overseas interest charges put pressure on Q1 performance
Core view: Due to high overseas interest costs and a lackluster recovery in business travel demand due to interest rate hikes in the Eurozone, the company's net profit withheld from the mother in the first quarter of '24 was under pressure. Since the end of '23, internal reforms have been carried out in Jinjiang, which is expected to be resolved after the new coach takes office
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