首旅酒店(600258)24年一季报点评：业绩超预期，直营店经营强韧

中泰证券04-30

投资要点核心观点：受益于直营门店优秀的经营表现，24年一季度公司业绩超预期。但开年以来，商旅需求表现较为平淡导致公司加盟店RevPAR承压。整体来看，公司拓店已经重回扩张轨道，前期压制公司估值的开店因素已经有所减弱，但另一压制因素，商旅需求恢复趋势尚不明朗，后续仍需观察商旅需求的恢复强度。调整盈利预测，维持“增持”评级。考虑到24年以来商旅需求整体恢复较为疲弱，基于保守的RevPAR恢复假设下，...

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