Jinjiang Hotel (600754): Establishing a joint venture procurement platform to further promote resource integration

Jinjiang Hotel (600754): Establishing a joint venture procurement platform to further promote resource integration
Key points of the report Description of the event The company announced that it intends to jointly invest with Jinjiang Investment, Red Star Macalline and Shanghai Zhuo Xun to set up Jinjiang Global Cloud Purchasing Co., Ltd. (GPP), a major military building materials, soft goods and other products procurement, of which the company invested 90 million yuan, Holding 30% of the shares.  Incident review The establishment of a joint venture procurement platform is conducive to further strengthening the company’s procurement capabilities and integrating related resources.This date, Macalline established a joint venture company (GPP), and the merger with the company has three major differences in the global procurement platform: first, dating external professional companies to improve procurement and operation capabilities; second, it is mainly oriented to building materials, soft furnishings and other hotel supplies, not easy.Consumables; Third, the future of the cloud procurement platform will gradually explore opening up to hotels outside the company system and similar industries to build a multilateral ecosystem.The joint venture company holds 30% of the company’s shares, the related party Jinjiang Investment holds 50% of the shares, and Red Star Macalline holds 10%.The establishment of the joint venture will serve the hotel industry and neighboring industries, which will help promote the integration of Jinjiang Hotel resources and energy level, effectively improve the company’s operating efficiency, and reduce the procurement costs of the company and the customers it serves.  At present, the company’s platform integration is still advancing, and it will take time for performance to show.The company’s “one center + three platforms” integration strategy, in which the brand innovation center has begun brand innovation work, three platforms: 1) Wehotel Platinum Tao, Jinjiang has been integrated, Vienna signed a contract for booking and member settlement this year, 19H company sales expense rate -0 per second.63 points; 2) The three major positions in finance will be restored, and the control over subsidiaries will be strengthened. In the future, direct-operated stores will not be equipped with independent financial personnel; 3) The internal integration of the top 10 categories in procurement will be completed, and they are mainly for direct-operated stores. This yearThe initial promotion to franchise stores will take time to integrate overseas.  Pay attention to the improvement of data in the short term, and optimistic about the increase in the chain rate and the proportion of mid-ends in the long term.The prosperity of the domestic hotel industry continues to bottom out, but the growth rate in the second half of the year is expected to be better than the first half. The July-August data rankings have improved from the previous month in June.At present, domestic leading hotels, whether comparing historical median estimates or international leading average estimates, have limited downward space and upward flexibility.  Profit forecast and investment proposal: It is estimated that the net profit attributable to the mother in 19-21 will be 11.22/南京夜网论坛12.90/14.9.4 billion, with an EPS of 1.17/1.35/1.56 yuan, PE is 20/18 / 15X, maintaining “overweight” rating risk tips: 1. The hotel industry’s operation improvement was less than expected; 2. The company’s new store opening progress was less than expected.