[Table_MainInfo] [Table_Title]

/

[Table_Summary]

2017 2017 84.17

/+29% 6.31 /+199% 5.95

/+310% 21.05 /+4.3%

8047.37 /+48.8% 10

0.8 10 2

17 84.17 /+29%

79.72 /+30% 70.52 9.2

4.44 /+19% 10.01 /+90% 9.59

1.49 /+53% 17 5.95 /+310%

5.15

2016 10 100% 66.14%

2016 4-12 2017

RevPAR

17

2.23 1.82

Q4 &

18 17Q4 196 /

/ 72/106/18 2017 512

92% / / 200/205/107

Q1 Q4 36/152/128/196 2017

202 / 65/137 22

7 2017

3712 3554

488 17Q4 11%

2016A 2017A 2018E 2019E 2020E

6,523 8,417 8,829 9,580 10,385

(+/-)% 389.40% 29.03% 4.90% 8.51% 8.40%

211 631 855 1,060 1,305

(+/-)% 110.66% 199.09% 35.51% 24.00% 23.09%

0.31 0.77 1.05 1.30 1.60

92.81 37.24 27.48 22.16 18.01

2.80 3.08 2.75 2.43 2.12

(%) 3.14% 8.60% 10.43% 11.46% 12.36%

(%) 0.00% 0.28% 0.00% 0.00% 0.00%

( ) 680 816 816 816 816

[Table_Invest]

[Table_Market] 2018/3/29

6 39.54

29.38

12 19.74 35.39

23,967

816

A 816

B /H 0/0

6

[Table_PicQuote]

-10%

3%

16%

29%

42%

55%

2017/3 2017/6 2017/9 2017/12

[Table_Trend] % 1M 3M 12M

-6% 9% 31%

-2% 12% 19%

[Table_Report]

600258

--20171101

600258

•

--20170830

300178

--20180320

--20171102

[Table_Author]

S0550517110003

(021)20361142 lihui@nesc.cn

600258 /

2018-03-30

2 / 5

[Table_PageTop]

26% 2018 450

50% 2018 100

RevPAR Q4

17Q4 RevPAR

6.5% / 4.3%/1.75 pct 17Q3 6.1%

RevPAR 5.8% / 3.7%/1.67 pct 17Q3

1.3% 2017 RevPAR 4.9% /

3%/1.53 pct RevPAR 7.6% /

6.4%/0.94 pct)

1 2

& 2017 RevPAR

6.7% 2.2% 2.67 pct 17

489.46 32% 1.09 /+50%

8162

+

18-20 88.2 /95.8 /103.9

8.55 /10.60 /13.05 PE 27 /22 /18

3 / 5

[Table_PageTop]

[Table_Forcast] 2017A 2018E 2019E 2020E 2017A 2018E 2019E 2020E

1,450 2,954 4,774 6,832 659 915 1,134 1,396

0 0 0 0 60 0 0 0

200 198 215 233 943 386 362 338

46 54 58 63 0 0 0 0

32 32 32 32 216 110 110 110

1,967 3,582 5,452 7,565 3 -100 -100 -100

284 284 284 284 232 -8 112 112

590 590 590 590 0 0 0 0

2,498 2,338 2,179 2,019 2,095 1,272 1,587 1,826

3,989 3,792 3,600 3,413 -537 342 342 342

4,768 4,768 4,768 4,768 -1,173 -110 -110 -110

14,880 14,283 13,709 13,159 1,274 1,506 1,807 2,028

16,847 17,865 19,161 20,724

840 840 840 840 2017A 2018E 2019E 2020E

134 131 142 154

223 234 254 276 0.77 1.05 1.30 1.60

691 691 691 691 9.35 10.47 11.86 13.57

3,853 3,956 4,119 4,286 2.57 1.56 1.95 2.24

3,093 3,093 3,093 3,093

1,207 1,207 1,207 1,207 29.03% 4.90% 8.51% 8.40%

5,367 5,367 5,367 5,367 199.09% 35.51% 24.00% 23.09%

9,220 9,323 9,485 9,652

7,339 8,194 9,254 10,559 94.64% 94.50% 94.50% 94.50%

288 348 422 513 7.50% 9.68% 11.07% 12.56%

16,847 17,865 19,161 20,724

8.18 8.18 8.18 8.18

2017A 2018E 2019E 2020E 40.42 40.42 40.42 40.42

8,417 8,829 9,580 10,385

451 486 527 571 54.73% 52.19% 49.50% 46.58%

58 61 66 72 0.51 0.91 1.32 1.77

60 0 0 0 0.50 0.89 1.31 1.75

5,719 5,566 6,275 6,675

948 1,368 1,054 1,038 67.95% 63.05% 65.50% 64.27%

223 88 65 38

11.26% 15.50% 11.00% 10.00%

0 0 0 0 2.64% 0.99% 0.68% 0.37%

-3 100 100 100

1,036 1,359 1,693 2,090

-35 30 30 30 0.28% 0.00% 0.00% 0.00%

1,001 1,389 1,723 2,120

342 475 589 725 P/E 37.24 27.48 22.16 18.01

659 915 1,134 1,134 P/B 3.08 2.75 2.43 2.12

631 855 1,060 1,305 P/S 2.79 2.66 2.45 2.26

28 60 74 91 8.60% 10.43% 11.46% 12.36%

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[Table_PageTop]

“ ”

R3 A B

AA ABS

“ ”

6 15%

6 5% 15%

6 -5% 5%

6 5% 15%

6 15%

6

6

6

5 / 5

[Table_PageTop]