---
title: "《大行》滙豐研究上調華住投資評級至「買入」目標價升至 36.2 元"
description: "滙豐環球研究將華住的投資評級從「持有」上調至「買入」，目標價由 27.8 元升至 36.2 元。該行指出，儘管早前對中國酒店業的供應過剩持謹慎態度，但自 6 月以來，平均客房收益出現復甦趨勢，旺季房價強勁增長。預計華住第三季收入增長將從 4% 上調至 6%，第四季收入增長預測也上調至 6%。2025 至 2027 年淨利潤年均複合增長率預期為 10.6%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262993130.md"
published_at: "2025-10-28T02:19:31.000Z"
---

# 《大行》滙豐研究上調華住投資評級至「買入」目標價升至 36.2 元

> 滙豐環球研究將華住的投資評級從「持有」上調至「買入」，目標價由 27.8 元升至 36.2 元。該行指出，儘管早前對中國酒店業的供應過剩持謹慎態度，但自 6 月以來，平均客房收益出現復甦趨勢，旺季房價強勁增長。預計華住第三季收入增長將從 4% 上調至 6%，第四季收入增長預測也上調至 6%。2025 至 2027 年淨利潤年均複合增長率預期為 10.6%。

滙豐環球研究上調對華住 (01179.HK)(HTHT.US) 投資評級，由「持有」升至「買入」，H 股目標價由 27.8 元升至 36.2 元。

該行表示，早前給予「持有」評級，基於相信中國酒店業供應過剩情況將持續打壓平均客房收益 (RevPAR)，公司今年首兩季亦下調相關指引。但該行自今年 6 月見到平均客房收益週期復甦趨勢，淡季入住率跌幅在供需更平衡下收窄，旺季平均房價亦錄強勁增長。該行料平均客房收益改善趨勢持續，受酒店供應增長收緊推動。

監於更好的平均客房收益預測，該行將華住第三季收入增長預測由 4% 上調至 6%(指引為 2% 至 6%)；上調第四季收入增長預測至 6%，原預期為 4%；預期 2025 至 2027 年淨利潤年均複合增長率為 10.6%，原預期為 9%，收入年均複合增長率預測由 7.2% 提高至 7.4%。

### Related Stocks

- [HTHT.US - 華住酒店](https://longbridge.com/zh-HK/quote/HTHT.US.md)
- [01179.HK - 華住集團-S](https://longbridge.com/zh-HK/quote/01179.HK.md)

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> **免責聲明**：本文內容僅供參考，不構成任何投資建議。