BTG Hotels(SH:600258) Xin Lang Cai Jing·2025-05-06 08:38Group 1 - The company reported Q1 2025 revenue of 1.765 billion yuan, a year-over-year decrease of 4%, and a net profit attributable to shareholders of 143 million yuan, a year-over-year increase of 18% [1] - The company's gross margin was 35.4%, down 1.2 percentage points year-over-year, but there was a significant reduction in expenses, with sales, management, and financial expense ratios at 7.9%, 12.9%, and 4.2%, respectively, all down year-over-year [1] - Other income and net investment income increased by a total of 36 million yuan, contributing to a 1.6 percentage point year-over-year increase in net profit margin to 8.1% [1] Group 2 - In Q1 2025, the company opened 300 new stores, a year-over-year increase of 46%, with 192 standard management hotels opened, a year-over-year increase of 88%, accounting for 64.0% of all new openings [1] - The company continued its asset-light strategy, opening 297 stores through franchising, which accounted for 99.0% of new openings, and as of March 31, 2025, the proportion of franchised stores increased to 91.6% [1] - The overall hotel RevPAR for Q1 2025 was 124 yuan, a year-over-year decrease of 5.3%, with an ADR of 212 yuan, down 2.5% year-over-year, and an occupancy rate of 58.3%, down 1.8 percentage points year-over-year [2] Group 3 - The company forecasts revenues of 8 billion yuan, 8.2 billion yuan, and 8.5 billion yuan for 2025 to 2027, representing year-over-year growth of 3% each year, and net profits of 910 million yuan, 1.01 billion yuan, and 1.11 billion yuan, representing year-over-year growth of 13%, 11%, and 10% respectively [2] - The current stock price corresponds to PE ratios of 18, 16, and 15 for the years 2025, 2026, and 2027 [2] - The company maintains a "recommended" rating, focusing on the short-term trends in the business travel hotel industry and the long-term growth potential of hotel group franchising [2]