BTG Hotels(SH:600258) Guolian Securities·2024-09-02 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a steady profit growth due to enhanced management efficiency, despite a slight decline in revenue in Q2 2024 [6] - The company opened 567 new hotels in H1 2024, with a focus on mid-to-high-end and light management hotels, increasing the proportion of mid-to-high-end hotels to 28.6% [6] - The long-term competitiveness of the company is gradually improving, leading to the maintenance of the "Buy" rating [6] Financial Performance Summary - In H1 2024, the company achieved revenue of 3.73 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 360 million yuan, up 27.5% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.89 billion yuan, a year-on-year decrease of 3.3%, but the net profit increased by 18.5% to 240 million yuan [2][6] - The company's total profit maintained a growth rate of 15.1% in Q2 2024, despite revenue pressures [6] Operational Insights - The company has improved its management efficiency, leading to a reduction in sales, management, and financial expense ratios in Q2 2024 [6] - The average daily rate (ADR) and occupancy rate (OCC) faced pressure, with RevPAR declining by 5.1% in Q2 2024 [6] - The company continues to upgrade its store network, with a significant increase in the number of mid-to-high-end hotels [6] Future Projections - Revenue projections for 2024-2026 are estimated at 7.92 billion, 8.68 billion, and 8.93 billion yuan, with corresponding growth rates of 1.6%, 9.7%, and 2.9% [6] - The net profit attributable to shareholders is projected to be 810 million, 1 billion, and 1.12 billion yuan for the same period, with growth rates of 2.3%, 22.3%, and 12.7% respectively [6]