BTG Hotels(SH:600258)2024-09-04 06:00Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved revenue of 3.73 billion yuan in 1H24, a year-on-year increase of 3%, and a net profit attributable to shareholders of 360 million yuan, up 28% year-on-year [1]. - The RevPAR (Revenue per Available Room) showed pressure year-on-year, but profit improvement was driven by structural optimization [1]. - The company opened 567 new hotels in 1H24, an increase of 41 compared to the previous year, with a focus on economy and mid-range hotels [1]. - Profit margins improved in Q2 2024 due to better cost control, with a gross margin of 38.5%, a year-on-year decrease of 2.2 percentage points [1]. - The company expects net profits attributable to shareholders for 2024-2026 to be 840 million, 1.01 billion, and 1.23 billion yuan, respectively, with corresponding PE ratios of 16X, 13X, and 11X [1]. Financial Performance Summary - 1H24 revenue was 3.73 billion yuan, with a net profit of 360 million yuan, and a non-recurring net profit of 320 million yuan [1]. - Q2 2024 revenue was 1.89 billion yuan, a year-on-year decrease of 3%, with a net profit of 240 million yuan, up 19% year-on-year [1]. - The company’s gross margin for Q2 2024 was 38.5%, with a non-recurring net profit margin of 12.0%, an increase of 2.5 percentage points year-on-year [1][2].