BTG Hotels(SH:600258) Tianfeng Securities·2024-09-09 03:21Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][11]. Core Insights - The company reported a revenue of 3.73 billion yuan for H1 2024, representing a year-over-year increase of 3.5%, and a net profit attributable to shareholders of 360 million yuan, up 27.5% year-over-year [1]. - In Q2 2024, the company achieved a revenue of 1.89 billion yuan, a decrease of 3.3% year-over-year, while the net profit attributable to shareholders was 240 million yuan, reflecting an 18.5% increase year-over-year [1]. - The company opened 567 new stores in H1 2024, achieving 41%-47% of its annual target of 1200-1400 new stores, with a significant increase in standard store openings [1][2]. Revenue and Profitability - The hotel business generated a revenue of 3.44 billion yuan in H1 2024, with a profit margin increase of 41% year-over-year [1]. - The RevPAR (Revenue per Available Room) for all hotels in Q2 2024 was 152 yuan, down 6.0% year-over-year, while the occupancy rate was 65.9%, a decrease of 1.6 percentage points [2]. - The company expects net profits for 2024, 2025, and 2026 to be 894.49 million yuan, 1.03 billion yuan, and 1.17 billion yuan respectively, with corresponding P/E ratios of 14.68x, 12.78x, and 11.19x [2][5]. Store Expansion and Structure - The company opened 362 new stores in Q2 2024, with a net increase of 180 stores after closures [1]. - The new store openings included 271 standard management hotels, a 60.4% increase year-over-year, and 296 light management hotels, accounting for 52.2% of new openings [1]. - As of Q2 2024, the total number of hotels operated by the company reached 6,475, with 28.6% being mid-to-high-end hotels [1]. Financial Forecasts - The company’s revenue is projected to grow from 8.19 billion yuan in 2024 to 8.99 billion yuan in 2026, with growth rates of 5.1%, 4.99%, and 4.5% respectively [5][7]. - The EBITDA is expected to be 1.91 billion yuan in 2024, with a slight decrease in subsequent years [5][6]. - The net profit margin is anticipated to improve gradually, reaching 13.06% by 2026 [7].