BTG Hotels(600258) Guoxin Securities·2024-10-30 05:12Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][15] Core Views - In Q3 2024, the company reported a revenue of 2.156 billion yuan, a decrease of 6.38% year-on-year, and a net profit attributable to shareholders of 366 million yuan, down 9.54% year-on-year [2][5] - The company has opened 385 new stores in Q3 2024, with 232 being standard stores, representing 60.3% of new openings, an increase of 18.4 percentage points compared to the previous year [2][6] - The overall RevPAR (Revenue per Available Room) decreased by 7.8% in Q3 2024, with a notable decline in mature hotels [9][10] - The company aims to exceed 7,000 operating stores by the end of this year and achieve a target of 10,000 stores by the end of 2026 [6][10] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 5.889 billion yuan, a slight decrease of 0.37% year-on-year, with a net profit of 723 million yuan, reflecting a growth of 5.63% [2][5] - The company’s hotel segment revenue was 5.5 billion yuan, down 0.4%, while the profit from this segment was 800 million yuan, up 6.2% [10][12] - The forecast for net profit attributable to shareholders for 2024-2026 is 831 million yuan, 942 million yuan, and 1.07 billion yuan, respectively, with corresponding PE ratios of 19, 17, and 15 [12][13]