BTG Hotels(600258) Guolian Securities·2024-10-31 06:05Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decline of 0.4%, while the net profit attributable to shareholders was 720 million yuan, an increase of 5.6% year-on-year [2][5] - The company is focusing on developing standard brands, with positive data during the National Day holiday indicating a potential recovery in business travel demand [5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.16 billion yuan, down 6.4% year-on-year, and a net profit of 370 million yuan, down 9.5% year-on-year [5] - The company opened 952 new hotels in the first three quarters of 2024, with a significant increase in the number of economy and mid-to-high-end hotels [5] - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, a decrease of 6.0% year-on-year, but showed a growth of 4.5% during the National Day holiday [5] Future Projections - Revenue projections for 2024-2026 are 7.76 billion yuan, 8.50 billion yuan, and 8.76 billion yuan, with year-on-year growth rates of -0.4%, 9.5%, and 3.0% respectively [5] - Net profit projections for the same period are 820 million yuan, 1.00 billion yuan, and 1.12 billion yuan, with year-on-year growth rates of 3.1%, 21.5%, and 12.4% respectively [5]