BTG Hotels(600258) Guotai Junan Securities·2024-10-31 23:39Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 17.00 CNY, up from the previous forecast of 14.45 CNY [4] Core Insights - The company's performance is in line with expectations, with accelerated store openings and improved quality, benefiting from cyclical recovery expectations [2] - The report indicates a gradual narrowing of the decline in operational data due to a low base effect [2] Financial Summary - For Q3 2024, the company reported a revenue of 2.156 billion CNY, a decrease of 6.38%, and a net profit attributable to shareholders of 366 million CNY, down 9.54% [8] - For the first three quarters, the revenue was 5.889 billion CNY, a slight decrease of 0.37%, while the net profit attributable to shareholders increased by 5.63% to 723 million CNY [8] - The report forecasts a 2024 EPS of 0.73 CNY, a slight decrease from the previous estimate, but maintains a 2025 EPS of 0.85 CNY and raises the 2026 EPS to 0.99 CNY [8][9] Operational Performance - The company opened 385 new stores in Q3 2024, with 232 of these being core brand openings, marking the highest net increase since 2017 [8] - The report highlights that the RevPAR (Revenue per Available Room) decreased by 7.8% and the occupancy rate (OCC) fell by 1.8 percentage points [8] - The hotel business revenue decreased by 0.5%, while the profit totaled 803 million CNY, an increase of 6.2% [8] Market Position - The company has a total market capitalization of 15.912 billion CNY and a total share capital of 1.117 billion shares [5] - The stock price has fluctuated between 11.11 CNY and 17.34 CNY over the past 52 weeks [5]