BTG Hotels(600258) Minsheng Securities·2024-11-01 06:01Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 5.889 billion yuan for the first three quarters of 2024, a slight decrease of 0.37% year-on-year, while the net profit attributable to shareholders increased by 5.63% to 723 million yuan [2][4]. - The third quarter of 2024 saw a revenue of 2.156 billion yuan, down 6.38% year-on-year, and a net profit of 366 million yuan, down 9.54% year-on-year, attributed to a high base from the previous year [2][4]. - The company continues to expand rapidly, opening 385 new stores in the third quarter, with standard brand stores accounting for over 60% of new openings [3][4]. - The report highlights a significant decline in RevPAR and ADR in the third quarter, with RevPAR at 170 yuan, down 7.8% year-on-year, and ADR at 244 yuan, down 5.5% year-on-year [4]. Financial Forecasts - The company is projected to achieve net profits of 887 million yuan, 970 million yuan, and 1.025 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17x, 16x, and 15x [5][7]. - Revenue is expected to grow from 7.793 billion yuan in 2023 to 8.765 billion yuan in 2026, reflecting a growth rate of 53.1% in 2024 and gradually decreasing growth rates thereafter [5][7].