BTG Hotels(SH:600258)2024-11-01 14:14Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a decrease in revenue and profit in Q3 2024, with revenue at RMB 2.156 billion, down 6.38% year-on-year, and net profit at RMB 366 million, down 9.54% year-on-year [3] - Despite the Q3 decline, the overall performance for the first three quarters of 2024 showed growth in profit, with a year-on-year increase in net profit of 5.63% [3] - The company is focusing on expanding its standard brand stores, with 60.3% of new openings in Q3 being standard brand stores, reflecting a strategic shift towards quality [3] Summary by Sections Financial Performance - Q3 revenue decreased to RMB 2.156 billion, a 6.38% decline year-on-year, while net profit was RMB 366 million, down 9.54% [3] - For the first three quarters, revenue and profit showed slight growth, with net profit increasing by 5.63% [3] - The company’s RevPAR (Revenue per Available Room) for Q3 decreased by 6.0% due to high base effects and market conditions [3] Store Expansion - The company opened 385 new stores in Q3, with 232 being standard brand stores, marking an 18.4 percentage point increase year-on-year [3] - The total number of new openings for the first three quarters reached 952, achieving 79.33% of the annual target of 1,200 stores [3] Valuation - The report adjusts the EPS forecast for 2024-2026 to RMB 0.74, 0.88, and 0.98 respectively, with corresponding P/E ratios of 18.7, 15.8, and 14.2 [3][5]