BTG Hotels(SH:600258) Soochow Securities·2025-03-30 09:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the structural optimization effects are beginning to show, and the company plans to accelerate store openings in 2025 [7] - The company's performance in 2024 aligns with previous expectations, with total revenue of 77.51 billion yuan, a slight decrease of 0.54% year-on-year, and a net profit attributable to shareholders of 8.06 billion yuan, an increase of 1.41% year-on-year [7] - The company achieved its store opening target for 2024, with a total of 1,353 new stores opened, exceeding the goal of 1,200 to 1,400 [7] Financial Performance Summary - Total revenue for 2023 is projected at 77.93 billion yuan, with a forecasted slight decline to 77.51 billion yuan in 2024, followed by a gradual increase to 85 billion yuan by 2027 [1] - The net profit attributable to shareholders is expected to rise from 795.07 million yuan in 2023 to 1,065.02 million yuan by 2027, reflecting a compound annual growth rate [1] - The latest diluted EPS is projected to increase from 0.71 yuan in 2023 to 0.95 yuan in 2027 [1] Store Expansion and Structure Optimization - As of the end of Q4, the company had a total of 7,002 stores, representing a year-on-year increase of 12%, with room count reaching 519,000, an 8% increase year-on-year [7] - The proportion of newly opened standard stores (economy and mid-to-high-end) has increased to 52%, up from 43% in the previous year, indicating ongoing structural optimization [7] - The company plans to open 1,500 new stores in 2025, continuing the trend of accelerated expansion [7] RevPAR and Operational Metrics - The average RevPAR for Q4 was 134 yuan, showing a year-on-year decrease of 3.0%, but the decline has narrowed compared to previous quarters [7] - The occupancy rate for Q4 was 61.1%, a slight decrease of 1.5% year-on-year, while the average daily rate (ADR) was 219 yuan, down 0.6% year-on-year [7]