BTG Hotels(SH:600258) Tai Ping Yang Zheng Quan·2025-03-31 06:14Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8] Core Views - The company's total revenue for 2024 reached 77.51 billion, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion, an increase of 1.41% year-on-year [4][8] - The hotel operation segment showed a revenue of 50.67 billion, down 5.01% year-on-year, while hotel management revenue increased by 11.6% to 21.68 billion [5][8] - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by the end of the year, with a focus on expanding mid-to-high-end hotel offerings [5][6] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 18.62 billion, down 1.05% year-on-year, and a net profit of 831 million, down 24.71% year-on-year [4][5] - The overall RevPAR for all hotels was 134 yuan, a decrease of 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6][8] - The gross margin improved slightly to 38.36%, and the net margin increased to 10.58% [6][8] Growth and Expansion - The company plans to continue upgrading existing hotels and expanding its membership program, with a total membership of 197 million, a growth of 30.8% year-on-year [7][8] - The company aims to achieve net profits of 933 million, 1.088 billion, and 1.249 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9] Market Outlook - The report is optimistic about the hotel industry's recovery driven by policy stimulus, projecting a relative increase in stock price compared to the CSI 300 index [8][12]