BTG Hotels(600258) 太平洋·2025-03-31 08:23Investment 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 Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].