BTG Hotels(600258) 中银国际·2025-04-05 13:09Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a revenue of 7.751 billion RMB in 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 806 million RMB, reflecting a growth of 1.41% year-on-year [3][8] - The company's RevPAR (Revenue per Available Room) for all hotels was 167 RMB, down 3.2% year-on-year, indicating resilience in operations compared to the overall industry decline [3][8] - The company opened 1,353 new stores in 2024, a 12.5% increase year-on-year, and plans to open 1,500 new stores in 2025, supported by a reserve of 1,743 stores as of the end of 2024 [8] Summary by Sections Financial Performance - The company reported a total revenue of 77.51 billion RMB in 2024, with a slight decline of 0.54% year-on-year. The hotel business generated 72.35 billion RMB in revenue, down 0.58%, while the scenic area business saw a revenue of 5.16 billion RMB, up 0.07% [8] - The net profit attributable to shareholders was 8.06 billion RMB, with a growth of 1.41% year-on-year, and the net profit excluding non-recurring items was 7.33 billion RMB, up 1.92% [8] Operational Metrics - The company’s RevPAR, occupancy rate (OCC), and average daily rate (ADR) showed a decline of 4.7%, 1.4 percentage points, and 2.6% respectively, but these declines were less severe than the overall market, indicating operational resilience [8] - The company achieved a net increase of 739 stores, a significant growth of 163.9% year-on-year, with a focus on improving the quality of new openings [8] Future Outlook - The company aims to open 1,500 new stores in 2025, with a strong pipeline of 1,743 stores already reserved, which is expected to support its growth targets [8] - The company is also focusing on high-quality development, with 412 new mid-to-high-end hotels opened in 2024, a 45.6% increase year-on-year [8]