BTG Hotels(600258) EBSCN·2025-04-30 08:43Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.765 billion yuan in Q1 2025, a year-on-year decrease of 4.34%, while the net profit attributable to shareholders was 143 million yuan, an increase of 18.37% year-on-year [5] - The hotel business revenue was 1.563 billion yuan, down 4.65% year-on-year, and the scenic area operation revenue was 203 million yuan, down 1.83% year-on-year [5] - The company benefited from effective cost control, leading to a significant increase in profit margins [6][7] Summary by Sections Revenue Performance - Q1 2025 revenue was 1.765 billion yuan, down 4.34% year-on-year; net profit attributable to shareholders was 143 million yuan, up 18.37% year-on-year; and non-recurring net profit was 109 million yuan, up 12.03% year-on-year [5] - The hotel business revenue decreased by 4.65% year-on-year, while the scenic area business revenue decreased by 1.83% year-on-year [5] RevPAR and Hotel Operations - The RevPAR for all hotels was 124 yuan, down 5.3% year-on-year, with an average daily rate (ADR) of 212 yuan, down 2.5% year-on-year [6] - The company opened 300 new hotels in Q1 2025, an increase from 205 in Q1 2024, with 64% of new openings being standard management hotels [7] Cost Control and Profitability - The gross margin for Q1 2025 was 35.36%, a decrease of 1.23 percentage points year-on-year; however, effective cost control led to an increase in net profit margin to 8.08%, up 1.55 percentage points year-on-year [7] - The company implemented a comprehensive upgrade of its membership system in March 2025 to enhance member benefits and engagement [8] Future Outlook and Valuation - The report maintains profit forecasts for 2025-2027 at 926 million, 1.118 billion, and 1.38 billion yuan respectively, with corresponding EPS of 0.83, 1.00, and 1.24 yuan [8] - The company is expected to have a PE ratio of 18, 15, and 12 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook for future growth [8]