BTG Hotels(600258) Tianfeng Securities·2025-05-04 04:25Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 1.77 billion yuan, a year-on-year decline of 4.3%, and a net profit attributable to shareholders of 140 million yuan, reflecting an 18.4% increase year-on-year [1]. - The hotel business showed significant profit growth, with a total revenue of 1.56 billion yuan in Q1 2025, down 4.65% year-on-year, but with a profit of 76 million yuan, up 47.6% year-on-year [2]. - The company is accelerating the opening of standard hotels, with 300 new openings in Q1 2025, a 46.3% increase year-on-year, and standard hotels accounting for 64% of new openings [4]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 910 million, 1.05 billion, and 1.18 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 14 [5]. Business Performance Summary - The hotel business experienced a revenue decline of 4.65% in Q1 2025, but profit increased significantly by 47.6% [2]. - The scenic area operation business also saw a revenue decline of 1.8% in Q1 2025, with a profit increase of 3.1% [2]. - The overall RevPAR for the company was 141 yuan in Q1 2025, down 4.6% year-on-year, with an occupancy rate of 61.7%, down 1.7 percentage points [3]. Store Opening Situation - The total number of hotels reached 7,084 by the end of Q1 2025, a year-on-year increase of 12.5%, with a net increase of 82 hotels, up 156% year-on-year [4]. - The company had 1,724 hotels in reserve by the end of Q1 2025, with standard hotels making up 59% of this total [4]. Profitability Analysis - The gross profit margin for Q1 2025 was 35.4%, a decrease of 1.2 percentage points year-on-year, while the net profit margin improved to 8.1%, an increase of 1.55 percentage points [5].