BTG Hotels(SH:600258) CAITONG SECURITIES·2025-09-01 11:21Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.661 billion yuan for 1H2025, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders was 397 million yuan, an increase of 11.08% year-on-year [8] - The improvement in profitability is attributed to the continuous growth in hotel scale and enhanced operational efficiency [8] - The company is expected to achieve net profits of 916 million yuan, 1.062 billion yuan, and 1.201 billion yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to PE ratios of 19X, 16X, and 14X [8] Financial Performance Summary - Revenue for 2023A is 7,793 million yuan, with a projected revenue of 7,945 million yuan for 2025E, reflecting a growth rate of 2.5% [7] - The net profit for 2023A is 795 million yuan, with an expected increase to 916 million yuan in 2025E, indicating a net profit growth rate of 13.6% [7] - The company's EPS is projected to rise from 0.71 yuan in 2023A to 0.82 yuan in 2025E [7] Operational Efficiency - The company has shown good cost control, with an operating profit of 550 million yuan in 1H2025, a year-on-year increase of 15.3% [8] - The operating profit margin improved to 15.02%, up by 2.24 percentage points year-on-year [8] - The company opened 664 new hotels in 1H2025, a year-on-year increase of 17%, with 378 of these being standard management hotels, up by 39.5% [8] Market Performance - The company's stock performance over the last 12 months shows a decline of 5%, while the Shanghai and Shenzhen 300 index has increased by 4% [4]