BTG Hotels(SH:600258) Soochow Securities·2025-09-02 07:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The hotel business performance is being released, and the store structure is being optimized [7] - The company continues to optimize its development and operations, accelerating store openings while upgrading its structure [7] - The company is the third-largest hotel chain in China, backed by the Shoulu Group, which helps in resource integration [7] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 3.661 billion yuan, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders was 397 million yuan, an increase of 11.08% [7] - In Q2 2025, the company achieved a revenue of 1.896 billion yuan, with a year-on-year increase of 0.4%, and a net profit of 254 million yuan, up 7.4% year-on-year [7] - The average RevPar for all hotels in Q2 2025 was 143 yuan, down 5.7% year-on-year, while the occupancy rate was 63.9%, a decrease of 2.0 percentage points year-on-year [7] Store Expansion and Structure Optimization - As of the end of H1 2025, the company had 7,268 hotels and 531,964 rooms, representing a year-on-year increase of 12.25% and 8.12%, respectively [7] - The company opened 364 new stores in Q2 2025, with 87 economy, 99 mid-to-high-end, and 178 light management stores [7] - The proportion of mid-to-high-end hotels and rooms is 29.3% and 42.1%, respectively, with 1,750 stores signed but not yet opened [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 908 million, 987 million, and 1.062 billion yuan, respectively, corresponding to PE valuations of 19, 17, and 16 times [7] - The company maintains its earnings forecast, expecting continued growth in net profit [7]