BTG Hotels(SH:600258) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In Q3 2025, the company achieved operating revenue of 2.121 billion yuan, a year-on-year decline of 1.6%, and a net profit attributable to shareholders of 358 million yuan, a year-on-year decline of 2.21% [2][6] - Looking ahead, with the steady recovery of the economy and the gradual increase in investment willingness from franchisees, the hotel industry is expected to experience stable growth [2][6] - In the short term, the company plans to open 1,500 new hotels in 2025, accelerating the pace of store openings and continuously enhancing hotel product strength [2][6] - In the long term, there is significant room for expansion of mid-to-high-end hotels in lower-tier markets, supported by a high inventory of reserve stores, and ongoing upgrades of products like Home NEO are expected to further enhance brand image [2][6] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 5.782 billion yuan, a year-on-year decline of 1.81%, and a net profit attributable to shareholders of 755 million yuan, a year-on-year increase of 4.36% [6] - In Q3 2025, the overall RevPAR (Revenue per Available Room) decreased by 2.8%, with the economic hotel segment showing a positive growth of 1.4% [12][13] - The gross profit margin improved by 1.7 percentage points year-on-year to 44.79%, while the net profit margin slightly increased by 0.04 percentage points to 16.95% [12][13] Store Expansion and Structure Optimization - In Q3 2025, the company opened 387 new stores, resulting in a net increase of 233 stores, bringing the total number of stores to 7,501 [12][13] - The proportion of mid-to-high-end hotels increased by 0.3 percentage points to 29.6%, and the room count proportion rose by 0.4 percentage points to 42.5% [12][13] - The company has a reserve of 1,672 stores, with 71% being standard management hotels, laying a solid foundation for future expansion and structural optimization [12][13]