BTG Hotels(SH:600258) Soochow Securities·2024-04-29 01:30Investment Rating - The report maintains a "Buy" rating for the company [3][12]. Core Views - The company reported Q1 2024 earnings that exceeded expectations, with total revenue of 1.845 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 121 million yuan, up 49.8% year-on-year [1][12]. - The company's gross margin improved to 36.6%, an increase of 5.9 percentage points year-on-year, driven by optimized operational management and effective sales strategies during holiday periods [12]. - The company opened 205 new hotels in Q1 2024, with a total of 6,295 hotels and 484,000 rooms, of which 40.2% are mid-to-high-end rooms, reflecting a 4.2 percentage point increase year-on-year [13]. Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected as follows: 5,090 (2022A), 7,793 (2023A), 8,124 (2024E), 8,258 (2025E), and 8,475 (2026E) [1]. - Net profit attributable to shareholders (in million yuan) is forecasted to be: (576.79) (2022A), 795.07 (2023A), 910.42 (2024E), 983.86 (2025E), and 1,062.71 (2026E) [1]. - The company’s P/E ratios for 2024E to 2026E are projected to be 18.50, 17.11, and 15.84 respectively [1]. Revenue Per Available Room (RevPAR) Analysis - The RevPAR for all hotels in Q1 2024 was 131 yuan, showing a year-on-year increase of 0.1%, and a decrease of 4.4% compared to the same period in 2019 [2]. - Excluding light management hotels, the RevPAR was 147 yuan, up 2.0% year-on-year, and up 1.5% compared to 2019 [2].