BTG Hotels(600258) 长江证券·2024-05-17 06:02Investment Rating - The report maintains a "Buy" rating for the company [25][27]. Core Views - In Q1 2024, the company achieved operating revenue of 1.845 billion yuan, a year-on-year increase of 11.47%, and a net profit attributable to the parent company of 121 million yuan, a year-on-year increase of 49.83% [23][25]. - The hotel industry is expected to experience steady growth due to the gradual recovery of the economy and increasing investment willingness from franchisees [25]. - The company has significant room for expansion in mid-to-high-end hotels in lower-tier markets, supported by a strong inventory of existing stores [25]. Financial Summary - The company's total revenue for 2023 is projected at 7.793 billion yuan, with estimates of 8.076 billion yuan, 8.702 billion yuan, and 9.074 billion yuan for 2024, 2025, and 2026 respectively [5]. - The net profit attributable to the parent company is forecasted to be 946 million yuan in 2024, 1.079 billion yuan in 2025, and 1.206 billion yuan in 2026, corresponding to P/E ratios of 17.80, 15.61, and 13.97 [5][25]. - The company's operating profit for Q1 2024 is reported at 130.4 million yuan, with a net profit margin of 7.25%, reflecting a year-on-year increase of 1.54 percentage points [24][25]. Business Performance - The hotel business generated revenue of 1.639 billion yuan in Q1 2024, a year-on-year increase of 11.54%, with a profit total of 51.81 million yuan, up 649.82% [23][24]. - The company opened 205 new hotels in Q1 2024, with 66 being mid-to-high-end hotels, representing 32.2% of all new openings [25]. - The average daily rate (ADR) for all hotels in Q1 2024 was 217 yuan, a year-on-year increase of 1.4%, while the occupancy rate (OCC) was 60.1%, down 0.8 percentage points year-on-year [24][25].