BTG Hotels(600258) 中银证券·2024-09-04 08:44Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company achieved a revenue of RMB 3.733 billion in H1 2024, representing a year-on-year growth of 3.46%, while the net profit attributable to shareholders was RMB 358 million, up 27.49% year-on-year [2][3] - The overall hotel RevPAR decreased by 6.0% in Q2 2024 due to high base effects from the previous year [2][3] - The company continues to expand its store count, with a focus on upgrading to mid-to-high-end hotels, which now account for 28.6% of total hotels [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of RMB 3.733 billion, a 3.46% increase year-on-year, and a net profit of RMB 358 million, a 27.49% increase year-on-year [2][3] - The Q2 2024 revenue was RMB 1.888 billion, a decrease of 3.33% year-on-year, while the net profit was RMB 237 million, an increase of 18.51% year-on-year [2][3] Revenue Breakdown - Revenue from hotel operations accounted for 64.94%, hotel management for 27.12%, and scenic area operations for 7.94% [2][3] Market Position and Expansion - The company opened 567 new stores in H1 2024, a 7.8% increase year-on-year, with 171 of these being mid-to-high-end hotels, a 78.1% increase year-on-year [2][3] - The mid-to-high-end hotel segment's room count now represents 40.8% of total rooms [2][3] Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 0.81, RMB 0.92, and RMB 1.06 respectively, with corresponding P/E ratios of 14.5, 12.8, and 11.1 [2][3]