BTG Hotels(600258) 申万宏源·2024-11-01 06:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Views - The company reported its Q3 2024 results, which met expectations, with a total revenue of 5.889 billion yuan for the first three quarters, a slight decrease of 0.37% year-on-year, and a net profit attributable to shareholders of 723 million yuan, an increase of 5.63% year-on-year [7]. - The hotel industry is experiencing a price decline due to market conditions, but the company is actively developing its membership program and improving direct connections with enterprises [5][6]. - The company has optimized its hotel structure, leading to significant improvements in hotel management, with a notable increase in the proportion of standard brand hotels [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 21.56 billion yuan, down 6.38% year-on-year, and a net profit of 3.66 billion yuan, down 9.54% year-on-year [7]. - The gross margin for the first three quarters was 39.59%, a slight decrease of 0.15 percentage points year-on-year [7]. - The company opened 385 new hotels in 2024, with a net increase of 273 hotels, and the proportion of standard brand hotels increased to 60.3% [6]. Market Position - The company has 6,748 hotels as of Q3 2024, with 1,967 being mid-to-high-end hotels, accounting for 29.1% of the total [6]. - The average room rate for the company's hotels was 264 yuan, a decrease of 4.7% year-on-year, with an occupancy rate of 73.9%, down 1 percentage point year-on-year [5]. Future Projections - The report forecasts net profits for the company to be 841 million yuan in 2024, 941 million yuan in 2025, and 1.108 billion yuan in 2026, with corresponding PE ratios of 19, 17, and 14 [7][8].