Tracking the rise and fall of the sector: the Shanghai Composite Index fell 4.57%, the Shenzhen Component Index fell 5.00%, and the gem index fell 4.14%. SW Hotel II rose 0.61%, and Jinjiang capital, the subject of Hong Kong stocks, fell 0.34%.
Business data of China’s hotel industry: in 2020, the scale of national chain hotels reached 55000, of which the total number of guest rooms reached 46894, with a chain rate of 31%; In 2021, the total number of Chinese tourists reached 3.246 billion, an increase of 12.8%; China’s tourism revenue was 2.92 trillion yuan, an increase of 31.0%; The per capita tourism consumption per time was 899.28 yuan, an increase of 16.2%; A total of 198 high-end hotels will be built in 2022, of which 109 are expected to open in 2022, accounting for 55.05%. The three regions with the highest number of new rooms to be built in high-end hotels are Zhejiang, Jiangsu and Guangdong, with the number of 5442, 3665 and 3328 respectively.
Industry news: Marriott International Group released the development data of 2021 and the current development trend of the hotel industry. By the end of 2021, Marriott International Group had nearly 8000 hotels and about 1.48 million rooms in 139 countries and regions around the world. Luxury brands have maintained a strong growth momentum, and the momentum of leisure tourism has not decreased. Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) received the letter of concern from Shenzhen stock exchange due to the acquisition of Junlan. Shenzhen Stock Exchange recently issued a concern letter, which clearly expressed concern about the five matters of this acquisition. Please Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) verify and make a written explanation: 1 Whether there is synergy between Junting’s acquisition of Junlan and Jinglan hotels. 2. Whether the income of Zhejiang Junlan and Jinglan hotels in the reporting period is in line with the historical trend. 3. The rationality of the evaluation value of Junlan series trademarks of 61 million yuan. 4. Change the rationality of the purpose of the raised funds originally used for the “medium and high-end hotel design and development project”. 5. There is no performance commitment in this transaction, and whether there is an undisclosed agreement or arrangement that should be disclosed.
Investment suggestion: in 2021, the overall situation of the hotel will be better restored, the hotel chain rate will be further improved, and the brand effect will be enhanced. In 2020, due to the outbreak of the epidemic, the tourism industry was hit hard, and the number and performance of hotels fell sharply. At the same time, it accelerated the clearing of the supply side of the hotel industry, and the leading enterprises further improved the concentration. With the effective control of the epidemic in China and the recovery of consumer demand, China’s hotel performance will usher in a comprehensive recovery. It is suggested to pay attention to the leading hotel groups with high market share in China: Huazhu, Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) .
Risk tip: the epidemic has repeatedly affected the recovery of demand, the expansion speed of stores is lower than expected, and the industry competition is intensified.
