Citic Securities Company Limited(600030) pointed out that although the short-term prosperity of the hotel industry is still weak and in the process of recovery, the valuation of A-share hotels has reached a low level and the configuration value is significant. As mentioned above, under the background of consumption upgrading, China’s hotel industry has significant space for structural upgrading, especially the mid-range hotel market with significant advantages of local hotel groups is expected to usher in a clear development cycle, and the growth space of leading hotel groups is highly uncertain. It is suggested to actively configure the leaders of limited service hotels, and lay the space for market value improvement by industry space + clear pattern + low valuation. Since the current cycle characteristics are the first, it is recommended to configure the whole plate, and recommend Btg Hotels (Group) Co.Ltd(600258) (incentive landing opens a new starting point, enters a round of accelerated store opening cycle, and industry opportunities superimpose their own inflection points) and Shanghai Jin Jiang International Hotels Co.Ltd(600754) (high stability of business data + high proportion of medium and high-end hotels + expected integration and improvement effect).
(Securities Times)
