\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
The company released the annual performance express for 2021. In 2021, the company achieved a revenue of 6.153 billion yuan, a year-on-year increase of 16.49%, an operating profit of 04 million yuan, an increase of 572 million yuan over the same period last year, and a net profit attributable to the parent company of 56 million yuan, an increase of 552 million yuan over the same period last year. The overall operation of the company has improved significantly compared with that in 2020, and the company has quickly turned losses into profits.
Key points supporting rating
Q4 performance fluctuates in the short term, and the recovery trend in the future remains unchanged. In 2021, the revenue will reach 6.153 billion yuan, yoy + 16.49%; The net profit attributable to the parent company was 56 million yuan, a year-on-year increase of + 552 million yuan. In terms of splitting in a single quarter, Q4 is expected to achieve a revenue of 1.427 billion yuan, with a year-on-year growth of – 16.35% and a month on month growth of – 9.80%; The net profit attributable to the parent company was -69 million yuan, with a year-on-year increase of – 217% and a month on month increase of – 215%. The easing of Q2 epidemic has an obvious effect on performance. The company’s business covers Beijing, Jiangsu, Zhejiang and Anhui, Tianjin, Shandong and Hebei, the Pearl River Delta and other places in China, and the distribution since Q4 is the main reason for the short-term pressure on performance. With the improvement of the epidemic, the company’s regional dispersion and additional anti risk ability are expected to be gradually reflected with the convergence of distribution, and is expected to continue to usher in the rise of recovery.
Accelerate the expansion of stores to achieve the goal, and the scale advantage is expected to be highlighted. A total of 1418 stores were opened throughout the year, an increase of about 56% over the same period last year, and 585 stores were opened in Q4. The speed and scale of opening stores reached a new high, with light management hotels as the main force of expansion. By the end of 2021, the number of hotels of the company had reached 5916, an increase of 20.9% over the end of 2020. RevPAR increased by 20.2% compared with 2020 and is projected to recover to 75% compared with 2019. The combination of expansion pace and operating efficiency brings strong guarantee for the further embodiment of the company’s scale advantage.
Take multiple measures to tap the increment and enhance the overall competitiveness. It is worth noting that the epidemic has accelerated the process of hotel reshuffle and upgrading, and the rapid expansion and chain rate have become the overall development trend of the industry. In the past year, the company has upgraded its Q3 membership system to tap private domain traffic. In October, the first trip to anno was officially put into operation to enhance the high-end layout, and in March 22, the strategic investment in Youdi technology accelerated the development of intelligent hotels. The company has developed from digitization, high-end It is expected to avoid homogeneous competition in the future.
Valuation
The company seized the opportunity of industry recovery and strengthened management to achieve rapid turnaround from loss to profit. It is expected that the company will accelerate the expansion of stores against the market in the future. As the local epidemic still has an impact on the normal operation of the hotel, we remain cautious and optimistic. We adjusted the company’s EPS from 21 to 23 to 0.06/0.82/1.14, and the corresponding P / E ratios were 492.8/33.8/24.2 times respectively, maintaining the buy rating.
Main risks of rating
Regional economic recovery, structural differences, peer channel and brand competition, covid-19 epidemic recurrence risk.
