\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Throughout the year, the company has achieved overall performance turnaround in 21 years. According to the announcement of the company’s performance express in 2021, the operating revenue in the whole year of 21 was 6.15 billion yuan / + 16.5%; The net profit attributable to the parent company was 55.677 million yuan, with a loss of 500 million yuan in the same period last year; Deduct the net profit not attributable to the parent company of 10.946 million yuan, with a loss of 530 million yuan in the same period last year. In 2021, the epidemic prevention and control situation improved, the overall recovery trend of the hotel industry was obvious, and the overall operating results of the company were significantly better than those in 2020.
In a single quarter, 21q4 company achieved a revenue of 1.43 billion yuan / – 16.3%, with a net profit attributable to the parent company of 69.408 million yuan and a profit of 59.01 million yuan in the same period last year; The net profit deducted from non return to parent was 82.502 million yuan, with a profit of 45.278 million yuan in the same period last year, which was mainly affected by the repeated disturbance of the epidemic.
In terms of the recovery of RevPAR, the recovery of Q1 / 2 / 3 was 70.9% / 91.4% / 68.1% compared with 19 years, and the recovery of Huazhu Q1 / 2 / 3 / 4 was 78.4% / 104.0% / 83.4% / 86.2% compared with 19 years.
In terms of store opening speed, the company opened 1418 new stores / + 56.0% and 1021 net stores / + 21% in the whole year. The scale of store opening was the highest in history and the goal of 14001600 new stores in 21 years was achieved. Quarter by quarter, 184, 324, 325 and 585 new stores were opened on Q1 / 2, 3 / 4 and Q4 opened faster than before. By the end of the 21st century, the total number of stores had reached 5916 / + 21%. By the end of 21, the company had more than 1600 reserve stores (1838 at the end of Q3), laying a solid foundation for the acceleration of new stores in 22 years.
Profit forecast and investment suggestions: 1) the hotel demand belongs to the medium rigid demand of optional consumption. The leading recovery under the improvement of the epidemic situation in 21 years has been verified. With the relaxation of China’s epidemic prevention in 22q2, RevPAR is expected to further recover. 2) The marginal pattern of the hotel industry is good. About 10-15% of the supply has been cleared in 20-21 years, and the first brigade is expected to benefit from the leading concentration trend. We expect that the net profit attributable to the parent company of the company in 21-23 years will be RMB 0.6/6.4/1.3 billion respectively, and the PE corresponding to the performance in 21-23 years will be 549 / 48 / 24x respectively. Pay attention to the recovery progress of hotels under the epidemic in the short term, be optimistic about the growth trend of hotel group joining in in the medium and long term, and pay attention to the potential acceleration of the opening of the first brigade.
Risk warning: macroeconomic downside risk; The recovery of the epidemic situation is less than the expected risk, and the opening of stores is less than the expected risk; The performance quick report is only the preliminary calculation result, and the specific data shall be subject to the officially released annual report.
