\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Event comments
The company released the financial report for 2021, and achieved a revenue of 6.153 billion yuan (+ 16.49%) during the period, returning to 74.03% in 2019; The net profit attributable to the parent company was 55.67 million yuan, which turned from loss to profit over the previous year, with an increase of 552 million yuan and a return to 6.20% in 2019; Deduct 109.4 billion yuan of net profit not attributable to the parent company, an increase of 538 million yuan over the previous year; EPS0. 05 yuan. The improvement of profitability is mainly due to the recovery and increase of income of the hotel business and the improvement of cash flow through the issuance of short-term bonds and non-public issuance of shares. 1418 stores were newly opened (+ 56%), of which 184 / 324 / 325 / 585 were newly added in Q1 / Q2 / Q3 / Q4 respectively. Including 27 Direct stores and 1391 franchise stores; 133 economy hotels, 276 medium and high-end hotels, 954 light management hotels and 55 others. According to the performance indicators of the three hotels, the average house price basically recovered to the same period in 2019, and the occupancy rate recovered the slowest. 21q4 first trip Home Inns RevPAR 108 yuan (- 17.4%, compared with 201928.7%) ADR 186 yuan (- 0.4%, compared with 2019-4.5%) occ57 9% (- 11.9pct, compared with 201919.6pct).
Broaden financing channels and improve capital structure. The company issued 400 million, 400 million and 500 million ultra short-term financing bonds in January, March and June 2021 respectively. The company replaced bank loans with high interest rates through ultra short-term financing bonds to effectively reduce financial expenses. At the same time, the non-public offering was successfully completed within the year, raising 3 billion yuan, effectively reducing the asset liability ratio and laying the foundation for medium and long-term healthy development.
The gross profit margin increased by 13.53pct to 12.62%, and the overall cost rate increased by 4.97pct to 25.18%. Among them, the sales expense rate is 5.24% (- 0.63pct), the management expense rate is 11.46% (- 1.19pct), the R & D expense rate is 0.92% (+ 0.08pct), and the financial expense rate is 8.48% (+ 6.79pct). The net cash flow from operating activities was 2.308 billion yuan (+ 424.81%), which was due to the recovery of the company’s business during the year.
Investment suggestion: from the perspective of the company’s performance, the demand for hotel business travel will rebound first after the improvement of the epidemic, and the RevPAR and occupancy rate are expected to be further improved in 22q2 and summer vacation. We expect the company’s EPS from 2022 to 2024 to be 0.6 1.24 1.6 respectively, corresponding to the company’s closing price of 23.99 yuan on March 30, and PE from 2022 to 2024 to be 40.3 19.3 15 respectively, maintaining the “overweight” rating. There are risks
Risk of rising operating costs of the company; Repeated risk in epidemic area; Risk of passenger flow decline in scenic spots.
