\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Annual report comments
The company issued a performance announcement for 2021. In 2021, the company achieved an operating revenue of 6.15 billion yuan, a year-on-year increase of 16.49%; The net profit attributable to the parent company was 55.68 million yuan, with a loss of 500 million yuan in the same period last year. In 2021, the company’s comprehensive gross profit margin was 26.2%, a year-on-year increase of + 13.5pct; The expense rate during the period was 26.1%, with a year-on-year increase of + 5.0pct.
The hotel business reduced losses and the scenic spot business recovered rapidly. (1) Revenue side: in 2021, the hotel business realized an operating revenue of 5.83 billion yuan / + 15.9%. Among them, the operating revenue of hotel operation business is 4.36 billion yuan / + 12.7%, and the revenue of hotel management business is 1.47 billion yuan / + 26.8%. The business revenue of the scenic spot is 320 million yuan / + 26.9%. (2) Profit side: the total profit of hotel business in 2021 was – 100 million yuan, compared with – 660 million yuan in the same period last year. The total profit of scenic spot business is 110 million yuan / + 51.1%.
The epidemic has repeatedly slowed down the recovery process of RevPAR. In 2021, the company’s overall RevPAR was 119 yuan / + 20.2%, a decrease of 25.2% over the same period in 2019; The average house price is 192 yuan / + 11.6%, down 4.2% from the same period in 2019; The occupancy rate is 61.8% / + 4.4pct, 17.3pct lower than the same period in 2019. RevPAR of economy hotels increased by 23.4% compared with the same period of 20 years, and – 24.0% compared with 19 years; RevPAR of medium and high-end hotels increased by 16.8% compared with 20 years and – 31.3% compared with 19 years.
Expand the store to achieve the goal, light the management mode and continue to make efforts. In 2021, the company opened 1418 new stores / + 56.0%, achieving the goal of opening 14001600 stores. Among them, 276 medium and high-end hotels have been newly opened, accounting for 19.5% of the new stores; 954 Hotels with light management mode were newly opened, accounting for 67.3% of the newly opened hotels. By the end of 2021, the company’s reserve stores had reached 1791, an increase of 572 compared with the end of 20. The company plans to open 18002000 new hotels in 2022.
Profit forecast and investment suggestions: the company will accelerate the pace of store expansion and steadily promote the core strategy. With the improvement of the epidemic situation, the company is expected to fully release the performance flexibility. It is estimated that the company’s net profit attributable to the parent company from 2022 to 2024 will be RMB 6.0/10.8/1.38 billion, corresponding to eps0.5 billion 53 / 0.96/1.23 yuan, corresponding to dynamic pe43 2 / 23.9 / 18.7x.
Risk warning: covid-19 epidemic situation is repeated; The number and structure of new stores are less than expected; Industry competition intensifies risks.
