\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
The epidemic caused pressure on the operation in the second half of the year, and the light management alliance continued to speed up. The annual revenue and net profit attributable to the parent company were 6.153 billion yuan and 55.68 million yuan respectively, with a year-on-year revenue of + 16.49%, and the profit turned from loss to profit; Deduct 1095 trillion yuan of non parent net profit, turning losses into profits compared with last year. Single Q4 revenue was 1.427 billion yuan, a year-on-year increase of – 16.30%; The net profit attributable to the parent company and net profit deducted from non attributable to the parent company were – 69.41 million yuan and – 82.5 million yuan, both from profit to loss compared with the same period last year, which was mainly due to the repeated epidemic situation, which significantly put pressure on Q4 operation compared with the first half of the year. In terms of profit split, the total profit of the company’s hotel business in the whole year lost 100 million yuan, a decrease of 555 million yuan compared with 20 years; The total profit of scenic spot business was 106 million yuan, an increase of 195.60% over 20 years. In terms of hotels, 1418 new stores were opened and 397 closed throughout the year, with a net increase of 1021, in line with the direct operation of 14001600 stores in the early stage. In terms of new store structure, the proportion of economical / medium and high-end / light management hotels is 9.38% / 19.46% / 67.28% respectively. Light management franchise has become the core driver of the company’s store opening speed. The overall RevPAR of the whole year was + 20.2% year-on-year, recovered to 74.8% in the same period of 19 years, and the overall RevPAR of Q4 was – 17.40% year-on-year, recovered to 71.3% in the same period of 19 years. The margin of RevPAR weakened in the second half of the year.
It is planned to open 18002000 new stores in 22 years, with cloud hotel expansion and medium and high-end brand layout as the core focus. The company plans to add 18002000 stores in 22 years, and the goal of opening stores will be further improved, which shows the company’s confidence in the future development. Among them, cloud hotel will still be the core driver of opening stores in the short term. Horse racing enclosure and building a platform to empower small and medium-sized single hotels are the development direction that the company believes is promising in the short term. At the same time, the establishment of a reservoir for the expansion of medium and long-term standard stores can take into account the short, medium and long-term development strategy. At the same time, the company is also actively laying out medium and high-end brands. At present, Yifan hotel has opened 12 stores, reserved 31 stores, and the market feedback is good. The newly established anno hotel team of the company is also actively building a new team and planning new development. The layout of medium and high-end product lines in the future is worthy of key expectation.
Investment suggestion: considering the impact of short-term epidemic fluctuations, we lowered the previous profit forecast and increased the 24-year profit forecast. It is expected that the company’s EPS in 22-24 years will be 0.39/1.06/1.39 yuan respectively, corresponding to 59 / 22 / 17 times of the latest PE respectively, maintaining the “buy” rating.
Risk warning: the epidemic situation outside China repeatedly affects the recovery; Macroeconomic downward pressure.
