Event overview: in 2021, the annual revenue was 11.339 billion yuan / + 14.56%, the net profit attributable to the parent company was 101 million yuan / - 8.70%, and the net profit attributable to the parent company was - 122 million yuan / + 81.80%. The decrease in the net profit attributable to the parent company was mainly due to the investment income obtained by selling the equity of subsidiaries in the same period last year, the non recurring income was 223 million yuan (780 million yuan in the same period last year), and the decrease in non performance was mainly due to the improvement and recovery of the operation of domestic and foreign hotels in the current period; 21q4 achieved revenue of 2.990 billion yuan / + 3.26%, net profit attributable to parent company of 04 million yuan (191 million yuan in the same period of last year and 92 million yuan in the previous quarter), net profit deducted from non parent company of 77 million yuan (265 million yuan in the same period of last year and 88 million yuan in the previous quarter), non recurring income of 81 million yuan (74 million yuan in the same period of last year). Q4 had a slight increase in recovery compared with Q3, but the increase in sales and management fees made the net profit deducted from non parent company turn negative month on month, and the performance basically met the expectations. (compared with the annual net profit attributable to the parent of Huazhu / ShouLv 21, which was -465 million yuan / + 55.68 million yuan respectively, and the net profit attributable to the parent of Q4 was -459 million yuan / - 69.41 million yuan respectively).
In terms of RevPAR, the recovery at home and abroad increased by 10 + PCT in the whole year of 21, and the recovery at home in 21q4 decreased year-on-year. 1) From the perspective of the whole year: first, all hotels in China in the whole year of 21 revpar137 5 yuan / + 15.33% (OCC + 3.7pct / ADR + 8.7%), with an average recovery rate of 87.45% in 19 years (the average recovery rate in 20 years is 76%), of which the medium and high-end / economical RevPAR recovered to 82.46% / 78.11% in 19 years respectively; Second, overseas, all overseas hotels RevPAR 24 in the whole year of 21 85 euros / + 25.25% (OCC + 8.9pct / ADR + 1.1%), with an average recovery of 66.95% in the same period of 19 years (the average recovery in 20 years is 53%). 2) Fourth quarter: first, all hotels in 21q4 revpar133 9 yuan / - 11.2% (occ-10.7pct / ADR + 4.1%), with an average recovery of 86.35% in the same period of 19 years and an increase compared with 82.30% in Q3. Among them, the recovery of medium and high-end / economic RevPAR recovered to 81.91% / 77.85% in 19 years and 78.43/73.51% in Q3 respectively; Second, overseas, 21q4 all overseas hotels revpar29 55 euros / + 77.80% (OCC + 18.75pct / ADR + 14.8%), with an average recovery of 81.57% in the same period of 19 years, slightly higher than 79.82% in Q3.
In terms of store opening: both new and net stores opened in the whole year exceeded expectations, and the proportion of medium and high-end stores continued to increase. 1) In the whole year, 1763 new businesses were opened, exceeding the target of 1500 new businesses, with a net increase of 1207, of which 239 / 317 were withdrawn from business / transferred to preparation. When the number of new businesses decreased by 4%, the number of withdrawn from business / transferred to preparation decreased by 26% / 49% respectively, driving a year-on-year increase of 35%. (compared with 1540 / 1418 newly opened and 1041 / 1021 net opened in the whole year of Huazhu / BTS 21). 2) In terms of structure, the proportion of medium and high-end hotels and franchised hotels accounted for 91% and 101% of the net stores opened in 21 years. By the end of 21, the proportion of medium and high-end hotels had increased by 5pct to 52% and the proportion of franchised hotels had increased by 1PCT to 91% (compared with Huazhu / BTS 21, the largest proportion of the net stores opened in the whole year was medium and high-end / light management, accounting for 61% / 67% respectively). 3) Quarter by quarter, there are 497 / 418 newly opened / net opened in 21q4 and 157 / 262 / 370 net opened in 21q / 1 / 2 / 3 respectively. By the end of the year, 10613 / 15373 have opened / signed contracts respectively, with 4760 corresponding pipelines and 389 fewer than that at the end of 21q3, but there is still support on the whole.
Domestic and foreign brand splitting: in the 21st century, overseas losses were significantly reduced, and domestic Vienna and Botao performed well. The revenue of domestic hotels is 8.8 billion yuan / + 12.7%, and compared with - 18.1% in 19 years, the net profit attributable to the parent is 440 million / - 49%, the overseas revenue is 2.29 billion yuan / + 24.6%, and compared with - 44.1% in 19 years, the net loss attributable to the parent is 440 million / 45%. Among them: 1) the income of Botao is 3.228 billion yuan / + 13.7%, compared with - 28.2% in 19 years, and the net profit is 337 million yuan; 2) Vienna's revenue is 3.263 billion yuan / + 20.1%, compared with 19 years + 3.8%, and its net profit is 467 million yuan / + 55.5%, compared with 19 years + 45.5%; 3) The original Jinjiang department had a revenue of 2.07 billion yuan / + 4.5%, a net profit of - 90 million yuan and a profit of 196 / 404 million yuan respectively compared with - 20.6% in 19 / 20; 4) The income of Louvre is 302 million euros / + 28.8%, compared with - 43.2% in 19 years. The net profit loss is 51.66 million euros, which is significantly narrowed compared with 96.25 million euros in 20 years, and the net loss of Q4 is 5.32 million euros (Q1 / 2 / 3 has a net loss of 2679 / 1409 / 546 million euros respectively), which is still narrowed compared with the first half of the year.
22 year plan and Outlook: 1) in terms of opening stores, 1500 new stores and 2500 new contracts are planned in 22 years (compared with the 1500 new stores planned by Huazhu); 2) in terms of revenue, it is planned to achieve a revenue of 13.6-14.2 billion yuan, with a year-on-year increase of 20% ~ 25%, of which the domestic / overseas revenue is increased by 9% ~ 14% / 65% ~ 70% respectively (compared with the expected revenue in Huazhu, with a year-on-year increase of 4% - 9%); 3) Key work: in the future, take the integration of China as the starting point, optimize the effectiveness of strategic measures, and promote the construction and formation of the core competence of Shanghai Jin Jiang International Hotels Co.Ltd(600754) global hotel management. Establish a coordinated and efficient operation management system, focusing on brand development, brand operation, continuous optimization of system and mechanism, financial sharing and financial services, digital transformation, etc., so as to promote the realization of high-quality development. 4) Personnel changes: due to job changes, Mr. Zhu Qian no longer holds the post of CEO of the company. The board of directors of the company agreed to appoint Ms. Shen Li as CEO of the company. Shen Li has worked in the internal financial system of Jinjiang system for more than 30 years. She has served as Shanghai Jin Jiang International Hotels Co.Ltd(600754) chief financial officer since July 2016. So far, she has been responsible for the integration of Finance and procurement platforms after the acquisition of Botao and Vienna. In the future, the pace of Shanghai Jin Jiang International Hotels Co.Ltd(600754) background digital construction and transformation may be accelerated. In addition, Zhu Qian will serve as the dual department director of the investment development department and the Strategic Development Research Office of Jinjiang International Group.
Risk warning: macroeconomic fluctuation risk; Risk of rising operating costs; Expansion speed risk; Epidemic fluctuations and risks to food safety
