\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Event:
The company released its first quarterly report. 22q1 achieved an operating revenue of 1.212 billion yuan, a decrease of 4.64% over the same period last year; The net profit attributable to the parent company lost 232 million yuan, an increase of 50 million yuan over the same period last year; Deduction of non parent net profit loss of 259 million yuan, an increase of 69 million yuan over the same period last year.
Comments:
The epidemic has disturbed the recovery process and put pressure on the company's performance
22q1, the company's operation fluctuated with the travel situation in China, showing a recovery trend of slow opening, slow rising and low income. From January to February, affected by the recovery of consumption, the hotel passenger flow rebounded; However, the epidemic in large cities such as Shenzhen and Shanghai, which began in late February, interfered with the recovery process. The epidemic control became stricter and suppressed passenger flow, resulting in a year-on-year decrease of 4.64% in the company's Q1 revenue, including a 3.99% decrease in the hotel business revenue and an 11.05% year-on-year decrease in the scenic spot business revenue. The decline in revenue dragged down the performance. The net profit attributable to the parent company of 22q1 lost 232 million yuan, an increase of 50 million yuan over the same period last year.
The number of extension stores increased year-on-year, and RevPAR was high before recovery and low after recovery
In the first quarter, the company opened 190 new stores, maintaining a growth trend compared with 21q1. Among them, 57 middle and high-end stores have been opened, accounting for 30.0%. Light management is the main force for expanding stores, and 101 stores have been opened, accounting for 53.2%; 182 new franchise stores were opened, and the proportion of franchise was further increased. As of 22q1, the proportion of medium and high-end / light management stores of the company has increased to 23.8% / 29.6%, and the number of reserve stores has increased from 36 to 1827 compared with the end of 21, laying a solid foundation for opening stores throughout the year. With the fluctuation of passenger flow, RevPAR of 22q1 company is high before and low after. In the first two months, the company's RevPAR increased slightly year-on-year, but affected by the epidemic, RevPAR decreased year-on-year in March, resulting in 22q1 RevPAR of only 86 yuan, a year-on-year decrease of 8.8%. Among them, ADR was 174 yuan, with a year-on-year increase of 3.0%, OCC was 49.2%, with a year-on-year decrease of 6.3pct; RevPAR of economical / medium and high-end / light management decreased by 5.8% / 9.7% / 17.3% respectively year-on-year.
The number of members continued to rise, and the issuance of ultra short finance helped the company reduce fees
22q1 company actively promoted the interests and activity of its members, and increased the size of its members through online and offline activities. By the end of March 22, the total number of its members had reached 134 million. Recently, the company has successfully issued phase I and phase II ultra short-term financing with a total of 900 million yuan, and the financing interest rates are 2.75% / 2.40% respectively. The company will further reduce the company's financial cost by replacing the loans with higher interest rates in the early stage through ultra short-term financing with lower interest rates.
Profit forecast and investment rating
Repeated epidemics may put pressure on short-term performance, but the demand after the epidemic is expected to recover rapidly. The company's fast opening speed and high proportion of direct sales are expected to help the company achieve high performance elasticity. It is expected that the net profit attributable to the parent company in 22-24 years will be RMB 440 / 960 / 1.39 billion, and the PE corresponding to the current stock price is 58x / 27x / 19x, maintaining the rating of "overweight".
Risk tips
Risk of recurrent outbreaks; Macroeconomic downturn risk; The extension store was not as expected.
