\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Key investment points
Event: the company released the announcement of the first quarter report of 2022 on April 28. The company achieved a total operating revenue of 1.212 billion yuan in the first quarter of 2022, a year-on-year decrease of 4.64%; The net profit attributable to the parent company was -232 million yuan, and the loss expanded.
Comments:
The company's 2022q1 performance is under pressure from the impact of the epidemic. In the first quarter of 2022, the company achieved a total operating revenue of 1.212 billion yuan, a year-on-year decrease of 4.64%; The net profit attributable to the parent company was -232 million yuan, a year-on-year increase of -27.73%. Among them, the operating income of the company's hotel business decreased by 3.99% compared with the same period of the previous year; The operating revenue of the scenic spot decreased by 11.05% compared with the same period of last year. From January to February in 2022, during the new year's day and Spring Festival, the tourism consumption recovered, and the RevPAR of the company rebounded slightly year-on-year. However, since late February, sporadic outbreaks have occurred in many places in China, and the overall RevPAR of 22q1 company is only 86 yuan, a year-on-year decrease of 8.8%; The average house price was 174 yuan, a year-on-year increase of 3.0%; The occupancy rate was 49.2%, down 6.3 percentage points year-on-year.
Newly opened hotels maintained a high growth, and the medium and high-end and asset light were steadily promoted. In the first quarter of 2022, the company opened 190 new hotels, a slight increase year-on-year. Among the newly opened hotels, 57 medium and high-end hotels have newly opened, accounting for 30% of the newly opened hotels; 101 lightly managed hotels, accounting for 53.2% of the number of newly opened hotels; 31 economy hotels, accounting for 16.3%. As of March 31, 2022, the company has 5993 hotels and 478819 guest rooms. The company has signed 1827 stores that are not open and are signing contracts. Among the opened hotels, 1426 medium and high-end hotels, accounting for 23.8%, an increase of 0.4 percentage points month on month; 5249 hotels joined in, accounting for 87.59%, an increase of 0.25 percentage points month on month, and the medium and high-end and asset light continued to be promoted. From the perspective of hotel distribution, the company has 3703 hotels in Beijing, Shanghai, Jiangsu, Zhejiang and Anhui, Tianjin, Shandong and Hebei, Guangdong and Sichuan and Chongqing, accounting for 61.8% of the total number of hotels, and the hotel distribution is relatively scattered.
Maintain recommended ratings. The company was greatly impacted by the epidemic in the first quarter of 2022, and its short-term performance was under pressure. However, the increase in the proportion of medium and high-end hotels and the recovery of residents' willingness to travel consumption contributed to the positive growth of the company's 22q1 average house price. As the first batch of contracted hotels, the company provides accommodation guarantee for the Winter Olympic Games and the winter Paralympic Games. The improvement of brand image is expected to help the rise of the company's average house price. The global shopping platform develops 134 million member traffic, integrates and realizes channels. In the long run, the company has significant scale advantages, the newly opened hotels maintain rapid growth, and the concentration is expected to be further improved. Considering that the epidemic situation in China has maintained a large-scale rebound since February 2022, it is expected that the earnings per share of the company in 2022 / 2023 will be 0.09 yuan and 0.30 yuan respectively, and the corresponding PE valuation will be 248.08 times and 75.74 times respectively, maintaining the "recommended" rating of the company.
Risk warning. The industry competition intensifies, the expansion of direct sales channels of members is less than expected, the growth of newly opened hotels is less than expected, the covid-19 epidemic is repeated, and the macroeconomic impact is not good.
