\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Quarterly Review
The company issued a performance announcement for the first quarter of 2022. In 2022, Q1 company achieved an operating revenue of 1.21 billion yuan, a year-on-year increase of – 4.64%; The net profit attributable to the parent company was -232 million yuan, and the loss increased by 50 million yuan year-on-year. In 2022 Q1, the company’s comprehensive gross profit margin was 5.76%, with a year-on-year increase of -6.5pct. Due to the epidemic in Shenzhen, Shanghai and other places, the company’s performance is under pressure.
Repeated epidemics have impacted the business of hotels and scenic spots. (1) Revenue side: in 2022, Q1 hotel business realized an operating revenue of 1.108 billion yuan / – 4.0%; The business income of the scenic spot is 105 million yuan / – 11.1%. (2) Profit side: the total profit of Q1 hotel business in 2022 was – 325 million yuan, with a year-on-year loss increase of 46 million yuan; The total profit of scenic spot business is 53 million yuan / – 12.3%.
RevPAR recovered to 63% in the same period of 19 years. In 2022, Q1 company’s overall RevPAR was 86 yuan / – 8.8%, down 37.2% from the same period in 2019; The average house price is 174 yuan / – 3.0%, down 2.8% from the same period in 2019; The occupancy rate is 49.2% / – 6.3pct, 27.5pct lower than the same period in 2019. In terms of hotel types, RevPAR of Q1 economy hotel in 22 years was 78 yuan / – 5.8%; RevPAR of medium and high-end hotels is 111 / – 9.7%; RevPAR of light management hotel is 54 / – 17.3%.
The store expansion structure has been improved, and pipeline has improved month on month. The company opened 190 new stores in Q1 in 2022 / + 6. Among them, 57 medium and high-end hotels have been newly opened, accounting for 30% of the new stores; 101 newly opened light management hotels, accounting for 53.2% of the newly opened hotels. As of 2022q1, the company’s reserve stores had reached 1827, an increase of 36 compared with the end of 21, laying a solid foundation for achieving the goal of opening 18002000 stores in the whole year.
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. Considering the repeated impact of short-term epidemic, the net profit attributable to the parent company of xiaxiu company from 2022 to 2024 is RMB 230 / 9.1 / 1.2 billion, corresponding to EPS of RMB 0.21/0.81/1.07 and dynamic PE of 111.3 / 28.4/21.5 times.
Risk warning: covid-19 epidemic situation is repeated; The number and structure of new stores are less than expected; Industry competition intensifies risks.
