\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 258 Btg Hotels (Group) Co.Ltd(600258) )
Disturbed by the epidemic situation, Q1’s net profit decreased significantly: in 22 years, Q1 achieved a revenue of 1.212 billion yuan / year-on-year – 4.64%, a net profit attributable to the parent of – 232 million yuan, deducting a net profit not attributable to the parent of – 259 million yuan (compared with – 182 million / – 190 million yuan respectively in the same period of last year), and EPS of – 21 million yuan. The gross profit margin of Q1 was 5.76%, down 6.51pct year-on-year from Q1 in 21 years, mainly due to the impact of the epidemic. The financial rate was 9.39%, a year-on-year decrease of 0.72 PCT, mainly due to the issuance of ultra short-term financing bonds with lower interest rate to replace loans with higher interest rate in the early stage; The sales rate was 4.67%, a year-on-year decrease of 0.87 PCT; The management rate was 15.20%, with a year-on-year increase of 1.9pct. In terms of business, the main hotel business revenue was 1.108 billion, with a year-on-year increase of – 3.99% affected by the epidemic. The business income of the scenic spot was 105 million, a year-on-year increase of – 11.05%.
The number of reserve stores continued to grow, and increased sharply against the trend under the epidemic: 190 new stores were opened in Q1 / a net increase of 78 stores, reaching 5994 stores (184 new stores were opened in Q1 in 21 years). Among them, 31 / 57 / 101 / 1 economical / medium and high-end / light management hotels / other hotels opened respectively, with medium and high-end accounting for 30% and light management accounting for 53.2%; 182 new franchise stores have been opened (177 in Q1 in 21 years), and the proportion of franchise has further increased. The company plans to open 18002000 new stores in 22 years and accelerate the third to fifth tier sinking market layout. As of March 31, 2022, the number of reserve stores is 1827.
Operating data: 1) q1rvpar is 86 yuan / – 8.8%, the average house price is 174 yuan / + 3.0%, and the rental rate is 49.2% / – 6.3pct. Among them, the RevPAR of economical / medium and high-end / light management is 78 / 111 / 54 yuan respectively, with a year-on-year rate of – 5.8% / – 9.7% / – 17.3%, a year-on-year rate of 53.1% / 48.0% / 39.2%, a year-on-year rate of – 5.6pct / – 4.4pct / – 7.4pct respectively, and the average house price is 147 / 230 / 137 yuan, with a year-on-year rate of + 4.1% / – 1.5% / – 1.6%. 2) Same store data: in Q1, the overall RevPAR is 88 yuan / – 10.5%, the average house price is 172 yuan / + 0.9%, and the rental rate is 51.1% / – 6.5pct. Among them, the economic / medium and high-end / light management RevPAR is 78 / 113 / 64 yuan respectively, with a year-on-year rate of – 9.2% / – 11% / – 15.8%, a year-on-year rate of 53% / 48.7% / 45.1%, a year-on-year rate of – 7.3pct / – 4.8pct / – 8.5pct respectively, and the average house price is 146 / 232 / 142 yuan, with a year-on-year rate of + 3.3% / – 2.3% / – 0.2%.
All strategies go hand in hand, and the disturbance of the epidemic does not hinder the long-term value of the company: the impact of the epidemic in 2022 has not ended. Although the performance is under pressure due to the impact of the epidemic in the short term, the company will unswervingly promote the four core strategies of “development first, product king, member oriented and efficiency empowerment” in the future to consolidate the fundamentals of the company. In the future, the company will 1) accelerate the opening of stores, deeply cultivate the sinking market, take franchise stores as the main development strategy, and accelerate the expansion of light management mode with cloud brand to meet the needs of the sinking market. 2) Upgrade brands and products, create a diversified product matrix, and establish a young and fashionable brand image. 3) Continue to promote the two wheel drive such as life club and the first global purchase free, and improve the proportion of members to the central reservation system. As of March 31, 2022, the total number of members of the company has reached 134 million. 4) Accelerate digitization and improve operation efficiency.
Profit forecast and rating: we maintain the net profit of 18 million / 226 million / 540 million from 2022 to 2024. Maintain the “overweight” rating.
Risk tip: franchise expansion is lower than expected; The epidemic control was less than expected.
