Core view
Tracking the rise and fall of the sector: this week, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.86%, and the gem index fell 2.72%. SW Hotel II rose 2.61%, and Jinjiang capital, the subject of Hong Kong stocks, fell 0.34%.
Business data of China’s hotel industry: in December 2021, RevPAR (revenue per room available for sale) of China’s five-star hotels was 189.1 yuan / room, a year-on-year increase of – 27.8%; Four star hotel revpar124 8 yuan / room, year-on-year – 21.1%; Three star hotel revpar127 8 yuan / room, a year-on-year increase of – 10.8%. ADR (average room price) of five-star hotels was 388.7 yuan / room, a year-on-year increase of – 19.5%; Four star hotel adr273 6 yuan / room, year-on-year – 9.2%; Three star hotel adr225 3 yuan / room, a year-on-year increase of -6.42%. OCC (occupancy rate) of five-star hotels was 44.81%, with a year-on-year rate of – 9.5%; Four star hotel occ43 75%, year-on-year – 8.7%; Three star hotel occ57 49%, year-on-year + 1.5%.
Industry news: medium and high-end hotels have become the first choice for tourists to book during the Spring Festival. According to the report released by the same trip, hotel bookings during the Spring Festival this year increased by nearly 30% year-on-year. Among them, local and surrounding cities account for more than half of hotel orders, and medium and high-end resort hotels have become the first choice for people to book rooms during the Spring Festival. Hangzhou Shunwang Technology Co.Ltd(300113) . Tencent E-sports and Ouyu technology jointly build the flagship E-sports hotel where the Asian Games are hosted. Provide E-sports crowd with offline entertainment places integrating e-sports, game watching and social functions, and further expand the offline scene coverage of TOC..
Investment suggestion: in 2021, the overall situation of the hotel will be better restored, the hotel chain rate will be further improved, and the brand effect will be enhanced. In 2020, due to the outbreak of the epidemic, the tourism industry was hit hard, and the number and performance of hotels fell sharply. At the same time, it accelerated the clearing of the supply side of the hotel industry, and the leading enterprises further improved the concentration. With the effective control of the epidemic in China and the recovery of consumer demand, China’s hotel performance will usher in a comprehensive recovery. It is suggested to pay attention to the leading hotel groups with high market share in China: Huazhu, Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) .
Risk tip: the epidemic has repeatedly affected the recovery of demand, the expansion speed of stores is lower than expected, and the industry competition is intensified.
