Author|Ding Zhenyu, Editor|Gu Jinfeng
Source: Jufeng Investment Advisory, Good Stock Application
In the first quarter of 2024, China's economy showed a recovery trend. During the Spring Festival and Qingming holidays, domestic tourism continued to be popular. This makes the tourism sector, which is in a historically low position, cost-effective.
According to the brokerage research report: hotel/air tickets have always been the main expenditure items in tourism travel, air ticket prices have risen slightly, hotel prices have fallen will reduce consumer travel budgets, and have a strong role in promoting consumer travel decision-making, and this year's "May Day" tourist arrivals are expected to achieve a high year-on-year growth.
Judging from the "May Day" air ticket/hotel bookings and price changes, the single-day booking volume of "May Day" air tickets has exceeded the same period in 23 years since April 6, and the average price paid is 990 yuan/slightly higher than the same period in 23 years;
At present, there are many hotel corrections, and BTG Hotel's valuation is at a historically low position.
Judging from the data of the company's annual report, the shareholding ratio of the top ten shareholders is 54.81%, a new high in the past year, and an increase of 1.5% compared with the shareholding ratio in the 2022 annual report. Among them, insurance capital increased its holdings, the 16022 portfolio of the basic pension insurance fund increased its position by 2 million shares, and Qianhai Life Insurance entered the top ten shareholders. However, compared with the three quarterly reports, CITIC Securities withdrew from the top ten shareholders.
According to the financial report data, in 2023, the company will achieve revenue of 7.793 billion yuan, an increase of 53.1% year-on-year, net profit attributable to the parent company of 795 million yuan, and non-net profit of 719 million yuan. Pay attention to Jufeng Investment Advisor (jfinfo)/good stock application, and the analysis and research report of the leading target of "Institutional Research and Selection" is waiting for you to get!
From the perspective of revenue and profit trends, BTG Hotels hit a four-year high.
In 2023, the passenger flow of the company's Nanshan Scenic Area will recover rapidly, and the profit contribution will be outstanding. In terms of hotel management, the company's store opening strategy is mainly focused on light management and mid-to-high-end management, and in terms of light management, the company has optimized and cleaned up some stores during the epidemic this year, resulting in a higher number of store closures, and the net opening of mid-to-high-end hotels has increased month-on-month, and profitability is expected to improve with the increase in hotel network. The company expects to open 1,200-1,400 stores in 2024, and the store opening rate is basically the same.
In terms of the company's valuation, in the hotel and catering industry, BTG Hotels ranks second in terms of revenue and profit, second only to Jin Jiang Hotel. In terms of net profit and market value in 2023, the cost performance is even better. If BTG Hotels' share price and the tourism hotel sector continue to diverge, then the cost performance will be further improved.
(Author: Ding Zhenyu Practicing Certificate: A0680613040001)
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