Jinjiang shares (600754): REVPAR growth stabilizes and rebound rebound is expected to be fixed

Jinjiang shares (600754): REVPAR growth stabilizes and rebound rebound is expected to be fixed
The company disclosed May data: Territory RevPar increased by 7.1%, the net increase of 72 companies announced on June 27, May 19, the company’s internal hotel RevPar was 164.10 yuan, an annual increase of 7.1%, occupancy rate 76.6%, a decline of 0 per year.94pct, average 杭州桑拿网 price 214.34 yuan, an annual increase of 8.4%.In May, the company opened a net of 72 stores (reduction of 1 for economy and 73 for mid-to-high end), with a total of 7,788 stores, and 36 mid-range hotels.5%.  Regional hotel operations are picking up, the decline in occupancy rates has narrowed, and house prices have returned to a high rate of growth.7% /-6.0 points / + 2.8%, compared with April, the company ‘s occupancy rate in May narrowed significantly, and the average house price rose to a high growth rate.Part of the reason for the recovery in May was the May 1 holiday dislocation factor (the May 1 holiday was 5).1-5.4,18 May 4 holiday is 4.29-5.1) In April and May, the company increased the average RevPar growth rate to 1.3%, RevPar increased earlier in March (-0.6%) is still picking up.  Budget hotels performed well. The mid-range hotel RevPar declined slightly in grades. The budget hotels RevPar / occupancy rate / average room rates increased respectively.4% /-1.9pct / + 4.0%, the mid-end hotel RevPar / occupancy rate / average room rate fell by 0.4% /-1.4pct / + 1.4%.The economic hotel operation is picking up, mainly due to improved demand and 7 days of premium products3.0 stores were upgraded, and the mid-range hotel’s RevPar declined slightly due to the new store opening two years ago.  The speed of store expansion has improved. New and mid- to high-end hotels in the new stores mainly opened a net of 72 companies in May, 73 of which opened mid-to-high-end hotels, and a budget hotel decreased by one. From January to May 19, 345 net openings were gradually increased.Compared with the same period of the previous year, the number of net openings (288) gradually increased. Among them, 377 mid-to-high-end hotels had a net opening of 377 in the same period of last year, a clear acceleration trend compared with 261 in the same period of the previous year.As of the end of May 19, the company’s mid- to high-end hotels reached 2,840, accounting for 36.5%.  The store opened to support the company ‘s fundamentals. The economic recovery is expected to be repaired and the “Buy” rating is maintained. The hotel industry was under pressure in the first half of 1919. The company merged the advantages of mid-end brands to accelerate the integration of the industry and combine high-quality properties.Face support.At the bottom of the company’s current expected history, the hotel industry entered a downward period after May 18, and then switched to a low base effect and macroeconomic stabilization. The company’s operating data is expected to improve and usher in a scale repair.The company’s EPS is expected to be 1 in 19-21.30/1.39/1.69 yuan / share, after excluding the impact of investment income, the company’s future compounded non-net profit compound growth rate is about 15-20%, the company’s average 佛山桑拿网 price-earnings ratio (TTM) has been 37 times in 14 years, taking into account the domestic hotel integration trend and the companyThe industry leader ranking gives a reasonable value of 32 at 25 times PE in 19 years.50 yuan / share.  Risk warnings: 1) The decline of the macro economy may affect the recovery of the industry.2) The internal integration effect of the company was less than expected.3) The progress of the company’s direct-operated stores is worse than expected