According to a research report issued by Northeast Securities, to maintain the "buy" rating of Huazhu Group Limited-S (01179), it is expected that the revenue from 2023 to 2025 will be 215amp 240 / 26.1 billion yuan, and the net profit will be 39.3pm 43.3 / 5.09 billion yuan, which is stable as the leading barrier of the hotel and has strong certainty of long-term growth; and its own management mechanism & operating efficiency is ahead of its peers.
According to the report, the company's RevPAR recovery rate exceeded guidance in the third quarter, reaching 129% in the same period in 2019. The 2023Q3RevPAR of all stores in China Housing Department is 278 yuan / + 44.3%, 324 yuan / + 27.7% compared with + 29.4% in the same period in 2019, and + 32.1% in the same period in 2019. The occupancy rate is 85.9%/+9.2pct. During the peak tourism season in the third quarter, the recovery in demand strongly pushed up both volume and price, and the domestic RevPAR recovery rate exceeded expectations. From July to September, the company's full-caliber RevPAR returned to 132% of the same period in 2019, 128% of the same period in 2019, exceeding the previous forecast of 123% of 128% of the recovery rate.
Same-store data, in terms of 2023Q3 single-quarter situation: DH has not yet been included in the same-store caliber. Compared with 2022, there are 6466 same stores in 2023Q3. The single-quarter RevPAR of 2023Q3 is 281 yuan / + 41.1% (including economy + 40.1% / mid-high-end + 41.0%), ADR is 324 / + 26.2% (of which economy + 28.8% / mid-high-end + 22.5%), and the occupancy rate is 86.7%/+9.2pct (including economy + 7.1pct/ + high-end + 11.3pct).
The bank mentioned that Huazhu 2023Q3 net opened 406 (open 545 / close 139), economic / middle and high-end net increase of 136amp 270 respectively, weight brand Hanting / full-quarter net increase of 160max 141 respectively As of 2023Q3, there are 9028 China residence hotels, with a total of 4036 mid-and high-end stores, accounting for 45 per cent / month-on-month + 1.0pct. The market is hot during the summer peak season, and the number of reserve stores continues to grow by 2935 / + quarter-on-quarter + 5 per cent when new stores have reached the highest level since 2020. DH Department of 23Q3 open 1 net (open 2 / close 1), as of 2023Q3 a total of 129 stores, reserve 35 stores.