華住集團2024Q1財報: 酒店覆蓋快速擴張; 國際化能力突出
Huazhu Group 2024Q1 Results: Rapid Expansion of Hotel Coverage; Outstanding Globalization Capabilities

海擇短評 Haize Comment：

近期華住集團(NASDAQ: HTHT)公告2024Q1財報，華住的酒店一向有近90%的客源來自有通路的直銷，分銷非是必須，這不僅在中國，在全球的酒店集團中都顯得相當獨特。本季中國國內消費慘淡之際，華住仍能做到運營利潤(10.3億人民幣)YoY成長51%、QoQ成長32%，適足以證明其抗風險能力。確認其作為巨頭的地位難以被撼動後，海擇資本更關心的是兩點，首先是未來景氣好轉後，它是否能有最好的增長動能；其次是它推展國際化的能力。基於上述兩點，我們提供部分觀點如下：

1. 酒店覆蓋快速擴張：華住在酒店行業的控制能力已比疫情前強上許多，最直觀的數據是，2019Q1華住控有的酒店為4,396家；而截至2024Q1結束，華住集團共控有9,684間酒店，較2疫情前高出120%，並有3,138間酒店在開業流程上，其成長可見一斑。若與2023Q1年相較，所控酒店YoY增加421間(5%)，在建酒店也增加了77間(3%)。在經濟下行之際，華住的酒店網絡仍快速擴張，擴張後還能在與同業爭奪存量客源時佔據上風；我們認為一旦經濟反轉向上，它將能迎來最大的紅利。

2. 國際化能力突出：華住在收購德意志酒店集團(DH, Deutsche Hospitality)並帶動轉盈後，由於更動了nonGAAP的會計衡量標準，2023Q1轉為虧損9,800萬人民幣，本季則為虧損6,600萬人民幣。值得注意的是，雖然按新準則DH並未盈利，但考慮到國際化仍在不斷擴張，目前DH共運營133家酒店，其中包括84家為直營，49家為加盟，客房數總計有27,148間；相比於2023Q1，一年間已新增5家酒店，其中包括4家直營酒店和1家加盟酒店；而在建的酒店有62%位於德國以外，其中歐洲(德國以外)、亞太、非洲分別為41%、15%、6%。DH在快速擴張的同時還能逐步降低虧損，國際化事業的增長潛力值得關注。

-------

Recently, Huazhu Group (NASDAQ: HTHT) announced its Q1 2024 financial report. Huazhu's hotels have always sourced nearly 90% of their guests through direct sales channels, a unique strategy not only in China but globally among hotel chains. Despite a sluggish domestic market, Huazhu still managed a 51% year-on-year and 32% quarter-on-quarter growth in operating profit (1.03 billion RMB), proving its resilience. With its leadership position secured, Haize Capital is more concerned about two aspects: first, its potential for growth when the economy improves, and second, its ability to expand internationally. Based on these, we provide the following views:

1. Rapid expansion of hotel coverage: Huazhu has significantly strengthened its control in the hotel industry post-pandemic. A clear indicator is the growth in the number of hotels—from 4,396 in Q1 2019 to 9,684 by the end of Q1 2024, an increase of 120% with an additional 3,138 hotels in the pipeline. Compared to Q1 2023, the number of hotels controlled by Huazhu increased by 421 (5%) and construction of new hotels also rose by 77 (3%). Despite economic downturns, Huazhu’s hotel network continues to expand rapidly, gaining an edge in competing for market share with peers. We believe that once the economy rebounds, Huazhu will capture the greatest benefits.

2. Notable international capabilities: After acquiring Deutsche Hospitality (DH) and achieving a turnaround, Huazhu experienced a shift from profit to a loss of 98 million RMB in Q1 2023 due to changes in non-GAAP accounting standards, and a reduced loss of 66 million RMB this quarter. Despite DH not being profitable under the new standards, it’s important to note the expansion of its international operations. Currently, DH operates 133 hotels, including 84 directly managed and 49 franchised, totaling 27,148 rooms. Over the past year, 5 new hotels were added, including 4 direct operations and 1 franchise. Additionally, 62% of hotels under construction are located outside Germany, with 41% in Europe (excluding Germany), 15% in Asia-Pacific, and 6% in Africa. As DH rapidly expands and gradually reduces its losses, the growth potential of its international operations is noteworthy. 

標籤 Label： NASDAQ: HTHT  Hotel  Direct-sale  China  Deutsche Hospitality