Atour Lifestyle (ATAT) 第一上海证券·2024-11-26 04:57Investment Rating - The report maintains a "Buy" rating for Atour Hotel (ATAT.US) with a target price of 25.4 [2][6]. Core Insights - Atour Hotel continues to expand rapidly, focusing on high-end hotel brands, with a total of 1,533 stores as of Q3, including 12 self-operated stores and 1,504 franchise stores [2][6]. - The company reported Q3 revenue of 190 million yuan, a year-on-year decrease of 20.4%, but net profit exceeded Bloomberg consensus expectations, with a GAAP net profit of 38 million yuan, up 45.3% year-on-year [2][6]. - The company has a strong membership growth, with registered members reaching 83 million, a year-on-year increase of 53.7% [2][6]. Financial Overview - For FY24, the company expects revenue growth of 51.9% year-on-year, with projected revenues of 7.09 billion yuan, 8.86 billion yuan in FY25, and 10.57 billion yuan in FY26 [2][6]. - The adjusted net profit is forecasted to be 1.285 billion yuan in FY24, 1.591 billion yuan in FY25, and 1.991 billion yuan in FY26, reflecting significant growth rates [2][6]. - The report highlights a strong retail performance, with GMV reaching 566 million yuan in Q3, a year-on-year increase of 108% [2][6]. Store Expansion and Market Position - The company opened a record number of new stores in Q3, with 140 new openings and a total of 732 stores in the pipeline, indicating a robust expansion strategy [2][6]. - Atour Hotel's RevPAR (Revenue per Available Room) faced pressure due to high base effects from last year's summer travel boom, with a year-on-year decline of 10.5% [2][6]. - The company is enhancing its multi-brand matrix with the introduction of a new high-end service brand, aiming to improve its market share in the mid-range segment [2][6].