Atour Lifestyle (ATAT) 东吴证券·2024-05-26 00:32Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Insights - The company reported a Q1 2024 revenue of 1.468 billion yuan, a year-on-year increase of 90%, and a net profit attributable to shareholders of 257 million yuan, up 1339% year-on-year [3] - The retail business exceeded expectations, leading to an upward revision of the full-year revenue guidance, with an expected year-on-year growth rate of 40% [3] - RevPAR decreased by 3% year-on-year, primarily due to price declines and a high base from 2023 [3] - The total number of stores reached 1,302, a year-on-year increase of 35%, with a total room count of 148,000, up 32% year-on-year [3] - The company is positioned in the high-end market and is expanding its presence, with the introduction of a mid-range brand expected to enhance profitability [3] Financial Summary - For 2024, the company expects net profits of 955 million yuan, with corresponding P/E ratios of 18, 13, and 11 for 2024, 2025, and 2026 respectively [3] - Revenue forecasts for 2024-2026 are 6.331 billion yuan, 7.922 billion yuan, and 9.432 billion yuan, with year-on-year growth rates of 35.7%, 25.1%, and 19.1% respectively [2][3] - The gross profit margin is projected to improve to 40.4% in 2024, with a net profit margin of 15.1% [9]