Investment Rating - The investment rating for the company is "Outperform the Market" [6][17]. Core Views - The company achieved a strong performance in Q4 2024, with revenue of 2.084 billion yuan, representing a 38.5% increase year-on-year, and a net profit of 330 million yuan, up 50% [10]. - For the full year 2024, the company reported revenue of 7.248 billion yuan, a 55.3% increase, and a net profit of 1.275 billion yuan, up 73% [10]. - The company aims to reach a target of 2,000 stores by the end of 2025, with a revenue growth forecast of 25% for that year [4][17]. Summary by Sections Financial Performance - In Q4 2024, the adjusted net profit was 333 million yuan, reflecting a 49.9% increase, and adjusted EBITDA was 443 million yuan, up 76.5% [10]. - The overall revenue for 2024 was 7.248 billion yuan, with an adjusted net profit of 1.306 billion yuan, marking a 44.6% increase [10]. - The company expects to maintain a stable profit margin in 2025, with an estimated adjusted net profit margin remaining relatively flat [4]. Hotel Operations - The hotel segment generated revenue of 4.851 billion yuan in 2024, a 36.8% increase, with the franchise model contributing 4.149 billion yuan, up 53% [2][13]. - The company opened 471 new hotels and closed 62, exceeding its revised target for the year [2]. - By the end of 2024, the total number of operating hotels reached 1,619, a 34% year-on-year increase [2]. Retail Business - The retail segment's GMV reached 2.59 billion yuan in 2024, a 127.7% increase, with revenue of 2.198 billion yuan, up 126.2%, accounting for over 30% of total revenue [3][14]. - The company has integrated its hotel and retail membership systems, resulting in a 41% increase in registered members to 89 million by year-end [3][14]. Future Outlook - The company plans to open 500 new stores in 2025, supported by 741 projects currently in the pipeline [4]. - The retail business is expected to grow at a rate of no less than 35% in 2025, contributing to an overall revenue growth of 25% for the group [4]. - The company anticipates a three-year compound annual growth rate (CAGR) of 24% for adjusted net profit from 2025 to 2027 [17].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Insights - The company reported Q4 2024 revenue of 2.08 billion yuan, representing a year-on-year increase of 38.5%, and an adjusted net profit of 330 million yuan, up 49.9%, indicating that both operating revenue and performance met expectations [8] - The company is expected to achieve steady growth in performance throughout the year, driven by ongoing openings and the recovery of domestic business travel demand [8] - The company aims to open 500 new stores by 2025, with a net increase of approximately 450 stores [8] Financial Performance - For the fiscal year 2023, the company achieved a total revenue of 4.518 billion yuan, with a year-on-year growth of 100% [10] - The adjusted net profit for 2023 was 737 million yuan, reflecting a significant year-on-year increase of 651% [10] - The company’s gross profit margin for Q4 2024 was 37.5%, an increase of 7.6 percentage points year-on-year [8] - The overall occupancy rate (OCC) for Q4 2024 was 77.0%, with an average daily rate (ADR) of 420.2 yuan and revenue per available room (RevPAR) of 336.9 yuan [8] Future Projections - The company is projected to achieve a revenue of 9.074 billion yuan in 2025, with a year-on-year growth of 25% [3] - The adjusted net profit is expected to reach 1.634 billion yuan in 2025, representing a 28% increase compared to 2024 [3] - The report anticipates that the company will maintain a stable profitability outlook, with adjusted net profit margins expected to remain around 16% [8] Valuation Metrics - The current stock price is $28.96, with projected price-to-earnings (PE) ratios of 31.6 for 2023, 23.0 for 2024, and 17.5 for 2025 [4][11] - The price-to-book (PB) ratio is projected to decrease from 13.8 in 2023 to 7.4 in 2025 [4][11] - The report indicates a strong return on equity (ROE) of 39.04% [4]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the next 6-12 months [5]. Core Insights - The company reported Q4 2024 earnings with revenue of 2.08 billion yuan, a year-on-year increase of 38.5%, and a net profit of 330 million yuan, up 50.5% [2]. - The Q4 RevPAR (Revenue Per Available Room) showed a narrowing decline, with a decrease of 5.9% quarter-on-quarter, indicating potential recovery in 2025 [3]. - The retail business outperformed expectations, with a GMV (Gross Merchandise Volume) of 2.59 billion yuan for the full year, reflecting a growth of 128% [4]. Summary by Sections Financial Performance - Q4 revenue reached 2.08 billion yuan, with adjusted net profit also at 330 million yuan, reflecting a 49.9% increase [2]. - Adjusted EBITDA for Q4 was 440 million yuan, marking a 76.5% increase [2]. - The company achieved a hotel gross margin of 37.5%, up 7.6 percentage points, driven by asset-light strategies and efficiency improvements [4]. Business Segments - The retail segment's GMV for Q4 was 910 million yuan, a 125% increase, with online sales accounting for over 90% [4]. - The company opened 111 new hotels in Q4, totaling 471 new openings for the year, a 63% increase [4]. Future Outlook - The company expects a slowdown in supply growth in 2025, with improved demand driven by policy stimuli, leading to quarterly improvements [3]. - Forecasted adjusted net profits for 2025, 2026, and 2027 are 1.66 billion yuan, 2.08 billion yuan, and 2.61 billion yuan, respectively, with corresponding PE ratios of 17, 14, and 11 [5].

Core Viewpoint - In 2024, Atour Group achieved remarkable financial results with a revenue of 7.248 billion yuan, reflecting a year-on-year growth of 55.3%, showcasing the unique value of its "Chinese Experience" strategy amidst a recovering tourism market [1][3][4] Financial Performance - Atour Group's revenue for 2024 reached 7.248 billion yuan, a significant increase of 55.3% year-on-year, with adjusted net profit at 1.306 billion yuan, up 44.6% [3] - In Q4 2024, revenue was 2.084 billion yuan, a 38.5% increase year-on-year, with adjusted net profit of 333 million yuan, marking a 49.9% growth [3] - The adjusted EBITDA for 2024 was 1.772 billion yuan, reflecting a 46.8% increase [3] Market Environment - The tourism industry in China saw a full recovery in 2024, with domestic and inbound tourism contributing to a robust hotel consumption market [4] - Average Revenue Per Available Room (RevPAR) for Atour was 351 yuan, achieving 93.2% of the previous year's level, with an occupancy rate of 77.4% [4] Strategic Developments - Atour opened 471 new hotels in 2024, a 63% increase year-on-year, with a total of 1,619 operating hotels by the end of the year, up 33.8% [4] - The company’s retail business saw a GMV of 2.592 billion yuan, a substantial growth of 127.7% year-on-year, with over 90% of sales from online channels [7] Competitive Advantage - Atour has established a differentiated competitive advantage through its focus on "cultural experience," leveraging IP collaborations and localized services [7] - The company’s strategic focus on user experience rather than just room occupancy has allowed it to thrive in a competitive market [10] Industry Insights - The hotel industry in China has seen a significant increase in chain hotel penetration, rising from 26% in 2019 to 40.95% [9] - Mid-range and upscale hotels have become the mainstay in new hotel openings, with a notable increase in the number of new mid-range chain hotels in major cities [9]

Core Viewpoint - Atour Group reported significant growth in both revenue and net profit for the year 2024, driven by its dual business model of hotel management and retail, particularly the success of its new retail business focused on sleep products [3][4][10]. Financial Performance - In 2024, Atour Group achieved a revenue of 7.248 billion yuan, representing a year-on-year increase of 55.3%, and an adjusted net profit of 1.306 billion yuan, up 44.6% [3][5]. - The adjusted EBITDA for the year was 1.772 billion yuan, reflecting a growth of 46.8% [3]. Revenue Structure - The revenue from hotel management and franchise operations was 4.149 billion yuan, a year-on-year increase of 53.32% [5]. - Retail revenue surged to 2.198 billion yuan, marking a 126% increase compared to 2023, and accounted for 30.33% of total revenue [5][11]. Hotel Expansion - Atour opened and signed a record 471 new hotels in 2024, a 63% increase year-on-year, bringing the total number of operating hotels to 1,619, which is a 33.8% increase [5][6]. Market Challenges - The hotel industry faced pressure on room prices and occupancy rates, with Atour's average daily rate (ADR) dropping to 437 yuan from 463.6 yuan in 2023, and occupancy rate (OCC) slightly declining to 77.4% from 77.8% [6]. - The average revenue per available room (RevPAR) fell to 351 yuan, down from 376.8 yuan in 2023, indicating challenges in maintaining pricing power [6]. Retail Business Growth - The retail segment, particularly sleep products, has become a significant revenue driver for Atour, with the gross merchandise volume (GMV) reaching 2.592 billion yuan in 2024, a 127.7% increase [11][12]. - The sales of sleep products, including the deep sleep memory pillow and temperature control blankets, have shown remarkable growth, with the latter category's GMV increasing over 300% [12]. Brand Development - Atour is expanding its brand portfolio, with the launch of the "Light Stay" mid-range brand and the high-end "Saha" brand, aiming to enhance market penetration and brand recognition [8][9].

Financial Data and Key Metrics Changes - The company's net revenue for Q4 2024 grew by 38.5% year-over-year to RMB 2,084 million, and for the full year 2024, it increased by 55.3% year-over-year to RMB 7,248 million [37][38] - Adjusted net income for Q4 2024 was RMB 333 million, representing a 49.9% increase year-over-year, while adjusted EBITDA for the same period was RMB 443 million, up by 76.5% year-over-year [47] - The adjusted net profit margin for the full year 2024 was 18%, a decrease of 1.4 percentage points year-over-year, and the adjusted EBITDA margin was 24.4%, a decrease of 1.5 percentage points year-over-year [48][72] Business Line Data and Key Metrics Changes - Revenues from manachised hotels for Q4 2024 were RMB 1,106 million, up by 30% year-over-year, while revenues from leased hotels declined by 15.9% year-over-year to RMB 164 million [38][39] - Retail business revenues for Q4 2024 reached RMB 765 million, reflecting an 85.6% year-over-year increase, and for the full year, retail revenues increased by 126.2% year-over-year to RMB 2,198 million [40] Market Data and Key Metrics Changes - The number of hotels in operation increased to 1,619 by the end of Q4 2024, representing a 33.8% year-over-year growth, with 471 new hotels opened during the year [14][37] - The retail business maintained strong growth momentum, with full-year GMV reaching RMB 2.59 billion, a 127.7% year-over-year increase [19] Company Strategy and Development Direction - The company aims to achieve its strategic goal of 2,000 premier hotels by the end of 2025, with plans to open 500 new hotels in 2025 [58] - The retail business is expected to grow by no less than 35% year-over-year in 2025, driven by product innovation and expansion [68] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties and challenges in 2025, particularly regarding RevPAR, but expressed confidence in revenue growth due to the expanding hotel network and retail business [53][54] - The company plans to optimize its cost structure and improve management efficiency to stabilize profit margins despite changes in revenue structure [72] Other Important Information - The company has committed to a three-year annual dividend plan, distributing no less than 50% of the previous financial year's net income [87] - By the end of 2024, registered individual members surpassed 89 million, representing year-over-year growth of more than 40% [31] Q&A Session Summary Question: Can you share some colors about the hotel's performance on RevPAR in Q1 2025? - Management expects a year-on-year decline in Q1 RevPAR of mid- to high single digits due to seasonal factors and a high base effect from 2024 [52] Question: What is your guidance on hotel openings and signings in 2025? - The company expects to open 500 new hotels in 2025 and anticipates strong performance in new signings due to active demand in the franchise market [58][60] Question: What are the plans for the retail business in 2025? - The retail business aims for a revenue growth of no less than 35% year-over-year in 2025, focusing on product R&D and innovation [68] Question: How do you guide the margin channel for 2025? - Management anticipates that the adjusted net profit margin will remain relatively stable, with the retail business operating profit margin expected to stay at a similar level in 2025 [72][74] Question: What are the plans for hotel closures in 2025? - The company will maintain a similar pace of closures in 2025, focusing on property quality and operational performance [86][87]

Financial Data and Key Metrics Changes - The company's net revenue for Q4 2024 grew by 38.5% year-over-year to RMB 2,084 million, and for the full year 2024, it increased by 55.3% year-over-year to RMB 7,248 million [37] - Adjusted net income for Q4 2024 was RMB 333 million, representing a 49.9% increase year-over-year, while adjusted EBITDA for the same period was RMB 443 million, up by 76.5% year-over-year [47] - The adjusted net profit margin for the full year 2024 was 18%, a decrease of 1.4 percentage points year-over-year, and the adjusted EBITDA margin was 24.4%, a decrease of 1.5 percentage points year-over-year [48][72] Business Line Data and Key Metrics Changes - Revenues from manachised hotels for Q4 2024 were RMB 1,106 million, up by 30% year-over-year, while revenues from leased hotels declined by 15.9% year-over-year to RMB 164 million [38][39] - Retail business revenues for Q4 2024 reached RMB 765 million, reflecting an 85.6% year-over-year increase, and for the full year, retail revenues increased by 126.2% year-over-year to RMB 2,198 million [40] Market Data and Key Metrics Changes - The number of hotels in operation increased to 1,619 by the end of Q4 2024, representing a 33.8% year-over-year growth, with 471 new hotels opened during the year [14] - The retail business maintained strong growth momentum, with full-year GMV reaching RMB 2.59 billion, a 127.7% year-over-year increase [19] Company Strategy and Development Direction - The company aims to achieve its strategic goal of 2,000 premier hotels by the end of 2025, with plans to open 500 new hotels in 2025 [58] - The retail business is expected to grow by no less than 35% year-over-year in 2025, driven by new product development and market expansion [68] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties and challenges for 2025, particularly regarding RevPAR, but expressed confidence in revenue growth due to the expanding hotel network and retail business [54] - The company plans to optimize its cost structure and improve management efficiency to stabilize profit margins despite changes in revenue structure [72] Other Important Information - The company has committed to a three-year annual dividend plan, distributing no less than 50% of the previous financial year's net income [87] - By the end of 2024, registered individual members surpassed 89 million, representing year-over-year growth of more than 40% [31] Q&A Session Summary Question: Can you share some colors about the hotel's performance on RevPAR in Q1 2025? - Management expects a year-on-year decline in Q1 RevPAR of mid- to high single digits due to seasonal factors and weather conditions [52] Question: What is your guidance on hotel openings and signings in 2025? - The company expects to maintain a similar hotel opening growth rate with a target of 500 new hotels in 2025 [58] Question: What are the plans for the retail business in 2025? - The retail business is expected to grow by no less than 35% year-over-year in 2025, with a focus on product R&D and innovation [68] Question: How do you guide the margin channel for 2025? - Management anticipates that the adjusted net profit margin will remain relatively stable, with the operating profit margin of the retail business expected to maintain a similar level in 2025 [72][74] Question: Could you share the plans for hotel closures in 2025? - The company will maintain a similar pace of closures in 2025, focusing on property quality and operational performance [86]

本文为IPO早知道原创 作者｜Stone Jin 进一步夯实"始于住宿的生活方式品牌集团"的定位。 微信公众号｜ipozaozhidao 据IPO早知道消息，亚朵集团（NASDAQ:ATAT）于3月25日发布了2024年第四季度及全年财报。 财报显示， 亚朵集团2024年全年营收72.48亿元（人民币，下同），同比增长55.3%；调整后净利 润13.06亿元，同比增长44.6%；调整后EBITDA为17.72亿元，同比增长46.8% 。 HO 1475 +55.5% 调整后净利润® 同比增长 13.06 亿元 +44.6% ↑ 调整后EBITDA® 同比增长 17.72 亿元 +46.8% J | 2024年Q4 营收 同比增长 20.84亿元 +38.5% ↑ 调整后净利润® 同比增长 3.33 亿元 +49.9% ↑ 调整后EBITDA® 同比增长 4.43 亿元 +76.5% ↑ | 2025年业绩指引 其中，第四季度亚朵集团营收20.84亿元，同比增长38.5%；调整后净利润3.33亿元，同比增长 49.9%；调整后EBITDA为4.43亿元，同比增长76.5%。 截至2024年12月31日，亚朵集团 ...

Financial Performance - Net revenues for Q4 2024 rose by 38.5% to RMB2,084 million (US$286 million) compared to RMB1,505 million in Q4 2023; full year revenues increased by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million in 2023[5][14] - Net income for Q4 2024 increased by 50.5% to RMB331 million (US$45 million) from RMB220 million in Q4 2023; full year net income rose by 72.2% to RMB1,273 million (US$174 million) from RMB739 million in 2023[5] - Adjusted EBITDA for Q4 2024 surged by 76.5% to RMB443 million (US$61 million) compared to RMB251 million in Q4 2023; full year adjusted EBITDA increased by 46.8% to RMB1,772 million (US$243 million) from RMB1,207 million in 2023[5] - Total revenues for the year ended December 31, 2024, increased by 55.5% to RMB 7,247,932, compared to RMB 4,665,967 for the previous year[46] - Net income attributable to the Company for the year ended December 31, 2024, was RMB 1,275,348, representing a 73% increase from RMB 737,137 in 2023[46] - Operating income for the year ended December 31, 2024, was RMB 1,622,302, a 75.7% increase from RMB 924,034 in 2023[46] - Adjusted net income (non-GAAP) for the full year of 2024 was RMB1,306 million (US$179 million), up 44.6% from RMB903 million in 2023[25] - EBITDA (non-GAAP) for the full year of 2024 was RMB1,739 million (US$238 million), a 66.8% increase from RMB1,043 million in 2023[28] Hotel Operations - As of December 31, 2024, Atour operated 1,619 hotels with 183,184 hotel rooms, reflecting year-over-year increases of 33.8% and 32.8% respectively[3] - The total number of hotels increased to 111 by the end of Q4 2024, with 1,619 rooms, compared to 86 hotels and 1,393 rooms at the end of Q4 2023[50] - The occupancy rate for Q4 2024 was 77.0%, a decrease from 78.4% in Q4 2023; full year occupancy rate was 77.4%, down from 77.8% in 2023[7] - The number of manachised hotels was 1,593, with an occupancy rate of 76.9% in Q4 2024[50] - Revenues from manachised hotels for the year ended December 31, 2024, reached RMB 4,148,752, up 53.5% from RMB 2,705,609 in 2023[46] Revenue Metrics - The average daily room rate (ADR) for Q4 2024 was RMB420, down from RMB438 in Q4 2023; full year ADR was RMB437 compared to RMB464 in 2023[6] - Revenue per available room (RevPAR) for Q4 2024 was RMB337, down from RMB358 in Q4 2023; full year RevPAR was RMB351 compared to RMB377 in 2023[8] - Average Daily Rate (ADR) for all hotels in Q4 2024 was RMB 420.2, down from RMB 437.7 in Q4 2023[50] - RevPAR for all hotels in Q4 2024 was RMB 336.9, compared to RMB 358.2 in Q4 2023, reflecting a decrease of 5.9%[50] Expenses - Selling and marketing expenses for the full year of 2024 were RMB973 million (US$133 million), accounting for 13.4% of net revenues, up from 10.1% in 2023[20] - General and administrative expenses for the full year of 2024 were RMB353 million (US$48 million), representing 4.5% of net revenues, down from 6.2% in 2023[20] - Technology and development expenses for the full year of 2024 were RMB134 million (US$18 million), accounting for 1.8% of net revenues, compared to 1.7% in 2023[20] Cash Flow and Equity - Operating cash inflow for the full year of 2024 was RMB1,726 million (US$236 million)[31] - As of December 31, 2024, the company had total cash and cash equivalents of RMB3.6 billion (US$496 million)[31] - Cash and cash equivalents at the end of the period increased to RMB 3,619,630, up from RMB 2,841,753 at the beginning of the period[48] - The total equity attributable to shareholders of the Company increased to RMB 2,956,230 as of December 31, 2024, compared to RMB 2,068,068 as of December 31, 2023[45] - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 1,725,948, a decrease from RMB 1,988,674 in 2023[48] Future Outlook - Atour plans to enhance core capabilities and deepen synergy between accommodation and retail sectors to drive long-term growth in 2025[10] - The company expects total net revenues to increase by 25% for the full year of 2025 compared to 2024[33] Comprehensive Income - The Company reported a comprehensive income attributable to the Company of RMB 1,271,965 for the year ended December 31, 2024, compared to RMB 752,771 in 2023[46] - The Company’s retained earnings increased significantly to RMB 1,346,526 as of December 31, 2024, from RMB 507,226 as of December 31, 2023[45] Mergers and Acquisitions - The company merged its upscale hotel brand, ZHOTEL, with Atour S effective July 1, 2024, to streamline its brand portfolio[51]

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the fourth quarter and full year of 2024, showcasing significant growth in revenues, net income, and operational metrics, driven by the expansion of its hotel network and retail business. Financial Performance - Net revenues for Q4 2024 increased by 38.5% to RMB2,084 million (US$286 million) compared to RMB1,505 million in Q4 2023 [7] - For the full year 2024, net revenues rose by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million in 2023 [7] - Net income for Q4 2024 was RMB331 million (US$45 million), a 50.5% increase from RMB220 million in Q4 2023 [19] - Full year net income for 2024 reached RMB1,273 million (US$174 million), up 72.2% from RMB739 million in 2023 [19] Operational Highlights - As of December 31, 2024, Atour operated 1,619 hotels with 183,184 rooms, marking year-over-year increases of 33.8% in hotels and 32.8% in rooms [2] - The average daily room rate (ADR) for Q4 2024 was RMB420, down from RMB438 in Q4 2023 [3] - The occupancy rate for Q4 2024 was 77.0%, slightly lower than 78.4% in Q4 2023 [4] - Revenue per available room (RevPAR) for Q4 2024 was RMB337, down from RMB358 in Q4 2023 [5] Retail Business Growth - Gross merchandise value (GMV) from retail was RMB912 million for Q4 2024, an increase of 84.5% year-over-year [5] - For the full year 2024, retail GMV surged by 127.7% to RMB2,592 million from RMB1,139 million in 2023 [5] Cost and Expense Management - Total operating costs and expenses for Q4 2024 were RMB1,701 million (US$233 million), reflecting increased costs associated with hotel network expansion [12] - Selling and marketing expenses for Q4 2024 rose to RMB355 million (US$49 million), up from RMB207 million in Q4 2023, driven by enhanced brand investment [14] Future Outlook - The company anticipates a 25% increase in total net revenues for the full year 2025 compared to 2024 [28]