亚朵：高基数下维持高增，多品牌矩阵逐渐清晰

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported Q3 2024 revenue of 1.9 billion RMB, an increase of 46.7% year-over-year, and a net profit of 380 million RMB, up 45.3% [1] - Adjusted net profit for Q3 was 384 million RMB, reflecting a 41.2% increase, while adjusted EBITDA reached 532 million RMB, growing by 40.0% [1] - The report highlights a decline in RevPAR (Revenue per Available Room) of 10.5% year-over-year, attributed to high base effects from the previous year, but anticipates a recovery in Q4 [1] Summary by Sections Financial Performance - Q3 RevPAR was 380 RMB, down 10.5%, with same-store RevPAR declining by 8.4% [1] - Occupancy rate (OCC) was 80.3%, a decrease of 2.1 percentage points, while Average Daily Rate (ADR) was 456 RMB, down 8.0% [1] - Retail GMV (Gross Merchandise Volume) for Q3 was 570 million RMB, showing a growth of 108% [1] Business Growth - The company opened 140 new hotels in Q3, reaching a total of 1,533 hotels, a 38% increase year-over-year [1] - The pipeline includes 732 hotels, with a strong signing intention [1] - The introduction of a new high-end brand is expected to enhance the company's multi-brand strategy [1] Future Outlook - The report projects adjusted net profits for 2024E, 2025E, and 2026E to be 1.29 billion RMB, 1.58 billion RMB, and 1.97 billion RMB respectively, with corresponding P/E ratios of 21, 17, and 14 [1]