亚朵（ATAT）：储备店支撑快速扩张，布局高端品牌

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $38.62 [6][7]. Core Views - The company reported a strong performance in Q3 2024, with revenues of 1.899 billion RMB, a year-on-year increase of 46.7%, and a net profit attributable to the parent company of 384 million RMB, up 47.3% year-on-year, exceeding Bloomberg consensus estimates [1]. - The company is focusing on rapid expansion supported by a robust pipeline of new stores and a strong retail business, which is expected to drive significant revenue growth [2][3]. - The introduction of new high-end brands and the enhancement of the product matrix are expected to strengthen the company's market position in the mid-to-high-end segments [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a same-store occupancy rate (OCC) of 80.3%, with a year-on-year decrease of 2.1 percentage points, primarily due to a high base effect from the previous year [2]. - The adjusted net profit for Q3 2024 was 384 million RMB, reflecting a year-on-year increase of 41.2%, with an adjusted net profit margin of 20.2% [1][2]. Business Expansion - The company opened 140 new stores in Q3 2024, setting a new quarterly record, resulting in a total of 1,533 operating stores, a year-on-year increase of 37.9% [2]. - The total number of reserve stores reached 732 by the end of Q3 2024, a year-on-year increase of 26.9% [2]. Retail Business - The retail segment saw significant growth, with Q3 2024 retail revenue reaching 480 million RMB, a year-on-year increase of 104% [1][3]. - The company reported a gross merchandise volume (GMV) of 5.66 billion RMB in Q3 2024, up 108% year-on-year, with a notable performance during the Double Eleven shopping festival [3]. Future Outlook - The company expects to achieve earnings per share (EPS) of 8.97 RMB, 12.09 RMB, and 15.76 RMB for the years 2024, 2025, and 2026, respectively [4][20]. - The report anticipates a continued strong performance driven by the expansion of the hotel network and the retail business, reinforcing the company's leading position in the market [4].