Atour Lifestyle (ATAT) 招商证券·2025-03-26 13:50Investment 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]