Atour Lifestyle (ATAT) 国信证券·2025-05-25 14:38Investment Rating - The report maintains an "Outperform" rating for the company [5][4][16] Core Views - The company demonstrates strong operational momentum despite industry headwinds, with a revenue growth of 30% in Q1 2025 and an adjusted net profit increase of 32.3% [9][4] - The retail business shows robust growth, leading to an upward revision of the annual revenue guidance to a 25%-30% increase [14][4] - The company is expected to achieve a compound annual growth rate (CAGR) of 25% in profits over the next three years, supported by strong cash flow and capital market returns [16][4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 1.906 billion yuan, a year-on-year increase of 29.8%, and an adjusted EBITDA of 474 million yuan, up 33.8% [9][4] - The adjusted net profit for the same period was 345 million yuan, reflecting a 32.3% increase [9][4] Hotel Business - Hotel revenue reached 1.161 billion yuan in Q1 2025, growing by 15.6%, with franchise income contributing significantly due to a 33% increase in hotel numbers [13][4] - The gross margin for the hotel business improved from 34.1% in the previous year to 36.6% [13][4] - The company opened 121 new hotels and closed 13, resulting in a net increase of 108 hotels, totaling 1,727 operational hotels by the end of Q1 2025 [13][4] Retail Business - The retail segment achieved a GMV of 845 million yuan, a year-on-year increase of 70.9%, with online channels accounting for over 90% of sales [14][4] - Retail revenue was 694 million yuan, up 66.5%, representing 36% of total revenue [14][4] - The company has raised its full-year retail revenue growth forecast to 50% due to strong performance [14][4] Capital Market Returns - The company plans to maintain a dividend policy of distributing at least 50% of the previous fiscal year's net profit, with an initial dividend distribution of approximately 58 million USD [14][4] - A stock buyback plan worth up to 400 million USD over three years has been announced, potentially providing a capital market return rate of up to 5% [14][4]