Atour Lifestyle (ATAT) 国金证券·2025-05-26 11:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Views - The company reported Q1 2025 revenue of 1.91 billion yuan, a year-on-year increase of 29.8%, while net profit decreased by 5.6% to 244 million yuan. Adjusted net profit rose by 32.3% to 345 million yuan, and adjusted EBITDA increased by 33.8% to 474 million yuan [2]. - The report highlights a widening decline in Q1 RevPAR, with expectations for improvement in Q2 and Q3 due to a favorable base effect. Q1 RevPAR was 304 yuan, down 7.2% year-on-year [3]. - The retail business continues to outperform expectations, with Q1 GMV reaching 850 million yuan, a 71% increase, and retail revenue of 690 million yuan, up 66.5%, accounting for 36.4% of total revenue [3]. - The company is focusing on asset-light hotel operations and improving retail gross margins, with Q1 hotel revenue up 23.5% year-on-year despite RevPAR decline, driven mainly by new openings [4]. - A new share repurchase plan of up to 400 million USD over three years has been announced, enhancing shareholder returns [5]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.91 billion yuan, up 29.8% year-on-year, while net profit was 244 million yuan, down 5.6%. Adjusted net profit was 345 million yuan, up 32.3%, and adjusted EBITDA was 474 million yuan, up 33.8% [2]. - The company expects adjusted net profit for 2025 to be 1.66 billion yuan, with projected growth rates of 20.9% and 26.4% for 2026 and 2027, respectively [6]. Operational Highlights - Q1 RevPAR was 304 yuan, down 7.2% year-on-year, with occupancy at 70.2% and ADR at 418 yuan, reflecting increased pressure on occupancy rates [3]. - The company opened 121 new hotels in Q1, bringing the total to 1,727, a 32.6% increase year-on-year, with a pipeline of 755 hotels [4]. Retail Business - Retail revenue in Q1 was 690 million yuan, a 66.5% increase, with the retail business contributing 36.4% to total revenue. The company launched new products that achieved strong sales [3][4]. Shareholder Returns - The company announced a share repurchase plan of up to 400 million USD over three years, alongside a dividend plan, indicating a commitment to enhancing shareholder returns [5].