Atour Lifestyle (ATAT) 东吴证券·2025-05-27 08:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has raised its revenue guidance for 2025, expecting a year-on-year growth of 25% to 30%, up from the previous estimate of 25% [7]. - The retail business has shown significant growth, with a gross merchandise volume (GMV) of 845 million yuan in Q1, representing a year-on-year increase of 70.9% [7]. - The company plans to maintain its target of opening 500 new stores in 2025, with a total of 1,727 hotels as of the end of Q1, reflecting a 33% year-on-year increase [7]. - The adjusted net profit forecasts for 2025-2027 have been raised to 1.63 billion, 2.03 billion, and 2.46 billion yuan respectively, with corresponding P/E ratios of 20, 16, and 13 [7]. Financial Summary - Total revenue for 2023 is projected at 4.67 billion yuan, with a year-on-year growth of 106.19% [1]. - The net profit attributable to shareholders for 2023 is expected to be 737.14 million yuan, showing a substantial increase of 651.42% year-on-year [1]. - The earnings per share (EPS) for 2023 is estimated at 1.78 yuan, with a P/E ratio of 43.78 [1]. - The company’s total assets are projected to reach 9.66 billion yuan by 2025, with a total liability of 5.18 billion yuan [8].