Atour Lifestyle (US:ATAT) Soochow Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for Atour [1] Core Insights - Atour reported a revenue of 4.666 billion yuan in 2023, a year-on-year increase of 106%, and a net profit attributable to shareholders of 737 million yuan, up 651% year-on-year [3] - In Q4 2023, revenue reached 1.505 billion yuan, a 140% increase year-on-year, exceeding guidance by 28% [3] - The company plans to open 360 new stores in 2024, with a revenue growth guidance of 30% [3] Financial Performance Summary - Total revenue for 2023 was 4.666 billion yuan, with a year-on-year growth of 106.2% [2][3] - Net profit attributable to shareholders for 2023 was 737 million yuan, reflecting a year-on-year growth of 651.4% [2][3] - The adjusted EBITDA for 2023 was 1.207 billion yuan, a 184% increase year-on-year [3] - Q4 2023 gross margin was 34%, and net profit margin was 15% [3] - The number of stores reached 1,210 by the end of Q4 2023, a 30% increase year-on-year [3] - The company aims for a RevPAR (Revenue per Available Room) growth of 30% in 2024, targeting to maintain RevPAR levels compared to the previous year [3][4] Earnings Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 950 million yuan, 1.26 billion yuan, and 1.57 billion yuan, respectively [4] - The corresponding P/E ratios for 2024, 2025, and 2026 are projected to be 18, 14, and 11 times [4]