China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Atour (ATAT US, BUY, TP US$37) TP Change]: Strong 11.11 Sales Recalibrate E-Commerce Potential

[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

[Atour Lifestyle (ATAT US, BUY, TP US$37) Review]: Higher-Quality Growth Extending into 2025

[Atour Lifestyle (ATAT US, BUY, TP US$39) TP Change]: Should Retail Profit Be Accorded a Multiple?

[Atour Lifestyle (ATAT US, BUY, TP US$36) Target Price Change]: 618-Commerce Sales Set a New Record

[Atour Lifestyle (ATAT US,BUY,TP US$37.5) Review]:Still a Quality Growth Story in the Next Two Years

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul>
<li>Atour (ATAT) reported C2Q24 revenue 2.2%/8.3% higher than our est./cons., and non-GAAP NI 6.8%/12.3% higher than our est./ cons, driven by stronger hotel supply chain sales and better retail efficiency.</li>
<li>We keep 2024 revenue growth estimate at 53% YoY vs. the uplift company guidance at 48%-52% YoY. Potential catalysts are stronger off-season travel,old hotel renovation scheme, and new brand launch.</li>
<li>We keep TP unchanged at US$36/ADS and maintain the BUY rating.</li>
</ul>


Atour (ATAT) reported C2Q24 revenue 2.2%/8.3% higher than our est./cons., and non-GAAP NI 6.8%/12.3% higher than our est./ cons, driven by stronger hotel supply chain sales and better retail efficiency.
We keep 2024 revenue growth estimate at 53% YoY vs. the uplift company guidance at 48%-52% YoY. Potential catalysts are stronger off-season travel,old hotel renovation scheme, and new brand launch.
We keep TP unchanged at US$36/ADS and maintain the BUY rating.


Shanghai Jinjiang Internationa (600754 CH)

[Atour (ATAT US, BUY, TP US$36) Review]: Retail Business Bigger and Longer than Market Thinks