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) Preview: Expecting Weak 4Q22 and Strong 2023

[Atour Lifestyle (ATAT US) Target Price Change]: Strong Recovery Bodes Well for 1Q23

[Consumer Brands Deep Dive]:Structural and Substitution Drive Chinese Consumer

Atour Lifestyle Holdings IPO - Reasonable Valuation for a Fast-Growing Brand

Atour Lifestyle Holdings Pre-IPO - Visible Growth, Resilient Operations

China/Asia TMT

Shawn Yang

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul>
<li>We believe Atour’s near-term goal is to build a national hospitality group. We expect Atour’s network to expand to 2,500+ in 2025 from the current 900+.</li>
<li>The time window for chain hotel’s expansion is still open in China. Mobile-Internet-enabled business model changes will usher in new challengers like Atour to the industry’s Big Three.</li>
<li>We initiate Atour (ATAT US) with a BUY rating and target price of US$35 per ADS to ride on its first phase of network expansion.</li>
</ul>


We believe Atour’s near-term goal is to build a national hospitality group. We expect Atour’s network to expand to 2,500+ in 2025 from the current 900+.
The time window for chain hotel’s expansion is still open in China. Mobile-Internet-enabled business model changes will usher in new challengers like Atour to the industry’s Big Three.
We initiate Atour (ATAT US) with a BUY rating and target price of US$35 per ADS to ride on its first phase of network expansion.


Atour(ATAT.US) Initiation: Buy for First-Stage Single-Brand Network Expansion