External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul><li>3Q23 results were a beat and FY23E guidance was raised (mostly about retail).</li><li>While we are conservative about the Hotel sector in 4Q23E and 1Q24E, we still think Atour could outperform, thanks to its excellent price to quality.</li><li>Moreover, in the long run, we are fairly excited by its product expansions (e.g. Atour Light 3.0 and Atour 4.0, which are able to capture more new customers outside of their previous price range) and room for growth and consolidation in China</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q23 results were a beat and FY23E guidance was raised (mostly about retail).While we are conservative about the Hotel sector in 4Q23E and 1Q24E, we still think Atour could outperform, thanks to its excellent price to quality.Moreover, in the long run, we are fairly excited by its product expansions (e.g. Atour Light 3.0 and Atour 4.0, which are able to capture more new customers outside of their previous price range) and room for growth and consolidation in ChinaContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) – Guidance Raised and We Stay Positive in LT

<ul><li>2Q23 result was a beat and FY23E guidance was raised.</li><li>With the tracking trend in 3Q23E, we are still optimistic about hospitality sector and expect Atour to outperform, driven by its attractive price range and leading customer satisfaction.</li><li>However, we should stay cautious about macro risks and investors should exit if it continues to deteriorate. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q23 result was a beat and FY23E guidance was raised.With the tracking trend in 3Q23E, we are still optimistic about hospitality sector and expect Atour to outperform, driven by its attractive price range and leading customer satisfaction.However, we should stay cautious about macro risks and investors should exit if it continues to deteriorate. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) – Remain Cautiously Optimistic After a Solid 2Q23

Thematic (Sector/Industry)

<ul><li>We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</li><li>We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

<ul><li>We initiate BUY on Atour and put it as our sector top pick, because of outstanding customer satisfaction and room for expansion</li><li>While 3Q23E could be challenge with softening macro numbers and high base, we still believe the upcycle of hotel sector had just begun (even with volatility) and Atour’s FY23E guidance is conservative enough.</li><li>Our TP is based on 35x FY23E P/E, well supported by the 39%/ 135% sales/ np att. CAGR in FY22-25E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate BUY on Atour and put it as our sector top pick, because of outstanding customer satisfaction and room for expansionWhile 3Q23E could be challenge with softening macro numbers and high base, we still believe the upcycle of hotel sector had just begun (even with volatility) and Atour’s FY23E guidance is conservative enough.Our TP is based on 35x FY23E P/E, well supported by the 39%/ 135% sales/ np att. CAGR in FY22-25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) – Top-Rated & Fast-Growing with the Right Strategy

China

Atour Lifestyle Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages midscale hotel chain through offline and online channels, including mobile application and weixin-wechat mini program. Atour Lifestyle Holdings serves customers in China.

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Atour Lifestyle Holdings (ATAT US)

Atour Lifestyle (ATAT US) – Guidance Raised and We Stay Positive in LT

While we are conservative about the Hotel sector in 4Q23E and 1Q24E, we still think Atour could outperform, thanks to its excellent price to quality.

CMB International

Atour Lifestyle (ATAT US) – Remain Cautiously Optimistic After a Solid 2Q23

With the tracking trend in 3Q23E, we are still optimistic about hospitality sector and expect Atour to outperform, driven by its attractive price...

CMB International

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of...

CMB International

Atour Lifestyle (ATAT US) – Top-Rated & Fast-Growing with the Right Strategy

We initiate BUY on Atour and put it as our sector top pick, because of outstanding customer satisfaction and room for expansion

CMB International

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