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>The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the outlook is still conservative.</li><li>However, Atour’s retail business has performed well to more than offset this drag. Hence with a healthy retail sales growth target upgrade, we maintain BUY and raise TP to US$27.72, based on 23x FY24E P/E (from 20x), which is still not demanding, given a 29% sales/ 31% adj. net profit CAGR during FY23-26E.</li><li>2Q24E outlook is still conservative. Management is still highly cautious about the hotel demand, because of the macro uncertainty (post-holidays and weekend orders have been week vs last year) and they are still foreseeing a potential YoY drop in RevPAR in 2Q24E. O</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.

The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the outlook is still conservative.However, Atour’s retail business has performed well to more than offset this drag. Hence with a healthy retail sales growth target upgrade, we maintain BUY and raise TP to US$27.72, based on 23x FY24E P/E (from 20x), which is still not demanding, given a 29% sales/ 31% adj. net profit CAGR during FY23-26E.2Q24E outlook is still conservative. Management is still highly cautious about the hotel demand, because of the macro uncertainty (post-holidays and weekend orders have been week vs last year) and they are still foreseeing a potential YoY drop in RevPAR in 2Q24E. OContent 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, Backed by Robust Retail Sales

<ul><li>4Q23 results were a slight beat but the FY24E guidance is slightly disappointed.</li><li>However, we are not that pessimistic because: 1) sequential improvement is likely (high base in 1H), 2) OCC rate is still the best among its peers implying further market share gains, and 3) PMI has started to improve in Mar 2024.</li><li>And a 16x FY24E P/E is not demanding at all given a 26%/ 41% 3-year sales/ net profit att. CAGR.</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.

4Q23 results were a slight beat but the FY24E guidance is slightly disappointed.However, we are not that pessimistic because: 1) sequential improvement is likely (high base in 1H), 2) OCC rate is still the best among its peers implying further market share gains, and 3) PMI has started to improve in Mar 2024.And a 16x FY24E P/E is not demanding at all given a 26%/ 41% 3-year sales/ net profit att. CAGR.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) - Prudent Guidance but QoQ Recovery Is Likely

<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

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, Backed by Robust Retail Sales

The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the...

CMB International

Atour Lifestyle (ATAT US) - Prudent Guidance but QoQ Recovery Is Likely

Management mentioned that the RevPAR recovery so far in 2024 has been lower vs last year (CMBI est. 114%), however, this was actually an...

CMB International

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

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