【Huatai Consumption | Social Services】Atour 2Q26 Preview: Supply Chain and Retail Continue High Growth # Maintain Bottom-Level Recommendation

English summary

We expect 2Q26 company revenue to maintain strong momentum: #Revenue is expected to reach RMB 3.4B / +40% YoY, of which hotel business revenue about RMB 1.9B / +30% YoY, mainly driven by high growth in supply chain revenue; retail revenue is expected to reach RMB 1.5B / +60%+ YoY. Due to the increased revenue share of supply chain and retail, and volume ramp-up of some low-margin new retail products, we expect gross margin to decline slightly this quarter. We expect adjusted net profit of about RMB 550-570M / +29%-34% YoY, corresponding to adjusted net margin of about 16.2%-16.8%, -1.1pct to -0.5pct YoY. We are optimistic about the continued strengthening of brand mindshare and high-quality growth under the dual-curve synergy. #Hotel: RevPAR performance resilient, supply chain revenue continues high growth - We expect 2Q26 hotel business revenue of RMB 1.9B / +30% YoY. Increased procurement categories and higher centralized procurement penetration continue to drive franchise business revenue growth; we expect 2Q26 hotel supply chain revenue +40%+ YoY. ...