2025年9月18日，招商证券（HK6099）(香港)发布研报，上调亚朵（ATAT）评级，评级由“增持”调整为“买入”。本次评级报告研究员为黄铭谦。
该研报摘要表示：
We host Atour for our quarterly NDRs on Sep 17. Questions from inventors predominantly focused on 1) latest RevPar trajectory in Sep and outlook for the upcoming National Day holiday, and hotel network expansion pace and mix, and 2) retail GMV momentum, for which we received constructive feedback. With these, we leave our estimates and rating unchanged. Our TP is based on an updated 22.5x (from 22.0x) mid-26E P/E which still represents +1sd above average valuation since 2023. Maintain BUY.
（数据来源：同花顺（300033）iFinD）
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