资料来源: 公司资料, 第一上海预测 资料来源: 彭博 贝壳（2423.HK/BEKE.US） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|---------------------------------|-----------------------------------------|----------------------------------------------------------|---------------------------|--------------|--------------------------------------------------- ...

投资要点 23/1123/1224/0224/0324/0424/0524/0624/0724/0824/0924/1024/11 证券研究报告 | 公司点评 | 房地产服务 | --- | --- | |------------------------------------------------------------------|------------------------------------------| | | | | 贝壳控股 (02423) | 报告日期： 2024 年 11 月 28 日 | | 新房成交逆势增长，第二曲线延续高增 ——2024 年三季度业绩点评报告 | | 事件：2024 年 11 月 21 日公司公布 2024 年三季度业绩。 ❑ Q3 新房 GTV 逆势同比高增，"第二曲线"延续增长势头 2024Q1-3 公司净收入为 623 亿元，同比+8.3%，经调整净利润为 58.7 亿元，同 比-27.4%；毛利润为 158 亿元，同比-4.8%；毛利率为 25.3%，同比-3.5pct。单 季度来看，2024Q3 公司总交易额为 7368 亿元，同比+12.5%；净收 ...

证券研究报告 | 2024年11月26日 贝壳-W（02423.HK） 优于大市 Q3 营收利润环比回落，新房业务持续跑赢市场 Q3 营收同比增长环比回落，利润同环比均回落。收入端，2024Q3，公司实现 GTV 交易总额 7368 亿元，同比+12%，环比-12%；营业收入 226 亿元，同比+27%， 环比-3%。利润端，2024Q3，公司实现经调整归母净利润 18 亿元，同比-17%， 环比-34%；经调整归母净利率 7.9%，毛利率 23%，同环比均回落。 存量房业务表现与地产政策节奏一致，Q3 环比 Q2 回落，但展望 Q4 将显著 回升。2024Q3，公司存量房业务 GTV 为 4778 亿元，同比+9%，环比-16%；收 入 62 亿元，同比-1%，环比-15%。2024Q2，公司存量房业务货币化率 1.30%， 同比下降一方面是因为结构性因素，链家交易额的占比下降，另一方面 2023 年 9 月起链家在北京下调了存量房佣金费率，再往后基数影响会消退；存量 房业务贡献利润率 41.0%，环比降低，主要由于链家经纪人数量增加及员工 福利改善带来固定薪酬成本增加。 新房业务市占率和货币化率持续提升。 ...

证券研究报告 | 2024年11月26日 贝壳-W（02423.HK） 优于大市 Q3 营收利润环比回落，新房业务持续跑赢市场 Q3 营收同比增长环比回落，利润同环比均回落。收入端，2024Q3，公司实现 GTV 交易总额 7368 亿元，同比+12%，环比-12%；营业收入 226 亿元，同比+27%， 环比-3%。利润端，2024Q3，公司实现经调整归母净利润 18 亿元，同比-17%， 环比-34%；经调整归母净利率 7.9%，毛利率 23%，同环比均回落。 存量房业务表现与地产政策节奏一致，Q3 环比 Q2 回落，但展望 Q4 将显著 回升。2024Q3，公司存量房业务 GTV 为 4778 亿元，同比+9%，环比-16%；收 入 62 亿元，同比-1%，环比-15%。2024Q2，公司存量房业务货币化率 1.30%， 同比下降一方面是因为结构性因素，链家交易额的占比下降，另一方面 2023 年 9 月起链家在北京下调了存量房佣金费率，再往后基数影响会消退；存量 房业务贡献利润率 41.0%，环比降低，主要由于链家经纪人数量增加及员工 福利改善带来固定薪酬成本增加。 新房业务市占率和货币化率持续提升。 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 11 月 22 日，公司发布 2024 年第三季度业绩：实现营收 225.85 亿元，同比+26.8%；净利润 11.68 亿元，同比-0.2%；经调 整净利润 17.82 亿元，同比-17.5%。 经营分析 三季度营收上升，成本上升幅度更大。24Q3 公司营收同比+26.8%， 而营业成本同比+35.0%，毛利率同比下降 4.7pct 至 22.7%。成本 上升主因：①链家门店及经纪人数量增加；②改善经纪人福利， 推行固定薪酬制；③随着业务规模扩大，外部分佣、家装家居、 房屋租赁成本上升。 一二手房交易规模实现增长，新房货币化率上升明显。24Q3 公司 新房及存量房的交易规模均实现同比增长，跑赢大市。存量房 GTV 为 4778 亿元，同比+8.8%；存量房收入 62 亿元，同比-1.4%；存 量房货币化率 1.30%，而去年同期为 1.44%。新房 GTV 为 2276 亿 元，同比 18.4%；新房收入 77 亿元，同比+30.9%；新房货币化率 3.39%，而去年同期为 3.07%。 三翼业务持续高增，占比进一步提升。公司积极推进"一体三翼" 战 ...

Financial Performance - Total transaction volume for Q3 2024 reached RMB 736.8 billion (USD 105 billion), a 12.5% YoY increase[3] - Net income for Q3 2024 was RMB 22.6 billion (USD 3.2 billion), a 26.8% YoY increase[4] - Net profit for Q3 2024 was RMB 1.168 billion (USD 167 million), with adjusted net profit at RMB 1.782 billion (USD 254 million)[5] - Net revenue for Q3 2024 reached RMB 22.58 billion (USD 3.22 billion), a 26.8% increase compared to RMB 17.81 billion in Q3 2023[56] - Gross profit for Q3 2024 was RMB 5.13 billion (USD 731.7 million), up 5.2% from RMB 4.88 billion in Q3 2023[56] - Net income attributable to KE Holdings Inc. for Q3 2024 was RMB 1.17 billion (USD 166.88 million), a 1.1% increase from RMB 1.16 billion in Q3 2023[58] - Total operating expenses for Q3 2024 increased to RMB 4.41 billion (USD 628.1 million), up 11% from RMB 3.97 billion in Q3 2023[56] - Operating profit for Q3 2024 decreased 20.2% YoY to RMB 727.0 million (USD 103.6 million)[56] - Total revenue for the first nine months of 2024 reached RMB 62.33 billion (USD 8.88 billion), up 8.3% from RMB 57.57 billion in the same period of 2023[56] - Net income for the first nine months of 2024 was RMB 3.50 billion (USD 498.9 million), down 32.9% from RMB 5.22 billion in the same period of 2023[56] - Basic earnings per share for the nine months ended September 30, 2024, were RMB 1.03 (USD 0.15), compared to RMB 1.48 in the same period in 2023[60] - Diluted earnings per share for the nine months ended September 30, 2024, were RMB 0.99 (USD 0.14), compared to RMB 1.44 in the same period in 2023[60] - Adjusted operating profit for the nine months ended September 30, 2024, was RMB 5,135,508 thousand (USD 731,804 thousand), compared to RMB 7,863,542 thousand in the same period in 2023[62] - Adjusted net profit for the nine months ended September 30, 2024, was RMB 5,867,447 thousand (USD 836,106 thousand), compared to RMB 8,084,730 thousand in the same period in 2023[62] - Adjusted EBITDA for the nine months ended September 30, 2024, was RMB 7,191,233 thousand (USD 1,024,743 thousand), compared to RMB 9,644,947 thousand in the same period in 2023[62] - Net profit attributable to ordinary shareholders of KE Holdings Inc. for the nine months ended September 30, 2024, was RMB 3,494,908 thousand (USD 498,021 thousand), a decrease compared to RMB 5,213,619 thousand in the same period of 2023[64] - Adjusted net profit attributable to ordinary shareholders of KE Holdings Inc. for the nine months ended September 30, 2024, was RMB 5,861,402 thousand (USD 835,245 thousand), compared to RMB 8,078,787 thousand in the same period of 2023[64] - Basic adjusted net income per ADS for the nine months ended September 30, 2024, was RMB 5.16 (USD 0.74), compared to RMB 6.87 in the same period of 2023[66] - Diluted adjusted net income per ADS for the nine months ended September 30, 2024, was RMB 4.99 (USD 0.71), compared to RMB 6.71 in the same period of 2023[66] Business Segments Performance - Home renovation and furnishing business revenue reached RMB 4.21 billion, a 32.6% YoY increase[11] - Rental services revenue reached RMB 3.94 billion, a 118.4% YoY increase[11] - Existing home business net revenue remained flat at RMB 6.2 billion (USD 900 million) in Q3 2024 compared to RMB 6.3 billion in Q3 2023, while total transaction value increased by 8.8% to RMB 477.8 billion (USD 68.1 billion)[13] - New home business net revenue increased by 30.9% to RMB 7.7 billion (USD 1.1 billion) in Q3 2024, driven by an 18.4% rise in total transaction value to RMB 227.6 billion (USD 32.4 billion)[14] - Home renovation and furnishing net revenue grew by 32.6% to RMB 4.2 billion (USD 600 million) in Q3 2024, supported by increased order volume and improved delivery capabilities[14] - Rental services net revenue surged by 118.4% to RMB 3.9 billion (USD 600 million) in Q3 2024 due to an increase in rental properties under the "Worry-Free Lease" model[16] - New home business revenue grew 30.9% YoY to RMB 7.73 billion (USD 1.10 billion) in Q3 2024[56] - Home renovation and furnishing revenue increased 32.6% YoY to RMB 4.21 billion (USD 600.4 million) in Q3 2024[56] - Existing home business net revenue for the three months ended September 30, 2024, was RMB 6,217,054 thousand (USD 885,923 thousand), a slight decrease from RMB 6,307,085 thousand in the same period last year[72] - New home business net revenue for the three months ended September 30, 2024, increased to RMB 7,726,316 thousand (USD 1,100,991 thousand) from RMB 5,901,966 thousand in the same period last year[72] - Home decoration and furnishing business net revenue for the three months ended September 30, 2024, rose to RMB 4,213,041 thousand (USD 600,354 thousand) from RMB 3,176,739 thousand in the same period last year[72] - Rental services net revenue for the three months ended September 30, 2024, surged to RMB 3,941,234 thousand (USD 561,621 thousand) from RMB 1,804,374 thousand in the same period last year[72] - Emerging businesses and others net revenue for the three months ended September 30, 2024, was RMB 487,002 thousand (USD 69,397 thousand), down from RMB 620,541 thousand in the same period last year[72] - Existing home business contribution profit for the three months ended September 30, 2024, was RMB 2,549,227 thousand (USD 363,262 thousand), a decrease from RMB 3,069,848 thousand in the same period last year[72] - New home business contribution profit for the three months ended September 30, 2024, increased to RMB 1,913,932 thousand (USD 272,733 thousand) from RMB 1,483,195 thousand in the same period last year[72] - Home decoration and furnishing business contribution profit for the three months ended September 30, 2024, rose to RMB 1,316,028 thousand (USD 187,533 thousand) from RMB 924,488 thousand in the same period last year[72] - Rental services contribution profit for the three months ended September 30, 2024, was RMB 174,262 thousand (USD 24,832 thousand), up from RMB 56,353 thousand in the same period last year[72] - Emerging businesses and others contribution profit for the three months ended September 30, 2024, was RMB 386,276 thousand (USD 55,044 thousand), down from RMB 556,419 thousand in the same period last year[72] Operational Metrics - Number of stores as of September 30, 2024, was 48,230, a 12.1% YoY increase, with active stores at 46,857, a 14.6% YoY increase[5] - Number of agents as of September 30, 2024, was 476,420, an 11.0% YoY increase, with active agents at 423,400, a 6.1% YoY increase[5] - Average mobile MAUs for Q3 2024 were 46.2 million, compared to 49.2 million in the same period last year[5] Share Repurchase and Financial Position - The company repurchased approximately USD 200 million worth of shares in Q3 2024[11] - The company has repurchased approximately 102.2 million ADSs (equivalent to approximately 306.5 million Class A ordinary shares) under its share repurchase program, with a total consideration of approximately USD 1,493.4 million[30] - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 59.5 billion (USD 8.5 billion) as of September 30, 2024[29] - Total assets increased from RMB 120,331,931 thousand as of December 31, 2023, to RMB 122,795,712 thousand as of September 30, 2024, representing a growth of approximately 2.05%[48] - Cash and cash equivalents decreased significantly from RMB 19,634,716 thousand as of December 31, 2023, to RMB 9,576,948 thousand as of September 30, 2024, a decline of approximately 51.23%[48] - Short-term investments increased from RMB 34,257,958 thousand as of December 31, 2023, to RMB 43,654,035 thousand as of September 30, 2024, a growth of approximately 27.43%[48] - Total current liabilities rose from RMB 39,523,983 thousand as of December 31, 2023, to RMB 43,147,206 thousand as of September 30, 2024, an increase of approximately 9.17%[51] - Lease liabilities (current portion) increased from RMB 9,368,607 thousand as of December 31, 2023, to RMB 12,900,946 thousand as of September 30, 2024, a growth of approximately 37.71%[51] - Total liabilities grew from RMB 48,130,826 thousand as of December 31, 2023, to RMB 51,902,049 thousand as of September 30, 2024, an increase of approximately 7.84%[51] - Shareholders' equity decreased slightly from RMB 72,201,105 thousand as of December 31, 2023, to RMB 70,893,663 thousand as of September 30, 2024, a decline of approximately 1.81%[53] - Accumulated deficit improved from RMB (5,672,916) thousand as of December 31, 2023, to RMB (2,178,008) thousand as of September 30, 2024, reflecting a reduction in losses[53] - Total equity (including non-controlling interests) decreased from RMB 72,201,105 thousand as of December 31, 2023, to RMB 70,893,663 thousand as of September 30, 2024, a decline of approximately 1.81%[53] - Net cash provided by operating activities for the nine months ended September 30, 2024, was RMB 4,306,568 thousand (USD 613,680 thousand), a decrease compared to RMB 9,388,339 thousand in the same period of 2023[69] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 7,362,441 thousand (USD 1,049,140 thousand), compared to RMB 7,689,643 thousand in the same period of 2023[69] - Net cash used in financing activities for the nine months ended September 30, 2024, was RMB 6,966,444 thousand (USD 992,710 thousand), compared to RMB 5,484,524 thousand in the same period of 2023[69] - Cash and cash equivalents and restricted cash at the end of September 30, 2024, were RMB 15,820,424 thousand (USD 2,254,392 thousand), compared to RMB 21,995,376 thousand at the end of September 30, 2023[69] Non-GAAP Financial Measures - Adjusted operating profit margin is defined as adjusted operating profit (loss) as a percentage of net revenue[26] - Adjusted EBITDA is a non-GAAP financial measure defined as net profit (loss) excluding items such as income tax expense, share-based compensation, and depreciation[26] - Adjusted net profit (loss) attributable to KE Holdings Inc. ordinary shareholders is a non-GAAP measure excluding items like share-based compensation and amortization of intangible assets[26] - Non-GAAP financial measures are used by the company to evaluate operating performance and formulate operational plans, including adjusted operating profit (loss) and adjusted EBITDA[37] - The company emphasizes that non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures such as gross profit, net profit (loss), or other performance indicators[38] - Adjusted operating profit (loss) excludes share-based compensation expenses, amortization of intangible assets from acquisitions and business cooperation agreements, and impairment of goodwill, intangible assets, and other long-term assets[38] - Adjusted net profit (loss) excludes share-based compensation, amortization of intangible assets, fair value changes of long-term investments and receivables, impairment of goodwill and other long-term assets, investment impairment, and tax effects of non-GAAP adjustments[40] - Adjusted EBITDA excludes income tax expenses, share-based compensation, intangible asset amortization, depreciation of property, plant, and equipment, net interest income, fair value changes of long-term investments and receivables, impairment of goodwill and other long-term assets, and investment impairment[40] Strategic and Operational Highlights - The company's "One Body, Three Wings" strategy saw a 54.3% YoY increase in revenue, accounting for 38.3% of total net revenue, up 6.8 percentage points from the same period last year[11] - The company operates a leading online and offline integrated real estate transaction and service platform in China, with over 23 years of operational experience through its subsidiary Lianjia[41] - The company's strategic and operational plans, as well as management discussions, contain forward-looking statements, which are subject to risks and uncertainties[43] - The company does not undertake any obligation to update forward-looking statements unless required by applicable law[43] - The company's board of directors includes executive directors Peng Yongdong, Shan Yigang, Xu Wangang, and Xu Tao, as well as non-executive director Li Zhaohui and independent non-executive directors Chen Xiaohong, Zhu Hansong, and Wu Jun[45] Exchange Rate and Other Information - The exchange rate used for RMB to USD conversion is RMB 7.0176 to USD 1.00, based on the Federal Reserve H.10 statistical release as of September 30, 2024[36] - The company will hold an earnings call on November 21, 2024, at 7:00 AM Eastern Time to discuss financial results[33] - The company's unaudited condensed consolidated balance sheet is presented in thousands, except for share and per share data[47]

0 贝壳 貝殼控股有限公司 KE Holdings Inc. (於開曼群島註冊成立以不同投票權控制的有限責任公司) 股份代號: 2423 Career States of Children 202 中期報告 目錄 | --- | --- | |------------------------------------|-------| | | | | 主要業績 | 2 | | 業務回顧及展望 | 3 | | 管理層討論及分析 | 7 | | 中期財務資料審閱報告 | 18 | | 未經審計中期簡明合併資產負債表 | 19 | | 未經審計中期簡明合併綜合收益表 | 22 | | 未經審計中期簡明合併股東權益變動表 | 25 | | 未經審計中期簡明合併現金流量表 | 26 | | 未經審計中期簡明合併財務資料附註 | 29 | | 一般資料 | 124 | | 公司資料 | 145 | | 釋義 | 147 | 主要業績 | --- | --- | |-------|------------------------------------------------------------------------- ...

贝壳（2423.HK/BEKE.US） 更新报告 业务跑赢市场整体表现，扩大及延长回购计划 2024Q2 经调整净利润 26.9 亿元，同比增长 13.9%，环比增长 93.5%： 2024Q2 公司总交易额为 8390 亿元，同比增加 7.5%。期内录得净收入 234 亿 元，同比增加 19.9%。期内毛利率为 27.9%，同比上升 0.5 个百分点，主要由 于家装家居及租赁服务的贡献利润率提升以及门店成本占净收入比例降低。 期内经调整净利润为 26.9 亿元，同比增长 13.9%，环比增长 93.5%。二季度 公司盈利能力得到改善，体现去年 Q1 的高基数影响基本消除。 一赛道业务经营质量持续提升：2024Q2 公司存量房交易额为 5707 亿元，同 比增加 25%，实现净收入 64 亿元，同比增加 14.3%，收入增速低于交易额增 速主要是因为北京链家门店收取的佣金率降低，贡献利润率恢复到 47.5%， 体现了交易规模恢复带来的良好经营杠杆。新房交易额为 2353 亿元，同比下 降 20.2%，实现净收入 79 亿元，同比下降 8.8%。收入增速降幅小于交易额降 幅，主要得益于货币化率的提升。期内，新房 ...

陪伴长期投资者，贝壳的"注销式回购" 导语：在市场信心缺失的今天，公司的行为显得尤为可贵。 作者：市值风云 App：小鑫 今年 2 月 5 日，证监会上市司召开推动上市公司提升价值专题座谈会，强调提 升上市公司投资价值，运用好股份回购、大股东增持、常态化分红、并购重组等 价值投资"工具箱"，并主动加强与投资者沟通。 在 A 股市场，以中证红利指数为代表的红利资产近年来表现非常抢眼，5 年年化 收益率 4.05%，如果考虑分红再投资的话年化收益率更是高达 9.25%，远远跑 赢大盘。 （来源：中证指数官网） 在港股市场，经历了加息周期的阵痛之后，今年恒生指数出现反弹，其中的一大 驱动力就是港股公司的密集回购。据统计，截止 8 月 4 日，港股共有 208 家上 市公司实施回购，同比增加 65%，回购金额合计高达 1576 亿港元，同比大幅 提升 174%。 "分红+回购"作为股市长期稳定器的作用正在得到越来越多投资者的认可。 8 月 12 日，贝壳（BEKE.N，02423.HK）发布二季报及扩大延长股份回购计划 的公告。经董事会批准，回购计划由 20 亿美元提高至 30 亿美元，期限从今年 8 月底延长到明年 ...

房地产/房地产服务 公 司 研 究 贝壳-W（02423.HK） 2024 年 08 月 14 日 投资评级：增持（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/14 | | 当前股价(港元) | 37.750 | | 一年最高最低(港元) | 55.400/32.400 | | 总市值(亿港元) | 1,384.58 | | 流通市值(亿港元) | 1,337.74 | | 总股本(亿股) | 36.68 | | 流通港股(亿股) | 35.44 | | 近 3 个月换手率(%) | 1.97 | 股价走势图 贝壳-W 恒生指数 -32% -16% 0% 16% 32% 48% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《政策密集有助主业企稳，新业务扩 张驱动二次增长—港股公司信息更新 报告》-2024.5.27 《持续提升主业份额，等待家装业务 驱动二次增长—港股公司信息更新报 告》-2024.3.16 《主业韧性超预期，家装家居持续拓 展 — 港 股 公 司 信 息 更 新 ...