Financial Performance - Total transaction value for Q1 2024 was RMB 629.9 billion (USD 87.2 billion), a year-on-year decrease of 35.2%[1] - Net revenue for Q1 2024 was RMB 16.4 billion (USD 2.3 billion), down 19.2% year-on-year[2] - Adjusted net profit for Q1 2024 reached RMB 1.392 billion (USD 193 million)[2] - In Q1 2024, net revenue decreased by 19.2% to RMB 16.4 billion ($2.3 billion) from RMB 20.3 billion in Q1 2023, primarily due to declines in existing and new housing business revenues[5] - Total transaction value in Q1 2024 fell by 35.2% to RMB 629.9 billion ($87.2 billion) compared to RMB 971.5 billion in Q1 2023, attributed to a high base effect from Q1 2023 and weakened supply and demand[5] - Revenue from existing housing business dropped by 37.6% to RMB 5.7 billion ($0.8 billion), with total transaction value decreasing by 31.8% to RMB 453.2 billion ($62.8 billion)[5] - New housing business revenue fell by 41.5% to RMB 4.9 billion ($0.7 billion), with total transaction value down 45.4% to RMB 151.8 billion ($21.0 billion)[6] - Gross profit in Q1 2024 decreased by 35.1% to RMB 4.1 billion ($0.6 billion), with a gross margin of 25.2%, down from 31.3% in Q1 2023[9] - Operating profit for Q1 2024 was RMB 12 million ($2 million), a significant drop from RMB 2.978 billion in Q1 2023, with an operating margin of 0.1%[11] - Adjusted operating profit for Q1 2024 was RMB 960 million ($133 million), down from RMB 3.83 billion in Q1 2023, with an adjusted operating margin of 5.9%[11] - In Q1 2024, the net profit was RMB 432 million (USD 60 million), a significant decrease from RMB 2,750 million in Q1 2023, representing a decline of approximately 84.3%[12] - Adjusted net profit for Q1 2024 was RMB 1,392 million (USD 193 million), down from RMB 3,561 million in Q1 2023, indicating a decrease of about 61.0%[12] - Basic and diluted earnings per American Depositary Share (ADS) for Q1 2024 were RMB 0.38 (USD 0.05) and RMB 0.37 (USD 0.05), respectively, compared to RMB 2.32 and RMB 2.26 in Q1 2023, reflecting a decline of approximately 83.7% and 83.7%[13] Revenue Breakdown - Revenue from home decoration and furnishing reached RMB 2.4 billion, a year-on-year increase of 71.1%[4] - Revenue from housing rental services was RMB 2.6 billion, up 189.3% year-on-year[4] - The revenue from emerging businesses and others increased by 112.9% year-on-year, contributing to 35% of total revenue, up 21.7 percentage points from the same period in 2023[4] - Home decoration and furnishing revenue increased by 71.1% to RMB 2.4 billion ($0.3 billion), driven by synergies between property transactions and home decoration services[6] - Rental services revenue surged by 189.3% to RMB 2.6 billion ($0.4 billion), mainly due to an increase in rental listings under the "worry-free rental" model[6] Cash and Assets - As of March 31, 2024, the total cash, cash equivalents, restricted cash, and short-term investments amounted to RMB 60.8 billion (USD 8.4 billion)[14] - The company's cash and cash equivalents decreased from RMB 19,634,716,000 as of December 31, 2023, to RMB 17,845,299,000 as of March 31, 2024, a decline of about 9.1%[25] - The total equity attributable to shareholders decreased from RMB 72,099,824,000 as of December 31, 2023, to RMB 68,993,774,000 as of March 31, 2024, a reduction of approximately 4.4%[27] - The company's short-term investments increased from RMB 34,257,958,000 as of December 31, 2023, to RMB 36,034,979,000 as of March 31, 2024, representing a growth of about 5.2%[25] Share Repurchase and Governance - The company repurchased approximately USD 220 million worth of shares in Q1 2024[4] - The share repurchase program allows the company to buy back up to USD 2 billion of Class A common stock and/or ADSs by August 31, 2024, with approximately 76.6 million ADSs repurchased for a total consideration of about USD 1,129.8 million as of March 31, 2024[15] - The board of directors includes experienced executives, ensuring strong governance and strategic oversight[23] Operational Insights - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating profit and adjusted net profit, which help identify underlying business trends[19] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and encourages investors to review financial data comprehensively[19] - The company aims to reshape service operation models to provide more efficient real estate transaction and living services[21] - The management's forward-looking statements involve inherent risks and uncertainties that could lead to significant differences in actual performance[22] - The company is committed to protecting its systems and infrastructure from cyberattacks, which is crucial for maintaining trust in its brokerage brands[22] - The company has established a strong online and offline integrated real estate transaction and service platform[21] Asset and Liability Changes - As of December 31, 2023, total assets amounted to RMB 120,331,931,000, while total assets as of March 31, 2024, decreased to RMB 119,021,436,000, representing a decline of approximately 1.1%[25] - Total current assets increased from RMB 69,753,623,000 as of December 31, 2023, to RMB 70,543,525,000 as of March 31, 2024, reflecting a growth of about 1.1%[25] - Total liabilities rose from RMB 48,130,826,000 as of December 31, 2023, to RMB 49,896,460,000 as of March 31, 2024, indicating an increase of approximately 3.7%[26] - The total non-current assets decreased from RMB 50,578,308,000 as of December 31, 2023, to RMB 48,477,911,000 as of March 31, 2024, reflecting a decline of about 4.1%[25] - The company's total current liabilities increased from RMB 39,523,983,000 as of December 31, 2023, to RMB 41,755,435,000 as of March 31, 2024, an increase of approximately 5.7%[26] - The total non-current liabilities decreased from RMB 8,606,843,000 as of December 31, 2023, to RMB 8,141,025,000 as of March 31, 2024, a reduction of about 5.4%[26]

Financial Performance - Total transaction volume for 2023 reached RMB 3,142.9 billion, a 20.4% increase from RMB 2,609.6 billion in 2022[5] - Net revenue for 2023 was RMB 77.8 billion, a 28.2% increase from RMB 60.7 billion in 2022[5] - Net profit for 2023 was RMB 5,890 million, compared to a net loss of RMB 1,397 million in 2022[5] - Adjusted net profit for 2023 was RMB 9,798 million, compared to RMB 2,843 million in 2022[5] - Gross profit grew 57.6% to RMB 21.7 billion in 2023 from RMB 13.8 billion in 2022, with gross margin rising to 27.9% from 22.7%[60] - Operating profit for 2023 was RMB 4.8 billion, compared to an operating loss of RMB 833 million in 2022, with an operating profit margin of 6.2%[61] - Adjusted operating profit for 2023 was RMB 8,719.3 million, compared to RMB 2,307.3 million in 2022[65] - Adjusted EBITDA for 2023 was RMB 11,344.7 million, compared to RMB 4,743.6 million in 2022[65] - Adjusted net profit attributable to Ke Holdings Inc. ordinary shareholders was RMB 9,792.1 million in 2023, compared to RMB 2,853.9 million in 2022[66] - Net cash provided by operating activities increased from RMB 8,460,754 thousand in 2022 to RMB 11,157,625 thousand in 2023[76] - Net cash used in investing activities decreased from RMB 8,472,355 thousand in 2022 to RMB 3,977,440 thousand in 2023[76] - Net cash used in financing activities in 2023 was RMB 6.962 billion, mainly due to repurchase of ordinary shares (RMB 5.151 billion) and dividend payments (RMB 1.431 billion)[81] - Capital expenditures were RMB 793 million and RMB 874 million in 2022 and 2023, respectively[82] - The company paid a special cash dividend of $0.057 per ordinary share or $0.171 per ADS, totaling approximately $200 million on August 31, 2023[128] - The company paid a final cash dividend of $0.117 per ordinary share or $0.351 per ADS, totaling approximately $400 million on March 14, 2024[128] Business Operations and Growth - Number of stores as of December 31, 2023, was 43,817, an 8.1% increase from 40,516 in 2022[5] - Number of active stores as of December 31, 2023, was 42,021, a 12.2% increase from 37,446 in 2022[5] - Number of agents as of December 31, 2023, was 427,656, an 8.5% increase from 394,020 in 2022[5] - Number of active agents as of December 31, 2023, was 397,135, a 13.6% increase from 349,681 in 2022[5] - Average monthly active users on mobile in Q4 2023 was 43.2 million, compared to 36.6 million in Q4 2022[5] - The company's platform completed approximately 4.4 million property transactions in 2023, with a total transaction value of RMB 3,142.9 billion (USD 442.7 billion)[7] - The company operates Lianjia, a leading real estate brokerage brand in China, which has accumulated over 22 years of operational experience since its establishment in 2001[7] - The company launched its platform in 2018, which has become a leading online and offline integrated property transaction and service platform in China[8] - The company's ACN network facilitates collaboration among brokerage brands, stores, and agents, streamlining the entire property transaction process[9] - The company provides a comprehensive range of services to consumers, including brokerage services for second-hand and new property transactions, leasing services, and home decoration services[10] - The company offers platform services to brokerage brands, stores, and agents, enabling role-based automatic commission distribution and access to infrastructure modules such as SaaS and training[10] - The company serves as a powerful sales channel for real estate developers, offering comprehensive sales and marketing solutions, including channel marketing and innovative tools[10] - The company is digitizing and standardizing workflows for home decoration and other service providers, aiming to improve operational efficiency and industry practices[10] - The company's platform infrastructure includes SaaS systems, client applications, community networks, and transaction service centers, benefiting ecosystem participants[9] - The company's platform hosts the largest database of authentic property listings in China, providing professional and efficient services throughout the property lifecycle[10] - The company has four main revenue sources: existing home business, new home business, home renovation and furnishing, and emerging businesses and others[11] - In 2023, approximately 74% of second-hand home transactions completed on the platform involved cross-store collaboration under the ACN network[13] - The company has verified approximately 5.69 million real listings for second-hand home transactions as of December 31, 2023[15] - The ACN network promotes collaboration and commission sharing among agents, enhancing service efficiency and customer experience[12] - The company provides SaaS systems to ecosystem participants, including A+ SaaS for affiliated brokerages and Link SaaS for internal operations[17] - The platform governance mechanism includes incentives like the "Shell Score" to encourage compliance with ACN network rules and high professional standards[14] - The company's infrastructure includes modules such as AI technology, virtual reality, and payment solutions to support various stages of property transactions and living services[16] - The company focuses on expanding service categories to enhance the network effect of its ecosystem and provide a one-stop solution for customer needs throughout the living cycle[11] - The company encourages agents to specialize in specific geographic areas and become experts in nearby properties, fostering community engagement[13] - The company's platform governance mechanism aims to create a safer environment for agents by addressing issues like private deals and client information leaks[14] - The company's platform provides a wide range of real estate resources, including second-hand homes, new homes, and rental properties, with detailed visual presentations and community information[18] - The platform offers tools for home decoration services, including quick quote calculations, design case references, and style effect previews, enhancing customer decision-making efficiency[19] - The company has established a deep community network, leveraging local insights and offline touchpoints to improve service accessibility and efficiency[20] - The platform integrates online and offline transaction services, including the "Ji Qian" signing system and NTS (Online Transaction Support System), streamlining property transfer and management processes[23] - The company has set up offline signing service centers in multiple cities, collaborating with banks, guarantors, and government agencies to simplify transaction procedures[23] - The platform provides comprehensive training and support for brokers, combining online courses, offline training, and practical tasks to enhance service quality[22] - The company is expanding its services to include home decoration recommendations at signing centers, offering a one-stop solution for post-transaction needs[23] - The platform showcases broker profiles, including transaction records, ratings, and rankings, to help customers evaluate service quality[19] - The company is transitioning brokers into "living" consultants, enabling them to provide insights across various residential services beyond real estate transactions[21] - The platform facilitates frequent community interactions, such as free printing and charging services, to generate real estate leads and prepare for additional residential services[21] - Lijia has approximately 97,500 active agents and 5,320 active offline brokerage stores as of December 31, 2023[26] - Lijia operates in 25 cities across China, with over 25,100 active agents in Beijing and 26,100 in Shanghai as of December 31, 2023[26] - The platform has over 397,000 active agents and 42,000 active brokerage stores representing 256 brokerage brands as of December 31, 2023[25] - Approximately 86% of second-hand housing listings on the platform are posted by agents from Beilian stores (including Deyou franchise stores) as of December 31, 2023[29] - Around 66% of the total transaction value for existing and new homes on the platform in 2023 was generated by Beilian stores and the company's new home sales channels[29] - The platform is associated with 255 brokerage brands (excluding Lijia), operating approximately 36,000 active brokerage stores with 299,500 active agents as of December 31, 2023[29] - Lijia pioneered the three-party agreement in property transactions, enhancing transparency and trust[26] - Lijia launched the "Property Dictionary" in 2008 and its Link SaaS system in 2010, leading the industry in transitioning from offline to online operations[26] - Lijia established the prototype of ACN in 2011, which was later tested, improved, and launched on the Beike platform[26] - Lijia has developed a comprehensive agent development program, including campus recruitment, regular exams, offline training, and online courses[26] - Total transaction value of new home transactions facilitated through the platform in 2023 was RMB 1,003 billion[30] - Accounts receivable turnover days for new home business improved to 43 days in Q4 2023, compared to 64 days in the same period of 2022[30] - The "prepaid commission" model accounted for approximately 53% of the net revenue from new home business in Q4 2023, up from 44% in the same period of 2022[30] - Home SaaS 2.5 system was fully upgraded and implemented in Beijing in the second half of 2023, focusing on improving the quality and efficiency of home furnishing services[34] - AI展厅 and smart construction sites were developed to enhance customer experience and construction management through AI design, online inspections, and project timeline management[35] - The company has built and continuously optimized a self-operated logistics system for customized furniture, improving storage and delivery efficiency nationwide[36] - The company provides comprehensive training and incentive mechanisms for home furnishing service providers, including post-training certification and performance-based resource allocation[37] - The number of managed properties under the "省心租" service increased from approximately 70,000 units at the end of 2022 to over 200,000 units by the end of 2023, with an occupancy rate rising by 6.0 percentage points to 95.1%[38] - The company's centralized apartment business managed over 10,000 units by the end of 2023[38] - The "楼盘字典" database covered approximately 277 million housing units as of December 31, 2023[40] - The company's AI applications include intelligent search and prediction, smart opportunity allocation, and property promotion systems, leveraging machine learning and deep learning algorithms[41] - The "贝壳好房" system uses a rating system based on property characteristics, browsing history, and display records to recommend high-quality properties to consumers, leading to higher exposure and faster transaction decisions[42] - The company developed AI assistants like "小贝" for real-time interaction and training for agents, and a property maintenance assistant for owners, which has shown effectiveness in improving service quality and transaction conversion rates[42] - The AI-powered home design product "设牛" allows designers and users to quickly generate and switch between multiple styles of renovation renderings, reducing trial-and-error costs in actual renovations[43] - The company invested RMB 2,546 million in R&D in 2022 and RMB 1,937 million in 2023, focusing on improving technology and developing new products[45] - The company relies on six data center facilities and third-party cloud services like Tencent Cloud for computing, storage, bandwidth, and other services, ensuring operational flexibility and disaster recovery capabilities[46] - Net revenue increased by 28.2% from RMB 60.7 billion in 2022 to RMB 77.8 billion in 2023, driven by a 20.4% increase in total transaction volume from RMB 2,609.6 billion to RMB 3,142.9 billion[54] - Existing home business net revenue grew by 15.9% from RMB 24.1 billion in 2022 to RMB 28.0 billion in 2023, with total transaction volume increasing by 28.6% from RMB 1,576.5 billion to RMB 2,028.0 billion[54] - New home business net revenue rose by 6.7% from RMB 28.7 billion in 2022 to RMB 30.6 billion in 2023, with total transaction volume increasing by 6.7% from RMB 940.5 billion to RMB 1,003.0 billion[54] - Commission income from existing home transactions increased by 10.8% from RMB 20.6 billion in 2022 to RMB 22.9 billion in 2023, with total transaction volume growing by 13.6% from RMB 746.4 billion to RMB 847.6 billion[54] - Platform services, franchise services, and other value-added services revenue increased by 45.8% from RMB 3.5 billion in 2022 to RMB 5.1 billion in 2023, driven by a 42.2% increase in total transaction volume from RMB 830.1 billion to RMB 1,180.4 billion[54] - Home furnishing business net revenue increased to RMB 10.9 billion in 2023 from RMB 5.0 billion in 2022, driven by increased orders from synergy between housing transactions and home furnishing, growth in new retail contributions, and improved delivery capabilities[55] - Emerging businesses and others net revenue surged 194.8% to RMB 8.4 billion in 2023 from RMB 2.8 billion in 2022, primarily due to increased rental housing management services under the worry-free rental model[55] - Total operating costs rose to RMB 56.1 billion in 2023 from RMB 46.9 billion in 2022, with external commissions and rental housing costs increasing to RMB 25.7 billion from RMB 20.5 billion[56] - Home furnishing operating costs jumped 116.3% to RMB 7.7 billion in 2023 from RMB 3.6 billion in 2022, reflecting the growth in net revenue[56] - Contribution margin for existing home business improved to 47.2% in 2023 from 39.8% in 2022, driven by reduced fixed salary costs[57][59] - Contribution margin for new home business increased to 26.6% in 2023 from 23.6% in 2022, supported by higher net revenue and lower fixed salary costs[57][59] Technology and Innovation - The company's platform infrastructure includes SaaS systems, client applications, community networks, and transaction service centers, benefiting ecosystem participants[9] - The company's platform hosts the largest database of authentic property listings in China, providing professional and efficient services throughout the property lifecycle[10] - The company's infrastructure includes modules such as AI technology, virtual reality, and payment solutions to support various stages of property transactions and living services[16] - The company's AI applications include intelligent search and prediction, smart opportunity allocation, and property promotion systems, leveraging machine learning and deep learning algorithms[41] - The "贝壳好房" system uses a rating system based on property characteristics, browsing history, and display records to recommend high-quality properties to consumers, leading to higher exposure and faster transaction decisions[42] - The company developed AI assistants like "小贝" for real-time interaction and training for agents, and a property maintenance assistant for owners, which has shown effectiveness in improving service quality and transaction conversion rates[42] - The AI-powered home design product "设牛" allows designers and users to quickly generate and switch between multiple styles of renovation renderings, reducing trial-and-error costs in actual renovations[43] - The company invested RMB 2,546 million in R&D in 2022 and RMB 1,937 million in 2023, focusing on improving technology and developing new products[45] - The company relies on six data center facilities and third-party cloud services like Tencent Cloud for computing, storage, bandwidth, and other services, ensuring operational flexibility and disaster recovery capabilities[46] - The company's VR technology, introduced in 2015, has been integrated into real estate transactions and services, allowing virtual property tours and real-time agent interactions[47] - The company's financial technology includes an electronic wallet developed by Li Fang Tong, enabling high-frequency and high-value monetary transactions within its ecosystem[48] Corporate Governance and Leadership - The company's board consists of 8 directors, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors[93] - Zuo Hui, the founder and honorary chairman, has been a visionary leader in China's real estate transaction and service industry, contributing to the company's growth and success over 20 years[94] - Peng Yongdong, aged 44, is the co-founder, chairman, executive director, and CEO, with extensive experience in technology and strategic consulting[95] - Shan Yigang, aged 51, is a co-founder and executive director, with deep expertise in the real estate brokerage industry[95] - Xu Wangang, aged 58, serves as the vice chairman and executive director, with a background in operations management and real estate brokerage[96] - Xu Tao, aged 50, is the executive director and CFO, with a strong financial background and experience in various tech companies[97] - Li Zhaohui, aged 48, is a non-executive director and currently serves as the vice president and head of investment at Tencent[98] - Li Chaohui has served as a director of Kuaishou Technology (listed on HKEX, stock code: 1024) since March 2017 and as a director of Zhihu (listed on NYSE and HKEX, stock codes: ZH and 2390) since September 2015[99] - Li Chaohui held director positions at Fenbi Limited (listed on HKEX, stock code: 2469) from December 2020 to March 2023 and at Howbuy Wealth Management Co., Ltd. (listed on NEEQ, stock code: 834418) from December 2013 to August 2022[99] - Chen Xiaohong has been an independent non-executive director of the company since August 2020 and was re-designated as such in May 2022[100] - Zhu Hansong founded Jiangyin Xiake Private Fund Management Co., Ltd. in March 2022 and serves as its chairman and general manager[101] - Wu Jun has been an independent non

貝殼（2423.HK/BEKE.US） 更新報告 買入 2024年3月25日 23Q4 業績穩健，二賽道業務規模效率雙提升，積極回饋股東 羅凡環  2023Q4 經調整淨利潤同比增長 10.8%，全年經調整淨利潤 98 億元： 2023年第四季度公司總交易額為7356億元，同比增加13.7%。期內公司錄 852-25321962 得淨收入 202 億元，同比及環比分別增長 13.5%及 20.6%。期內毛利率為 25.5%，同比提升1.1個百分點，主要由於存量房業務的淨收入增加及鏈家 simon.luo@firstshanghai.com.hk 經紀人的固定薪酬成本減少，使得存量房業務的貢獻利潤率提高，以及門 店成本占淨收入的比例相比 2022 年同期有所降低。期內經營虧損為 1.73 主要資料 億元，主要由於 1）新房開發商壞賬計提；2）額外的業績激勵；3）經營 行業 居住服務 利潤率較低的家裝家居業務及租房業務收入占比增加。期內經調整淨利潤 為 17.1 億元，同比增長 10.8%。2023 年全年淨收入 778 億元，同比增加 股價 36.1港元/14.03美元 28.2%，調整後淨利潤98億元，同比 ...

证券研究报告 公 2024年03月19日 司 报 告 贝壳-W(02423) 行 业： 房地产/房地产服务 │ 港 投资评级： 买入（维持评级） 股 当前价格： 37.15港元 经纪业务稳步增长，家装租赁拓展加速 - 公 目标价格： 53.67港元 司 事件： 点 基本数据 评 研 3 月 14 日，公司发布 2023 年业绩，全年实现营收 777.8 亿元，同比增长 总股本/流通股本(百万股) 3,570.89/3,570.89 究 28.2%；毛利率为 27.9%，同比增长 5.2pct；实现归母净利润 58.8亿元， 流通市值(百万港元) 132,658.40 同比扭亏为盈；基本每股收益1.67元；公司拟每股派发现金红利0.83元。 每股净资产(元) 21.88 ➢ 存量房业务稳健增长，新房业务逆势提升 资产负债率(%) 38.99 存量房业务总交易额达20280亿元，同比增长28.6%，实现营收280亿元， 一年内最高/最低(港元) 52.00/32.40 同比增长 15.9%。新房业务总交易额为 10030 亿元，同比增长 6.7%，实现 营收306亿元，同比增长6.7%。2023年，公司新房业务实 ...

证券研究报告 | 2024年03月20日 贝壳-W（02423.HK） 买入 龙头经营优势彰显，盈利能力逆势提升 核心观点 公司研究·海外公司财报点评 2023年公司经营情况显著改善：2023全年，公司实现GTV交易总额3.1万 房地产·房地产服务 亿元，同比+20%；营业收入778亿元，同比+28%。虽然从季度表现看，GTV 证券分析师：任鹤 证券分析师：王粤雷 呈前高后低，但营收持稳，且同比表现明显好于GTV，主要受益于积极拓展 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 的“两翼”业务，高货币化率的家装家居和新兴业务收入占比明显提升。 S0980520040006 S0980520030001 利润指标创新高，成本管控卓有成效：2023全年，公司实现归母净利润59 证券分析师：王静 021-60893314 亿元，扭亏为盈；经调整净利润98亿元，同比+245%；经调整净利率12.6%， wangjing20@guosen.com.cn 同比提升8pct。虽交易总额和营收尚未回到前期高点，但利润均创历史新高 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 77.8 billion yuan for 2023, representing a year-on-year increase of 28.2%, with adjusted net profit reaching 9.8 billion yuan, up 244.7%, slightly exceeding market expectations [3] - The recovery in second-hand housing transaction volume and an increase in market share for new housing have driven steady revenue growth [3] - The company has effectively reduced costs and improved efficiency, leading to a significant increase in profit margins [3] - Emerging businesses, particularly home decoration and rental services, have shown rapid growth, with home decoration GTV increasing by 93% to 13.3 billion yuan [3] Summary by Sections Financial Performance - Total GTV for 2023 was 31,429 billion yuan, up 20.4% year-on-year, with revenue from existing homes, new homes, home decoration, and emerging businesses reaching 280 billion yuan (+15.9%), 306 billion yuan (+6.7%), 109 billion yuan (+74.3%), and 84 billion yuan (+194.8%) respectively [3] - The company expanded its active store count to 42,021 (+12.2%) and active agents to 397,000 (+13.6%) by the end of 2023 [3] Profitability - The company achieved a gross margin of 27.9%, an increase of 5.2 percentage points year-on-year, driven by improved profit margins in existing and new home businesses [3] - The average store efficiency and employee efficiency increased by 29% and 25% year-on-year, respectively [3] Future Outlook - The report maintains the adjusted net profit forecasts for 2024 and 2025 at 10.91 billion yuan and 12.18 billion yuan, respectively, with a projected adjusted net profit of 13.35 billion yuan for 2026 [4] - The expected EPS for 2024, 2025, and 2026 is 2.93 yuan, 3.27 yuan, and 3.58 yuan, respectively, with corresponding adjusted PE ratios of 11.5X, 10.3X, and 9.4X [4]

房地产/房地产服务 公 司 研 贝壳-W（02423.HK） 持续提升主业份额，等待家装业务驱动二次增长 究 2024年03月16日 ——港股公司信息更新报告 投资评级：增持（下调） 吴柳燕（分析师） 齐东（分析师） 荀月（联系人） wuliuyan@kysec.cn qidong@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790522010002 证书编号：S0790122100036 日期 2024/3/15 港 当前股价(港元) 36.900  份额持续提升以缓冲行业下行压力，等待家装业务驱动二次增长 股 一年最高最低(港元) 52.000/32.400 考虑到房产交易业务增长承压，我们下调公司2024-2025年non-GAAP净利润预 公 司 总市值(亿港元) 1,375.18 测至 87.3/105.4 亿元（前值 105.9/122.4 亿元）；新增 2026 年 non-GAAP 净利润 信 流通市值(亿港元) 1,317.66 预测124.2亿元，对应同比增速为-10.9%/20.7%/17.8%，对应摊薄后EPS 2.3/2 ...

业绩简评 2024 年 3月 14日，公司发布 2023 年度全年业绩：2023 年实现收 入778 亿元人民币，同比+28.2%；实现净利润58.9 亿元，同比扭 亏为盈（2022 年净亏损14.0 亿元）；实现经调整净利润98.0 亿元， 同比+244.7%。 经营分析 存量房及新房业务跑赢大市。2023 年公司新房GTV为 10030 亿元， 同比+6.7%；存量房GTV 为 20280 亿元，同比+28.6%。对应公司新 房业务净收入306 亿元，同比+6.7%；存量房业务净收入 280 亿元， 同比+15.9%。“一体”业务较 2022 年止跌回升，主要因为：①政 策效果缓释，二手房市场有所复苏；②新房合作项目的覆盖率提 升；③公司战略性扩张，门店及经纪人数量增加，人效及店效提 升，带动了市场渗透率及销售去化率的提升。 家装家居业务快速发展，打造第二增长曲线。2023 年家装家居业 港币(元) 成交金额(百万元) 务合同额 133 亿元，同比+146%（若 2022 年圣都全年并表，则同 52.00 250 比+93%）；收入 108.5 亿元，同比+115.0%。该业务的快速发展主 48.00 2 ...

大公司： 贝壳：2023年净收入达778亿元，GTV达3.14万亿元 一站式新居住服务平台贝壳发布2023年第四季度及全年财务业绩。财报显示，贝壳2023年总交易额（GTV）为3.14万亿元，净收入为778亿元，同比增长28.2%；公司盈利能力明显提升，全年实现净利润58.90亿元，经调整净利润为97.98亿元。 茶颜悦色争取2024年进行香港IPO 湖南茶悦文化据悉已选定中金和摩根士丹利负责香港IPO事宜，并争取2024年进行香港IPO。（新浪财经） 由于后视摄像头等故障，福特在美召回超1.1万辆汽车 美国国家公路交通安全管理局3月14日披露福特汽车召回信息：当儿童安全锁处于“打开”位置时，左侧后门可能从车内打开，因此将召回部分2023-2024年款四门版Bronco，共计9,847辆；由于电气连接不良，后视摄像头可能会间歇性地显示空白或扭曲的图像，因此将召回部分2020年款Explorer汽车，共计1,988辆。（界面） 微博：2023年四季度净利润8320万美元，月活跃用户达到5.98亿 36氪获悉，微博发布2023年第四季度及全年财报。财报显示，该季度微博净利润为8320万美元，市场预期净利润7899 ...

Financial Performance - Total transaction value for the fiscal year ended December 31, 2023, reached RMB 3,142.9 billion, a 20.4% increase from RMB 2,609.6 billion in 2022[1] - Net income for the fiscal year ended December 31, 2023, was RMB 77.8 billion, up 28.2% from RMB 60.7 billion in 2022[2] - Adjusted net profit for the fiscal year ended December 31, 2023, was RMB 9.798 billion, compared to RMB 2.843 billion in 2022[2] - Total net revenue for the year ended December 31, 2023, reached RMB 77,776,932, an increase of 28.2% from RMB 60,668,779 in 2022[62] - The operating profit for the year was RMB 4,797,070, compared to an operating loss of RMB 832,906 in the previous year[63] - Net profit attributable to shareholders of Beike Holdings Limited was RMB 5,883,224, a significant recovery from a net loss of RMB 1,386,074 in 2022[63] - The gross profit margin improved to 27.9%, up from 22.7% in the previous year, reflecting better cost management[62] - The company reported a significant increase in adjusted EBITDA to RMB 11,344,671 for 2023, up from RMB 4,743,635 in 2022, representing a growth of approximately 139%[65] Business Growth - The number of active stores as of December 31, 2023, was 42,021, an increase of 12.2% from 37,446 stores as of December 31, 2022[2] - The number of active agents as of December 31, 2023, was 397,135, reflecting a 13.6% increase from 349,681 agents as of December 31, 2022[2] - The total transaction value for existing homes was RMB 2,028 billion, a 28.6% increase from RMB 1,576.5 billion in 2022[1] - The total transaction value for home decoration and furnishings was RMB 13.3 billion, a significant increase of 145.8% from RMB 5.4 billion in 2022[1] - The company's new home business net income rose by 6.7% to RMB 30.6 billion, with total transaction volume also increasing by 6.7% to RMB 100.3 billion in 2023[14] - The home decoration and home furnishing business saw a total transaction volume growth of 146% year-on-year, with a comparable growth of 93%[7] Operational Efficiency - The company has implemented a store grading mechanism to optimize its platform ecosystem and improve operational efficiency[4] - The company has established a governance mechanism for risk control, integrating online and offline monitoring to enhance agent operations[5] - The company aims to focus on efficiency and quality in 2024, exploring innovative models and technology to enhance market penetration[9] Cash Flow and Investments - Cash generated from operating activities increased to RMB 11.16 billion in 2023 from RMB 8.46 billion in 2022[32] - The net cash generated from operating activities in 2023 was RMB 11.2 billion, compared to RMB 8.461 billion in 2022, reflecting an increase of approximately 32.6%[34] - The net cash used in investing activities in 2023 was RMB 4 billion, primarily due to the purchase of other short-term investments totaling RMB 38.9 billion[36] - The company plans to use cash reserves to meet significant cash needs, including capital expenditures and contractual obligations[39] Shareholder Returns - The company implemented a share repurchase plan costing approximately USD 719 million, repurchasing over 46.7 million American Depositary Shares, representing 3.70% of the total shares before the plan[10] - The board has approved a final cash dividend of $0.117 per ordinary share and $0.351 per American depositary share, totaling approximately $400 million to be paid from the company's retained earnings[56] - The company declared a special cash dividend of $0.057 per ordinary share, totaling $198.5 million paid in 2023[91] Risk Management - The company faces a foreign exchange risk due to a 2.9% depreciation of the RMB against the USD during the fiscal year[44] - The company has RMB 3.6 billion in short-term investment products, facing potential interest rate risk[46] Employee and Governance - The company has 116,344 employees, with the majority (91,256) in brokerage and support roles[47] - The company has maintained compliance with corporate governance codes and has not deviated from the principles and provisions applicable during the reporting period[51] - The audit committee has reviewed the unaudited annual results for the year ending December 31, 2023, and discussed accounting policies and internal controls with management and external auditors[55] Future Outlook - The company aims to continue sustainable business development to create more value for shareholders[58] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[63] - The company may require additional cash resources in the future for investments, acquisitions, or capital expenditures if business conditions change[33]