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 ...

Group 1: Company Performance - Beike reported a total transaction volume (GTV) of 3.14 trillion yuan and net revenue of 77.8 billion yuan for 2023, representing a year-on-year growth of 28.2% [1] - Weibo's net profit for Q4 2023 was 83.2 million USD, exceeding market expectations of 78.99 million USD, with monthly active users reaching 598 million, an increase of approximately 11 million year-on-year [3] - NIO announced the upcoming launch of its second brand "Le Dao" (ONVO), which will focus on the mainstream family vehicle market, aiming for higher sales volume compared to the NIO brand [4] Group 2: Corporate Developments - Hunan Chayue Culture is reportedly preparing for an IPO in Hong Kong in 2024, with CICC and Morgan Stanley as underwriters [2] - Tencent has acquired two game studios from ByteDance and established a new company, Saros Network Technology (Shenzhen) Co., Ltd., which is a wholly-owned subsidiary of Tencent [5] - Chengmai Technology has become one of the first developers certified by Huawei for HarmonyOS, joining the pioneer program [6] Group 3: Market Trends - The new shipbuilding market is expected to remain hot, with orders saturated until around 2027, driven by global carbon emission requirements and the "3060" carbon peak and neutrality goals [11] - The Chinese automotive industry is projected to return to over 2 million units in production and sales in March 2024, with new energy vehicle sales expected to exceed 700,000 units, showing year-on-year growth [12][13]

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]

BEIJING, March 14, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors (the "Board") approved a final cash dividend (the "Dividend") of US$0.117 per ordinary share, or US$0.351 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 5, 2024, Beijing/Hong Kong Time and New York Time, respectively, pa ...

BEIJING, March 14, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023 and a final cash dividend. Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2023 Gross transaction value (GTV)1 in 2023 was RMB3,142.9 billion (US$442.7 billion), an increase of 20.4% year ...

Financial Performance - Total transaction value for 2023 reached RMB 3,142.9 billion (USD 442.7 billion), a year-on-year increase of 20.4%[1] - Net income for 2023 was RMB 77.8 billion (USD 11.0 billion), representing a year-on-year growth of 28.2%[2] - The company recorded a net profit of RMB 5.89 billion (USD 830 million) for 2023, compared to a net loss of RMB 1.4 billion in 2022[2] - Total revenue for 2023 increased by 28.2% to RMB 77.8 billion (USD 11 billion) from RMB 60.7 billion in 2022, driven by a 20.4% rise in total transaction volume to RMB 3.14 trillion (USD 442.7 billion)[15] - The company reported a significant increase in user data, with a notable rise in active users contributing to revenue growth[39] - Total net income for the year 2023 reached RMB 11,157,625 thousand, representing a significant increase from RMB 8,460,754 thousand in 2022, marking a growth of approximately 31.8%[44] User Engagement - The number of active stores as of December 31, 2023, was 42,021, an increase of 12.2% year-on-year[2] - The average monthly active users in Q4 2023 was 43.2 million, up from 36.6 million in the same period of 2022[4] Revenue Breakdown - In Q4 2023, the company's net revenue increased by 20.6% year-over-year to RMB 20.2 billion (USD 2.8 billion) from RMB 16.7 billion in Q4 2022[6] - The net revenue from the existing home business grew by 14.6% year-over-year to RMB 6 billion (USD 900 million) in Q4 2023, driven by a 30.1% increase in total transaction value to RMB 468.1 billion (USD 65.9 billion)[6] - The net revenue from the new home business decreased by 8.5% year-over-year to RMB 7.6 billion (USD 1.1 billion) in Q4 2023, with total transaction value declining by 9.7% to RMB 238 billion (USD 33.5 billion)[7] - The net revenue from home decoration and furniture surged by 73.9% year-over-year to RMB 3.6 billion (USD 500 million) in Q4 2023, attributed to increased orders and improved delivery capabilities[7] Profitability Metrics - Adjusted net profit for 2023 was RMB 9.8 billion (USD 1.38 billion), a significant increase of 244.7% year-on-year[2] - Operating profit for 2023 was RMB 4.8 billion (USD 676 million), a significant turnaround from an operating loss of RMB 833 million in 2022, with an operating margin of 6.2%[20] - Adjusted operating profit for 2023 was RMB 8.7 billion (USD 1.2 billion), compared to RMB 2.3 billion in 2022, with an adjusted operating profit margin of 11.2%[21] Cash Management - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 60.1 billion (USD 8.5 billion) as of December 31, 2023[14] - The company reported a total increase in cash and cash equivalents of RMB 3,862,085 thousand for Q4 2023, a significant improvement from a decrease of RMB 790,320 thousand in Q4 2022[44] Shareholder Returns - The company plans to distribute a final cash dividend of approximately USD 400 million, following a special cash dividend of about USD 200 million in Q3 2023[4] - The board has approved a final cash dividend of $0.117 per Class A common share or $0.351 per ADS, totaling approximately $400 million, to be paid from the company's retained earnings[24] Operational Efficiency - Operating costs in Q4 2023 totaled RMB 15.1 billion (USD 2.1 billion), up from RMB 12.7 billion in Q4 2022[8] - Operating expenses rose by 43.5% year-over-year to RMB 5.3 billion (USD 700 million) in Q4 2023, driven by increases in general and administrative expenses as well as sales and marketing expenses[11] - Research and development expenses increased by 4.9% year-over-year to RMB 534 million (USD 75 million) in Q4 2023, reflecting higher personnel costs[11] Strategic Focus - The company aims to focus on quality and efficiency while seeking innovative solutions, including digitalization and technology upgrades, in 2024[4] - The company aims to leverage its strong financial management capabilities to ensure healthy growth and navigate market fluctuations[5] - Beike Holdings is committed to continuous development and expansion in the real estate service sector in China[31] Market Position - Beike Holdings reported a total asset increase from RMB 109.35 billion in 2022 to RMB 120.33 billion in 2023, representing a growth of approximately 10.8%[35] - The company experienced a significant increase in rental housing management revenue due to the growth in the number of rental properties, indicating a successful expansion strategy in the rental market[17] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[39] - The company will hold an earnings conference call on March 14, 2024, to discuss financial performance[25]

专题：稳中求进 发展新质生产力——2024全国两会特别报道 3月5日，国务院总理李强代表国务院，向十四届全国人大二次会议作政府工作报告，报告提出“加快发展新质生产力”，并在这一篇章中提出“深入推进数字经济创新发展。制定支持数字经济高质量发展政策，积极推进数字产业化、产业数字化，促进数字技术和实体经济深度融合。” 近年来，直播电商经济作为数字经济的新业态快速发展。但自电商诞生以来，就有挤压实体经济的论调，直播电商爆发后，“电商挤垮实体店铺”的言论再次被人提出。3月7日，新京报贝壳财经“两会经济策”直播邀请了多位政企学研专家对“直播电商如何促进实体经济”进行多方探讨。 直播中，全国人大代表、儋州市白马井镇学兰村党支部副书记吴少玉判断，近年来直播电商经济作为一种新业态快速发展，在增强经济发展韧性、推动高质量发展方面做出了重要贡献，成为了促消费、稳外贸、保民生的重要力量。 全国人大代表、儋州市白马井镇学兰村党支部副书记吴少玉。受访者供图 直播电商在经济社会发展中发挥了重要作用 吴少玉认为，直播电商在经济社会发展中发挥了重要作用，具体体现在激发了潜在购买欲望，扩大了社会总需求；有利于促进产业链上下游协同发展；拓展了 ...

BEIJING, March 04, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE, HKEX: 2423))), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the fourth quarter and fiscal year 2023 before the U.S. market opens on Thursday, March 14, 2024. The Company's management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, March 14, 2024 (8:00 P.M. Beijing Tim ...

BEIJING, March 4, 2024 /PRNewswire/ -- KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, had its ESG rating upgraded by MSCI from BB to BBB, representing strong recognition for the Company's management and business practices in the ESG domain in recent years. The ESG rating upgrade by MSCI indicate that Beike has exceeded industry standards in Human Capital Development, as well as Privacy & Data Se ...