Investment Rating - The report indicates a positive investment sentiment towards the company, highlighting its commitment to shareholder returns through stock buybacks and dividends [12]. Core Insights - The company has increased its stock buyback plan from $2 billion to $3 billion, extending the duration until August next year, demonstrating a strong commitment to enhancing shareholder value [2][12]. - The company has repurchased a total of $1.39 billion in shares since initiating its buyback program in September 2022, ranking eighth in the Hong Kong stock market for buyback amounts this year [3][13]. - The company reported a 19.9% year-on-year increase in net revenue for Q2, reaching 23.4 billion yuan, with significant contributions from its home decoration and rental services [8][13]. Summary by Sections Stock Buyback and Dividends - The company has executed a total of $1.39 billion in stock buybacks, with a significant portion of shares being canceled rather than held as treasury stock [3][4]. - The company has also declared a special dividend of $600 million, marking its first dividend distribution since its listing [12]. Business Performance - The company experienced a 25% increase in transaction volume for existing homes and a 22.3% increase in home decoration services, while new home transactions declined by 20.2% [7][8]. - The rental service revenue surged by 167.1%, contributing significantly to overall revenue growth [8]. Strategic Transformation - The company is transitioning to a one-stop residential service platform, integrating home decoration and rental services to enhance customer experience and operational efficiency [9][10]. - The company’s operational cash flow turned positive in Q2, with a total of 3.86 billion yuan in cash flow for the first half of the year [10][11]. Long-term Commitment to Shareholders - The company emphasizes its responsibility to long-term investors, showcasing a consistent positive cash flow since 2019 and a low debt ratio of 42.3% [11][12]. - The management expresses confidence in the company's growth potential and commitment to sharing success with shareholders [12][13].

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][38]. Core Views - The company's Q2 revenue and net profit have shown significant improvement both year-on-year and quarter-on-quarter, highlighting the performance resilience of the industry leader [1][4]. - The total GTV (Gross Transaction Value) for Q2 2024 reached 839 billion yuan, representing a year-on-year increase of 7% and a quarter-on-quarter increase of 33% [1][4]. - The adjusted net profit for Q2 2024 was 27 billion yuan, marking a historical second-high, with a year-on-year increase of 13% and a quarter-on-quarter increase of 93% [1][4]. - The company has slightly lowered its profit forecast for 2024-2025, expecting adjusted net profits of 9 billion yuan and 9.2 billion yuan respectively, with corresponding EPS of 2.46 yuan and 2.51 yuan [1][38]. Summary by Sections Revenue and Profit Improvement - In Q2 2024, the company achieved a total GTV of 8390 billion yuan, with a year-on-year growth of 7% and a quarter-on-quarter growth of 33%. Revenue reached 234 billion yuan, up 20% year-on-year and 43% quarter-on-quarter [1][4]. - The adjusted net profit for Q2 2024 was 27 billion yuan, a historical second-high, with a year-on-year increase of 13% and a quarter-on-quarter increase of 93% [1][4]. Business Segment Performance - The existing housing business benefited from positive changes in real estate policies, with a GTV of 5707 billion yuan in Q2 2024, up 25% year-on-year and 26% quarter-on-quarter [1][15]. - The new housing business saw a significant narrowing of revenue decline, with a GTV of 2353 billion yuan, down 20% year-on-year but up 55% quarter-on-quarter [1][23]. - The new track business maintained good growth momentum, with home decoration and furniture business revenue increasing by 54% year-on-year and 68% quarter-on-quarter [1][27]. Financial Forecasts - The company expects adjusted net profits of 90 billion yuan and 92 billion yuan for 2024 and 2025 respectively, with corresponding PE ratios of 14.1 and 13.8 times [1][38]. - The revenue forecast for 2024 is set at 88.239 billion yuan, reflecting a growth of 13.5% compared to 2023 [2][39].

业绩简评 2024 年 8 月 12 日，公司发布 2024 年二季度及中期业绩：24Q2 实 现营收 233.7 亿元，同比+19.9%；经调整净利润 26.9 亿元，同比 +13.9%。24H1 实现营收 397.5 亿元，同比-0.04%；经调整净利润 40.9 亿元，同比-31.1%。 经营分析 今年二季度业绩大幅改善。24Q2 公司营收同比+19.9%，环比 +42.7%，主要受益于存量房、家装家居、房屋租赁业务均取得增 长。同时毛利同比提升 22%至 65 亿元，毛利率同比提升 0.5pct 至 27.9%，主要由于：①家装家居及房屋租赁的运营效率提升，贡 献利润率提高；②门店成本占比降低。 二季度新房业务跑赢大市，存量房业务交易复苏。24Q2 公司新房 GTV 为 2353 亿元，同比-20.2%，降幅小于同期百强房企-35%的全 口径销售额；存量房 GTV 为 5707 亿元，同比+25.0%。公司新房业 务收入 79 亿元，同比-8.8%，新房收入降幅明显小于 GTV 降幅， 主因货币化率提升；存量房业务收入 73 亿元，同比+14.3%。 家装家居及房屋租赁业务快速成长。24Q2 公司房屋 ...

Financial Performance - Total transaction volume for the first half of 2024 was RMB 1,468.9 billion, a decrease of 16.2% compared to RMB 1,752.1 billion in the same period of 2023[3] - Net income for the first half of 2024 was RMB 39.7 billion, remaining relatively flat compared to RMB 39.8 billion in the same period of 2023[3] - Net profit for the first half of 2024 was RMB 2,333 million, a decrease from RMB 4,049 million in the same period of 2023[4] - Adjusted net profit for the first half of 2024 was RMB 4,086 million, down from RMB 5,925 million in the same period of 2023[4] - Gross profit decreased by 9.0% to RMB 10.6 billion in the first half of 2024, with the gross margin declining to 26.8% from 29.4% in the same period of 2023[17] - Operating profit decreased to RMB 2.0 billion in the first half of 2024, with the operating profit margin dropping to 5.1% from 10.2% in the same period of 2023[19] - Adjusted operating profit declined to RMB 3.8 billion in the first half of 2024, with the adjusted operating profit margin falling to 9.5% from 15.0% in the same period of 2023[19] - Net profit decreased to RMB 2.3 billion in the first half of 2024, compared to RMB 4.0 billion in the same period of 2023[20] - Net revenue for the first half of 2024 was RMB 39.75 billion, a slight decrease of 0.04% compared to RMB 39.76 billion in the same period of 2023[45] - Gross profit for the first half of 2024 was RMB 10.64 billion, down 9.0% from RMB 11.69 billion in the first half of 2023[45] - Operating profit for the first half of 2024 was RMB 2.03 billion, a significant decrease of 50.1% compared to RMB 4.06 billion in the same period of 2023[46] - Net profit attributable to KE Holdings Inc. for the first half of 2024 was RMB 2.32 billion, down 42.7% from RMB 4.06 billion in the first half of 2023[46] - Basic earnings per share for the first half of 2024 was RMB 0.68, a decrease of 40.4% compared to RMB 1.14 in the same period of 2023[47] - Operating profit for the six months ended June 30, 2024, was RMB 2,026,973 thousand, a decrease from RMB 4,058,929 thousand in the same period in 2023[48] - Adjusted operating profit for the six months ended June 30, 2024, was RMB 3,772,085 thousand, compared to RMB 5,977,459 thousand in the same period in 2023[48] - Net profit for the six months ended June 30, 2024, was RMB 2,332,526 thousand, down from RMB 4,049,251 thousand in the same period in 2023[48] - Adjusted net profit for the six months ended June 30, 2024, was RMB 4,085,555 thousand, compared to RMB 5,925,391 thousand in the same period in 2023[48] - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 5,037,594 thousand, down from RMB 7,129,765 thousand in the same period in 2023[48] - Net profit for the six months ended June 30, 2024, was RMB 2,332,526 thousand, compared to RMB 4,049,251 thousand for the same period in 2023[53] - Pre-tax profit for the six months ended June 30, 2024, was RMB 3,588,315 thousand, down from RMB 5,450,773 thousand in the same period in 2023[68] - Net profit attributable to Beike Holdings Ltd. was RMB 2,323,835 thousand for the six months ended June 30, 2024, compared to RMB 4,055,577 thousand in the same period in 2023[74] - Basic earnings per share decreased to RMB 0.68 for the six months ended June 30, 2024, from RMB 1.14 in the same period in 2023[75] - Diluted earnings per share decreased to RMB 0.66 for the six months ended June 30, 2024, from RMB 1.11 in the same period in 2023[75] - Net profit attributable to Beike Holdings Limited reached RMB 3,053,390, showing a strong financial performance[78] - Net profit before tax was RMB 4,346,929, indicating strong pre-tax profitability[78] - Net profit attributable to ordinary shareholders of Beike Holdings Limited was RMB 3,053,390, showing strong returns for shareholders[78] Business Segments Performance - The company's home renovation and furnishing business saw a total transaction volume of RMB 7.6 billion in the first half of 2024, an increase of 24.0% compared to RMB 6.1 billion in the same period of 2023[3] - The company's new business and other segments had a total transaction volume of RMB 50.3 billion in the first half of 2024, a decrease of 3.9% compared to RMB 52.3 billion in the same period of 2023[3] - New home business achieved strong performance with a 49% net income contribution from the "fast commission" projects and increased state-owned enterprise developer commission income from 47% in Q2 2023 to 55% in Q2 2024[8] - Home decoration and furnishing business saw a 24.0% YoY increase in total transaction volume and a 59.9% YoY increase in revenue, with a profit margin of 31.0% in H1 2024[9] - Rental housing service expanded rapidly with over 300,000 units under management for decentralized rental housing and over 14,000 units for centralized long-term rental apartments by Q2 2024[10] - Existing home business net revenue decreased by 16.3% YoY to RMB 13.1 billion in H1 2024, with a 8.7% decrease in total transaction volume to RMB 1,023.8 billion[13] - Commission income from existing home business decreased by 17.5% YoY to RMB 10.6 billion in H1 2024, driven by a 11.9% decrease in transaction volume through Lianjia stores[13] - Platform services, franchise services, and other value-added services revenue decreased by 10.5% to RMB 2.5 billion in the first half of 2024, compared to RMB 2.7 billion in the same period of 2023, primarily due to a 6.3% decline in the total transaction value of existing home transactions facilitated by Beike-linked agents to RMB 611.5 billion[14] - New home business net revenue decreased by 24.9% to RMB 12.9 billion in the first half of 2024, driven by a 32.4% decline in the total transaction value of new home transactions to RMB 387.1 billion[14] - Home renovation and furnishing net revenue increased by 59.9% to RMB 6.4 billion in the first half of 2024, driven by increased order volume, higher contributions from new retail, and improved delivery capabilities[14] - Rental services net revenue surged by 176.7% to RMB 5.8 billion in the first half of 2024, primarily due to the expansion of the managed rental property portfolio under the "Worry-Free Rent" model[14] - Home renovation and furnishing revenue grew by 59.9% year-over-year to RMB 6.45 billion in the first half of 2024[45] - Rental services revenue increased by 176.7% year-over-year to RMB 5.81 billion in the first half of 2024[45] - Emerging businesses and other revenue grew by 69.0% year-over-year to RMB 1.57 billion in the first half of 2024[45] - Net revenue for the existing home business decreased to RMB 13,061,919 in the first half of 2024, down from RMB 15,597,087 in the same period of 2023[62] - Net revenue for the new home business declined to RMB 12,850,320 in the first half of 2024, compared to RMB 17,099,714 in the first half of 2023[62] - Home renovation and furnishing business revenue increased significantly to RMB 6,449,072 in the first half of 2024, up from RMB 4,032,830 in the same period of 2023[62] - Housing rental services revenue more than doubled to RMB 5,812,743 in the first half of 2024, compared to RMB 2,100,888 in the first half of 2023[62] - Emerging businesses and others revenue grew to RMB 1,573,690 in the first half of 2024, up from RMB 931,482 in the same period of 2023[62] - Total net revenue remained stable at approximately RMB 39.7 billion in the first half of both 2024 and 2023[62] - Contribution profit for the housing rental services turned positive at RMB 330,921 in the first half of 2024, compared to a loss of RMB 147,997 in the same period of 2023[62] - Revenue from housing rental services increased to RMB 3,650,300, up from RMB 1,617,200 in the previous period, reflecting significant growth in this segment[78][79] Operational Metrics - The number of active stores as of June 30, 2024, was 44,423, an increase of 8.1% compared to 41,076 as of June 30, 2023[4] - The number of active agents as of June 30, 2024, was 411,478, showing a slight increase of 0.6% compared to 409,054 as of June 30, 2023[4] - The average monthly active users for the three months ending June 30, 2024, was 49.7 million, up from 48.0 million in the same period of 2023[4] - Non-real estate transaction service revenue accounted for 34.8% of total net revenue in the first half of 2024, a significant increase of 17 percentage points compared to the same period in 2023[6] - Home SaaS 2.5 version was launched, improving BIM shared service center and material fulfillment integration, enhancing designer efficiency and reducing error rates[9] - The company has 122,599 employees as of June 30, 2024, with 96,440 in brokerage and support roles and 1,992 in R&D[32] - The company has reorganized its reporting segments, with housing rental services now reported as a separate segment due to its increased scale and business importance[58] Share Repurchase and Dividends - The company repurchased approximately $4.8 billion worth of ADS in 2024, representing about 2.75% of the total shares outstanding at the end of 2023[12] - The company expanded its share repurchase program from $2 billion to $3 billion and extended the program until August 31, 2025[12] - The company has repurchased 95,012,729 American Depositary Shares (ADS) for a total consideration of $1,389,782,786.29 under its share repurchase program[34] - In the reporting period, the company repurchased 26,995,560 ADS for a total consideration of $380,000,306.80[34] - The company's share repurchase program has been expanded to $3 billion and extended to August 31, 2025[34] - A total of 80,986,680 Class A ordinary shares represented by repurchased ADS were canceled during the reporting period[36] - 3,248,679 Class B ordinary shares were converted to Class A ordinary shares to comply with dual-class share structure regulations[36] - The company has not recommended an interim dividend for the six months ended June 30, 2024[40] - The company declared a final cash dividend of USD 0.117 per ordinary share, totaling approximately USD 400 million[76] Financial Position and Cash Flow - The company's cash, cash equivalents, restricted funds, and short-term investments totaled RMB 59.7 billion as of June 30, 2024, compared to RMB 60.1 billion as of December 31, 2023[21] - Operating cash flow for the six months ended June 30, 2024, was RMB 3.86 billion, a decrease from RMB 7.43 billion in the same period in 2023[22] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 6.84 billion, compared to net cash generated of RMB 7.63 billion in the same period in 2023[22] - The company's debt-to-asset ratio increased to 42.3% as of June 30, 2024, from 40.0% as of December 31, 2023[25] - The company held RMB 55.6 billion in cash, cash equivalents, restricted funds, and short-term investments denominated in RMB, and USD 600 million in USD-denominated equivalents as of June 30, 2024[27] - Capital expenditures for the six months ended June 30, 2024, amounted to RMB 462 million[29] - The company's total financial debt as of June 30, 2024, was RMB 20.21 billion, up from RMB 17.99 billion as of December 31, 2023[22] - The RMB depreciated approximately 2.4% against the USD during the six months ended June 30, 2024[26] - The company's short-term investments included RMB 2.3 billion in wealth management products as of June 30, 2024, exposing it to interest rate risk[28] - The company's cash, cash equivalents, and restricted funds decreased by RMB 8.33 billion during the six months ended June 30, 2024[22] - Total contractual obligations as of June 30, 2024, amount to RMB 20,575,485 thousand, with RMB 6,642,671 thousand due in the remainder of 2024 and RMB 8,577,458 thousand due in 2025[31] - Operating lease and other commitments as of June 30, 2024, total RMB 1,119,600 thousand, including RMB 734.4 million in operating lease commitments and RMB 301.7 million in capital commitments[31] - Cash and cash equivalents as of June 30, 2024, were RMB 9,409,071 thousand, a decrease from RMB 19,634,716 thousand as of December 31, 2023[50] - Short-term investments as of June 30, 2024, were RMB 42,222,652 thousand, up from RMB 34,257,958 thousand as of December 31, 2023[50] - Total assets as of June 30, 2024, were RMB 122,497,997 thousand, compared to RMB 120,331,931 thousand as of December 31, 2023[50] - Total liabilities as of June 30, 2024, were RMB 51,794,889 thousand, up from RMB 48,130,826 thousand as of December 31, 2023[51] - Current liabilities as of June 30, 2024, were RMB 43,376,360 thousand, compared to RMB 39,523,983 thousand as of December 31, 2023[51] - Operating cash flow for the six months ended June 30, 2024, was RMB 3,857,678 thousand, down from RMB 7,431,689 thousand in the same period in 2023[53] - Total cash, cash equivalents, and restricted funds decreased by RMB 8,330,808 thousand in the six months ended June 30, 2024, compared to an increase of RMB 12,217,833 thousand in the same period in 2023[54] - Total equity attributable to shareholders of KE Holdings Inc. was RMB 70,569,240 thousand as of June 30, 2024, down from RMB 72,099,824 thousand as of December 31, 2023[52] - The company repurchased ordinary shares worth RMB 2,701,210 thousand in the six months ended June 30, 2024[54] - Total liabilities and equity increased to RMB 122,497,997 thousand as of June 30, 2024, from RMB 120,331,931 thousand as of December 31, 2023[52] - The company issued 3,529,562,630 Class A ordinary shares as of June 30, 2024, compared to 3,571,960,220 as of December 31, 2023[52] - Accumulated deficit decreased to RMB 3,349,081 thousand as of June 30, 2024, from RMB 5,672,916 thousand as of December 31, 2023[52] - The company's total cash and cash equivalents were RMB 9,409,071 thousand as of June 30, 2024, down from RMB 19,634,716 thousand as of the beginning of the period[55] - Restricted funds decreased to RMB 8,117,582 thousand as of June 30, 2024, from RMB 6,222,745 thousand as of the beginning of the period[55] - Total assets increased to RMB 123,013,087 thousand as of June 30, 2024, up from RMB 120,221,596 thousand at the end of 2023[80][81] - Total liabilities decreased slightly to RMB 51,792,333 thousand as of June 30, 2024, compared to RMB 48,023,046 thousand at the end of 2023[80][81] - Shareholders' equity rose to RMB 71,220,754 thousand as of June 30, 2024, from RMB

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （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） 內幕消息 貝殼控股有限公司公佈2024年第二季度 未經審計財務業績及擴大及延長股份回購計劃 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部而刊發。 中國北京，2024年8月12日－領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司（「貝殼」或「本公司」）（紐交所代碼：BEKE；香港聯交所代號： 2423）今日公佈其截至2024年6月30日止第二季度未經審計財務業績，有關業績乃 根據不同於國際財務報告會計準則的美國公認會計準則（「公認會計準則」）編製， 並公佈擴大及延長股份回購計劃。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2024年第二季度業務及財務摘要 • 總交易額1為人民幣8,390 ...

Investment Rating - The report assigns a "Buy" rating for the company, Beike-W (2423.HK), with a market price of HKD 34.35 [1]. Core Insights - Beike is the largest real estate transaction and service platform in China, leveraging its ACN network infrastructure to efficiently provide various real estate services [4][9]. - The residential market is expanding, with the market size growing from CNY 25.4 trillion in 2016 to CNY 39.6 trillion in 2021, and projected to reach CNY 55.7 trillion by 2026 [25]. - The company is expected to benefit from the increasing penetration of real estate brokerage services, which rose from 43.2% in 2016 to 49.8% in 2021, and is forecasted to reach 61.6% by 2026 [4][28]. Financial Performance - In 2023, the total transaction volume reached CNY 31,429 billion, a year-on-year increase of 20.4%, with operating revenue of CNY 777.8 billion, up 28.2% [5][31]. - The net profit attributable to the parent company was CNY 51.2 billion, reflecting a significant year-on-year growth of 349.2% [5]. - The company’s gross margin improved to 27.9%, an increase of 5.2 percentage points from the previous year [5]. Business Segments - The company’s core businesses include existing home transactions, new home transactions, home decoration, and emerging businesses, with significant growth in home decoration and rental management [4][31]. - The revenue from existing home transactions grew by 15.9% in 2023, while new home transactions saw a 6.7% increase [31]. - Home decoration and emerging businesses contributed significantly to revenue growth, with their shares rising to 14.0% and 10.8% of total revenue, respectively [5][31]. Market Outlook - The report anticipates that the company’s net profit will reach CNY 78.1 billion, CNY 99.0 billion, and CNY 112.8 billion for the years 2024 to 2026, respectively [5]. - The current price corresponds to a P/E ratio of 14.8x for 2024, 11.7x for 2025, and 10.2x for 2026, indicating a favorable valuation [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Insights - The company's revenue decreased by 19% year-on-year, with adjusted net profit margin remaining stable quarter-on-quarter. In Q1 2024, the company achieved a total GTV of 629.9 billion yuan, down 35% year-on-year, and operating revenue of 16.4 billion yuan, down 19% year-on-year. The revenue performance was significantly better than GTV, mainly due to the increase in the contribution of the "two wings" business to 35%, with home decoration and emerging businesses, including housing rental services, continuing to grow rapidly [1][5][10] - The main business segment is currently affected by industry downturns. In Q1 2024, the GTV for existing housing business was 453.2 billion yuan, down 32% year-on-year, and revenue was 5.7 billion yuan, down 38% year-on-year. The monetization rate for existing housing business dropped to 1.26% due to aggressive store expansion and the decline in the proportion of transactions from the Lianjia system [7][10] - New business segments are maintaining high growth rates. In Q1 2024, the home decoration and furniture business generated revenue of 2.4 billion yuan, up 71% year-on-year, with a monetization rate of 71% and a contribution margin of 31%. The newly disclosed housing rental service generated revenue of 2.6 billion yuan, up 189% year-on-year, with a contribution margin of 5.5% [10][11] Financial Performance Summary - The company expects adjusted net profits of 9.8 billion yuan for 2024 and 9.9 billion yuan for 2025, with earnings per share of 2.67 yuan and 2.69 yuan respectively. The corresponding PE ratios are 14.5 and 14.4 times [2][12] - The company maintained a strong position in the real estate agency industry, with a rebound in the number of agents. As of Q1 2024, the number of stores reached 44,000, up 7% year-on-year, and the number of agents was 443,000, up 2% year-on-year [11][12]

房地产/房地产服务 公 司 研 贝壳-W（02423.HK） 政策密集有助主业企稳，新业务扩张驱动二次增长 究 2024年05月27日 ——港股公司信息更新报告 投资评级：增持（维持） 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 日期 2024/5/24 证 书编号：S0790521110001 证书编号：S0790522010002 证书编号：S0790122100036 港 当前股价(港元) 43.900  地产政策密集有助主业企稳，待家装及租赁业务驱动二次增长 股 一年最高最低(港元) 55.400/32.400 考虑到房产交易业务增长承压，我们下调公司2024-2026年non-GAAP净利润预 公 司 总市值(亿港元) 1,614.23 测至 79.2/99.2/112.7 亿元（前值 87.3/105.4/124.3 亿元），对应同比增速为 信 流通市值(亿港元) 1,558.68 -19.3%/+25.3%/+13.7%，对应摊薄后EPS 2.2/2.8/3.1元。地产政策密集出台驱动 息 ...

业绩简评 2024年 5月 23 日，公司发布2024 年一季度业绩：实现营收164 亿元，同比-19.2%；经调整净利润13.9 亿元，同比-60.9%；归母 净利润4.3 亿元，同比-84.3%。 经营分析 一季度营收及利润表现均有所下滑。公司营收下降主要由于存量 房及新房业务的收入减少，但由于家装家居、房屋租赁服务等业务 收入增长，公司营收下降幅度小于利润下降幅度。经调整净利润及 归母净利润下降主要由于业务结构改变，毛利率较高的一体业务 收入下降，而毛利率较低的租赁业务等收入上升，使得公司整体毛 利率下降6.1pct 至 25.2%，毛利润同比下降 35.1%至 41亿元。 受市场低迷及去年高基数影响，一体业务经营表现承压。2024Q1 公司新房GTV 为 1518 亿元，同比-45.4%；存量房 GTV 为4532 亿 元，同比-31.8%。对应新房业务收入 49.2 亿元，同比-41.5%；存 港币(元) 成交金额(百万元) 量房业务收入57.3 亿元，同比-37.6%。一体业务同比降幅较大， 55.00 300 主要因为：去年同期需求集中释放，市场热度较高，造成业绩基数 50.00 250 较高， ...