Core Viewpoint - The report from Jianyin International initiates coverage on Beike-W (02423) with a "buy" rating, projecting a target price of HKD 60.6 based on a 21x P/E ratio for 2026 [1] Group 1: Market Position and Growth - Beike's market share in Gross Transaction Value (GTV) is estimated to be around 23% for 2024, with expectations for further market share growth [1] - The company is expected to leverage its platform ecosystem to expand into real estate-related services, aiming for long-term growth [1] Group 2: Revenue and Profitability Projections - Revenue compound annual growth rate (CAGR) is projected to reach 14% from 2024 to 2027, primarily driven by non-residential transaction businesses [1] - Housing transaction service revenue is expected to remain stable due to moderate growth in transaction amounts and declining commission rates [1] - Non-GAAP net profit margin is anticipated to be temporarily affected by investments in home renovation and leasing businesses in 2025, but is expected to gradually recover to around 8.5% by 2027 [1] - The projected CAGR for non-GAAP net profit from 2024 to 2027 is estimated to be 17% [1]
建银国际：首予贝壳-W“跑嬴大市”评级 目标价60.6港元