Core Viewpoint - The report from Xingzheng International predicts that Beike-W (02423) will achieve adjusted net profits of 6.2 billion, 7.4 billion, and 8.6 billion yuan for the years 2025, 2026, and 2027 respectively, highlighting the company's strong alpha attributes and potential beta elasticity from the real estate sector's stabilization, with a buy rating given [1] Group 1 - In Q2 2025, the company's performance met expectations, with total GTV increasing by 4.7% year-on-year to 878.7 billion yuan, driven by a 2.2% increase in second-hand housing GTV to 583.5 billion yuan and an 8.5% increase in new housing GTV to 255.4 billion yuan [2] - The company's revenue grew by 11.3% year-on-year to 26 billion yuan in Q2 2025, with adjusted net profit reaching 1.82 billion yuan, aligning with expectations [2] Group 2 - The Non-GAAP operating expense ratio for Q2 2025 was 16.2%, down 0.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, indicating improved management and technology application [3] - The Non-GAAP sales expense ratio also decreased by 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, suggesting ongoing efficiency improvements [3] Group 3 - The new housing take rate in Q2 2025 remained high at 3.37%, unchanged year-on-year, with the impact of new housing regulations being limited due to their low market share in most cities [4] Group 4 - In the first half of 2025, the company repurchased shares worth 394 million USD, accounting for approximately 1.7% of the total shares outstanding at the end of 2024, and announced an increase in the existing repurchase plan from 3 billion USD to 5 billion USD, extending the plan until August 31, 2028 [5]
兴证国际：予贝壳-W(02423)买入评级 有望受益于地产行业止跌回稳带来的β弹性