Core Insights - The company maintains a strong position in the brokerage sector, with significant growth potential in the second-hand housing market and a steady increase in market share for new housing [1] - The company's second-hand housing transaction volume increased by 13.7% year-on-year to 1,163.8 billion yuan in the first half of 2025, leading to a 4.0% rise in second-hand housing business revenue to 13.6 billion yuan [1] - The market share for new housing transactions reached 12.6% as of June 30, 2025, with a prepaid commission model reducing accounts receivable risk [1] Business Expansion - The company is exploring new growth opportunities through its "three wings" business strategy, particularly in the home decoration sector, which has significant market potential [1] - The home decoration industry has historically struggled to develop large-scale enterprises due to its non-standardized, low-frequency, and bulk nature [1] - The company leverages its extensive brokerage business to achieve low customer acquisition costs and strong brand effects, aiming to address trust issues in the traditional home decoration industry [1] Financial Projections - Revenue forecasts for the company are projected at 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan for 2025, 2026, and 2027, respectively [2] - Non-GAAP net profit estimates for the same period are 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [2] - The company is expected to benefit from the broad market potential in the second-hand housing sector and its diversified business expansion, maintaining a "buy" rating [2]
贝壳-W(02423.HK)：砥砺深耕 进无止境