Group 1 - The core viewpoint of the report is that the company, Beike-W (02423), is expected to benefit from the vast potential of China's second-hand housing market, maintaining a "buy" rating with projected revenues of 103.3 billion, 117.1 billion, and 130.6 billion yuan for 2025-2027 [1] - The company is anticipated to achieve Non-GAAP net profits of 7.4 billion, 8.8 billion, and 10.8 billion yuan for the same period, indicating profit elasticity due to diversification into home decoration and furniture businesses [1] - The company's leading position in the real estate brokerage sector is solid, with a significant growth potential in the second-hand housing business, which is expected to stabilize first in the current industry cycle [1] Group 2 - The company is expanding its three wings of business, particularly in the home decoration sector, which is seen as a second growth curve due to the vast market space in China [2] - The home decoration industry has historically lacked large-scale enterprises due to its non-standardized, low-frequency, and bulk nature, but the company aims to leverage its brokerage business to reduce customer acquisition costs and enhance brand effect [2] - The company's standardized capabilities and operational model are expected to effectively address trust issues in the traditional home decoration industry, positioning it well for future integration [2]