Core Viewpoint - Citigroup's report indicates that Beike's Q3 performance exceeded expectations, suggesting the company is on the right track with projected net profit margin improvement to 7% next year driven by various factors [1] Financial Performance - Beike's Q3 performance surpassed expectations, with a significant reduction in agent and store costs by nearly 2 billion yuan year-on-year [1] - The non-transaction service business has shown continuous profitability for two consecutive quarters, expected to contribute 800 million yuan and 1.3 billion yuan in profits over the next two years [1] - The company is projected to achieve a 14% year-on-year increase in profits to 6.5 billion yuan next year [1] Strategic Drivers - Key drivers for profit growth next year include margin and cost control [1] - The company is leveraging artificial intelligence, innovation, and ecosystem development as part of its growth strategy [1] Target Price Adjustment - Citigroup has raised its target price for Beike, increasing the ADR target price from $22.1 to $22.6 and the H-share target price from HKD 61.4 to HKD 63, maintaining a "Buy" rating [1]
大行评级丨花旗：贝壳第三季业绩胜预期 上调H股目标价至63港元