Core Viewpoint - Beike-W (02423) reported a 2% year-on-year revenue increase to 23.1 billion RMB in Q3, aligning with market expectations, while non-GAAP net profit decreased by 28% to 1.3 billion RMB, outperforming expectations [1] Financial Performance - Q3 revenue reached 23.1 billion RMB, a 2% increase year-on-year, meeting both the bank's and market expectations [1] - Non-GAAP net profit fell by 28% to 1.3 billion RMB, which was better than anticipated [1] - Non-GAAP net profit margin narrowed by 2 percentage points to 5.6% year-on-year [1] Future Projections - The company is expected to see a 18% year-on-year decrease in adjusted net profit for Q4, projected at 1.1 billion RMB [1] - Revenue forecasts for Q4 and 2026 have been reduced by 25% and 18%, respectively [1] - Non-GAAP net profit forecasts for Q4 and 2025 have been cut by 46% and 13%, respectively [1] Guidance and Rating Changes - The company guided for a 29% year-on-year revenue decline in Q4 2025, estimating revenue at 22 billion RMB, which is 25% lower than market predictions [1] - The rating has been downgraded to "Hold," with the target price reduced from 60 HKD to 39 HKD [1]
大华继显：下调贝壳-W(02423)评级至“持有” 目标价降至39港元