Investment Rating - The investment rating for the company is "Outperform the Market" [3][38]. Core Views - The company's Q2 revenue and net profit have shown significant improvement both year-on-year and quarter-on-quarter, highlighting the performance resilience of the industry leader [1][4]. - The total GTV (Gross Transaction Value) for Q2 2024 reached 839 billion yuan, representing a year-on-year increase of 7% and a quarter-on-quarter increase of 33% [1][4]. - The adjusted net profit for Q2 2024 was 27 billion yuan, marking a historical second-high, with a year-on-year increase of 13% and a quarter-on-quarter increase of 93% [1][4]. - The company has slightly lowered its profit forecast for 2024-2025, expecting adjusted net profits of 9 billion yuan and 9.2 billion yuan respectively, with corresponding EPS of 2.46 yuan and 2.51 yuan [1][38]. Summary by Sections Revenue and Profit Improvement - In Q2 2024, the company achieved a total GTV of 8390 billion yuan, with a year-on-year growth of 7% and a quarter-on-quarter growth of 33%. Revenue reached 234 billion yuan, up 20% year-on-year and 43% quarter-on-quarter [1][4]. - The adjusted net profit for Q2 2024 was 27 billion yuan, a historical second-high, with a year-on-year increase of 13% and a quarter-on-quarter increase of 93% [1][4]. Business Segment Performance - The existing housing business benefited from positive changes in real estate policies, with a GTV of 5707 billion yuan in Q2 2024, up 25% year-on-year and 26% quarter-on-quarter [1][15]. - The new housing business saw a significant narrowing of revenue decline, with a GTV of 2353 billion yuan, down 20% year-on-year but up 55% quarter-on-quarter [1][23]. - The new track business maintained good growth momentum, with home decoration and furniture business revenue increasing by 54% year-on-year and 68% quarter-on-quarter [1][27]. Financial Forecasts - The company expects adjusted net profits of 90 billion yuan and 92 billion yuan for 2024 and 2025 respectively, with corresponding PE ratios of 14.1 and 13.8 times [1][38]. - The revenue forecast for 2024 is set at 88.239 billion yuan, reflecting a growth of 13.5% compared to 2023 [2][39].
贝壳-W：Q2营收净利同环比均改善，彰显行业龙头业绩弹性