Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is expected to see continuous growth driven by its dual business segments, with significant contributions from home decoration and rental services [2]. - Adjusted net profit for Q3 2024 reached 73.68 billion RMB, reflecting a year-on-year increase of 12.5% [2]. - The company’s total transaction volume increased by 26.8%, indicating strong market performance [2]. Financial Performance Summary - Revenue for Q3 2024 was 62 billion RMB, stable compared to the previous year, with a net income of 77 billion RMB, up 30.9% year-on-year [2]. - The gross profit margin for the period was 22.7%, a decrease attributed to rising fixed salary costs and a decline in the profit margin from existing home sales [2]. - The adjusted net profit for the year is projected to be 80 billion RMB, 96 billion RMB, and 109 billion RMB for the next three years, respectively [2]. Business Segment Analysis - The existing home business saw a decline in profit margin, while the new home business outperformed expectations, with transaction volume reaching 4,778 billion RMB, an increase of 8.8% year-on-year [2]. - The new home business generated a transaction fee rate of 3.4%, achieving a historical high, with commission income from state-owned developers rising to 58% [2]. - Revenue from home decoration and rental services grew by 62.0% year-on-year, contributing to 35.8% of total revenue, marking a historical high [2]. Market Outlook - The company is expected to benefit from recent policy adjustments in real estate credit and transaction taxes, which are likely to lead to significant growth in overall transaction volume [2]. - The target price for the company's stock is set at 66.9 HKD / 25.6 USD, based on a projected PE ratio of 15 times for 2025 [2].
贝壳-W：二赛道业务收入贡献持续提升，可持续成长动力充足